This paper analyses the impact of the evolution of the regulation dealing with systemically important insurance groups, using an event study methodology. The results show that investors were able to detect which companies were to be designated well ahead of the publication of the list. After an...

The urgency of estimating the impact of climate risks on the financial system is increasingly recognized among scholars and practitioners. By adopting a network approach to financial dependencies, we look at how climate policy risk might propagate through the financial system. We develop a...

In the last two decades, the application of Enterprise Risk Management (ERM) has increased in its pace and more penetration particularly after the 2007-08 financial crisis. Such application was largely driven due to regulatory push. However, ERM is more to offer than just regulatory compliance

This paper explores the development of enterprise risk management as a function of the development of risk-based capital across the world over the last two decades. The paper identifies a clear correspondence between the emergence of RBC and ERM. The development of RBC worldwide was triggered by...

Risk culture is essential for the success of enterprise risk management (ERM). Enterprise riskmanagement is different from silo risk management where risks were mainly managed by onedepartment. Enterprise risk management means that the risk management is integrated fromBoard to the last employee...

Businesses are the main drivers of any economy and impact all the economic actors explicitly or implicitly. According to Gupta (2010) accountability, transparency, fairness, and responsibility of firms on legal social, and economic grounds are crucial for the wellbeing of every entity of a...

A business value is created by identifying the risks in the business and developing a risk mitigation plan. The only identification of risks is of little use unless an effective advance plan is developed and implemented to reduce either the likelihood or impact or both of the events. In this...

This article discusses some of the challenges present in embedding Enterprise Risk Management issues like corporate governance, independence of CRO, challenges in implementing three lines of defense model, lack of risk knowledge in the first line of defense, lack of risk qualification in the...

Financial institutions are financed by both investors and customers. Investors expect an appropriate risk-adjusted return for providing financing and risk bearing. Customers, in contrast, provide financing in exchange for specific services, and want the service fulfillment to be free of the...