Index

Enterprise Risk Management in Europe

ISBN: 978-1-83867-246-1, eISBN: 978-1-83867-245-4

Publication date: 4 May 2021

This content is currently only available as a PDF

Citation

(2021), "Index", Maffei, M. (Ed.) Enterprise Risk Management in Europe, Emerald Publishing Limited, Bingley, pp. 305-315. https://doi.org/10.1108/978-1-83867-245-420211018

Publisher

:

Emerald Publishing Limited

Copyright © 2021 Emerald Publishing Limited


INDEX

Accounting
, 189, 215, 217

and ERM
, 269–270

integration of ERM practices with accounting practices
, 52

integration of risk management with accounting practices
, 70, 72, 122, 125

Accounting Act
, 143

Act on insurance and reinsurance
, 145

Act on Public Finances
, 144

Act on Public Offering and Conditions for Introducing Financial Instruments to the Organized Trading System and Public Companies
, 142

Act on Statutory Auditors, Audit Firms, and Public Oversight
, 143

Act on Trading in Financial Instruments
, 142–143

Advanced measurement approach (AMA)
, 265

AENOR
, 188

AFEP-MEDEF code for publicly traded companies
, 10

Agricultural sector
, 114

Aktiengesellschaft (AG)
, 25

American Associate in Risk Management (ARM)
, 13

American Risk and Insurance Association (ARIA)
, 29

AMRAE Risk Manager Barometer
, 17

Anglo-Saxon model
, 99

Annual report

integration of ERM practices with
, 52–53

integration of risk management with disclosure in
, 72–73

of Spanish listed companies
, 192–194, 202

ANRA Learning Path (ALP)
, 66–67

Artificial Intelligence
, 59

Asociación Española de Compliance (ASCOM)
, 187

Asociación Española de Gerencia de Riesgos y Seguros (AGERS)
, 187

Association des Professionnels de la Gestion des Risques et des Assurances (ACADEF)
, 13

Association of Accountants and Auditors of Lithuania
, 81

Association of Financial analysts
, 81

Association of Financial directors
, 81

Association of Insurance and Risk Managers (AIRMIC)
, 254

Association of Internal Auditors
, 81

Association of Investors
, 81

Association of Italian Controllers (Assocontroller)
, 65

Association of Professional Consultants
, 81

Association of Registered Controllers (VRC)
, 100

Association of Risk Management Professionals
, 81

Association of Risk Managers and Corporate Insurance Managers (ANRA)
, 63

Association pour le Management des Risques et Assurances de l’Enterprise (AMRAE)
, 13–14

Athens Stock Exchange (ASE)
, 46

Atlas Copco
, 219–220

Audit
, 251

Audit committee
, 9–10

Australian Securities Exchange (ASX)
, 25–26

Autorité des Marchés Financiers (AMF)
, 10

Banco Português de Negócios (BPN)
, 159

Banco Privado Português (BPP)
, 159

Banking Act
, 144–145

Barnier Law
, 12

Basel agreements
, 12

Basel Committee on Banking Supervision (BCBS)
, 187

Best practices
, 262, 280

Big four
, 118, 216

Blockchain
, 59

Board of Directors (BoD)
, 9, 43–44, 49, 59, 116, 231, 233

Board of statutory auditors
, 59

Board Risk Committee (BRC)
, 49

Brexit
, 247

Business plan implementation
, 86

Business population in United Kingdom
, 245

Business risks, regulatory responses to management of
, 81–83

CAC 40 Companies, frameworks employed by
, 18–19

Cadbury Code
, 249

Capital Markets Union
, 2–3

Chief Audit Executives (CAEs)
, 45

Chief Executive Officer (CEO)
, 49, 84, 234–235

Chief Financial Officer (CFO)
, 190, 234–235

Chief Risk Officer (CRO)
, 16, 49, 63, 69, 85, 108–109, 152, 191–192

Civil liability
, 233

Cluster analysis
, 281–289

Commercial Companies Code of 2000 (CCC)
, 140–142

Commercial law
, 59

Commissione Nazionale per le Società e la Borsa (CONSOB)
, 60

Committee for Sponsoring Organisations (COSO)
, 188–189, 228, 262

ERM framework
, 50

Companies Code
, 160

Company value
, 276

Compliance-based ERM
, 266

Comply or explain

approach
, 249

basis
, 116

mechanism
, 213–214, 223–224

rule
, 97, 160

Context
, 281

Control activities
, 165

Control-based ERM
, 266

Corporate culture
, 219–220

Corporate governance. See also Governance
, 9, 11, 46–47, 138, 158–159, 191

bodies
, 29

in Cadbury Report
, 249

code of practice for
, 116

codes and reports
, 248

enterprise risk management
, 250–253

Sweden’s model of
, 213

Corporate Governance Code
, 99–100, 160–161, 250

Corporate Governance Monitoring Committee
, 98

Corporate organization
, 60

Corporate reporting
, 253

Corporate risk
, 25–26

Country economic highlights
, 3

Criminal liability
, 233

Crisis and Insolvency Code
, 60–61

Crisis-based ERM
, 266

Culture
, 280

Cyber-attacks
, 12

Data Protection Authority
, 98

Data Protection Code
, 62

Decision-making processes, missing ERM integration into
, 237–238

Delegation opportunities
, 232–233

Dendrogram
, 288

Digital transformation, barriers risks to
, 238–239

Digitalization
, 114–115

Directors’ and officers’ liability insurance (D&O liability insurance)
, 233

Disclosure
, 213–214

Domestic ERM. See also Enterprise risk management (ERM)

chief risk officer role
, 49

corporations
, 48

principles and practices
, 4, 49, 51

profession
, 48–49

Domestic legal regulation of ERM
, 3–4, 9, 13

Domestic professional bodies/associations
, 4, 13, 15, 47–48

Dual model
, 160

Dutch Association of Accountants (NOvAA)
, 99–100

Dutch Central Bank (DNB)
, 96

Dutch Corporate Governance code
, 97

Dutch foreign investments (FDI)
, 96

Dutch government
, 97

Dutch Working Conditions Act
, 98

Economic system in United Kingdom
, 245–247

Empirical studies
, 62

Enterprise risk assessment (ERA)
, 50

Enterprise risk management (ERM). See also Risk management (RM)
, 1, 24, 45, 138, 185, 244, 262, 280

academic research on
, 254–256

impact of academic research on ERM practices
, 4

authorities and professional bodies
, 253–254

companies heading
, 272–275

and corporate governance
, 250–253

and corporate reporting
, 253

degree of integration
, 4

developments in
, 212

discipline and practice
, 228

domestic ERM principles and practices
, 4

domestic legal regulation of
, 3–4

embeddedness
, 298–301

insufficient effectiveness check
, 237

integration
, 1

operationalization
, 1

practices
, 3

principles
, 2

professionalization of
, 63–68

status quo
, 158

in United Kingdom
, 247–254

Environmental, social and governance-related risks (ESG-related risks)
, 184–185

Europe, ERM in
, 280

EU landscape for ERM
, 281–289

risk management in institutional context
, 294–298

state of development of risk management
, 289–294

European Banking Authority (EBA)
, 147

European Confederation of Institutes of Internal Auditors (ECIIA)
, 100, 117–118

European countries
, 3

European Economic Area (EEA)
, 114

European Federation of Accountants and Auditors (EFAA)
, 99–100

European Insurance and Occupational Pensions Authority (EIOPA)
, 147

European Organization for Quality (EOQ)
, 118

European Risk Management Professional Certification (RIMAP)
, 66–67

European Securities and Markets Authority (ESMA)
, 147

European Space Agency
, 97

European Stability Mechanism (ESM)
, 41

European Supervisory Authorities (ESA)
, 2–3

European Union
, 2–3

Events identification
, 165

Executive Board
, 9

Family business
, 30–32

Federal Financial Supervisory Authority (BaFin)
, 27

Federation of European Risk Management Associations (FERMA)
, 13–14, 28, 63, 100–101, 149, 187–188, 215–216, 270–271

European Risk Manager Report 2020
, 272–275

Field visit evidence
, 217–223

Finance law
, 59–60

Financial Conduct Authority (FCA)
, 254

Financial Institutions Act
, 115–116

Financial Markets Supervision Act
, 97

Financial sector
, 59

Financial Security Act (2003)
, 9

Financial Services and Markets Act 2000 (FSMA)
, 254

Firms
, 2

Follower adopters
, 291

France, ERM in

characteristics of risk management information in
, 18

domestic legal regulation
, 9–13

domestic professional bodies/associations
, 13–15

emerging literature
, 15–16

frameworks employed by CAC 40 Companies
, 18–19

key characteristics of French economy
, 8–9

principles and practices in companies
, 17

research impact on ERM practices in
, 15–17

research impact on ERM practices in France
, 15–17

risk manager function analysis in
, 16–17

French Institute of Internal Audit and Control (IFACI)
, 15

French National Agency for the Security of Information Systems (ANSSI)
, 15

Functional approach
, 89–90

Fundación Inade, Instituto Atl´antico del Seguro (INADE)
, 187

General Data Protection Regulation (GDPR)
, 43, 98

General meeting of shareholders
, 140–142

General Regulations for Data Protection (GDR)
, 12

German Accounting Law Modernization Act (BilMoG)
, 26–27

German Accounting Law Reform Act (BilReG)
, 26–27

German Auditing Standard 340 (IDW PS 340)
, 26–27

German Banking Act
, 27

German Commercial Code (HGB)
, 26–27

German Institute of Internal Auditors (DIIR)
, 27

German Mittelstand firms
, 24–25

German Stock Corporation Act (AktG)
, 25–26

Germany, ERM in
, 24

determinants of ERM implementation
, 30–32

empirical evidence
, 30–32

environment
, 25–29

German economy
, 24–25

implications
, 33–34

legislation and regulation
, 25–28

outcomes of ERM implementation
, 32

professional associations
, 28–29

research
, 29

Gesamtverband der versicherungsnehmenden Wirtschaft (GVNW)
, 28

Gesellschaft mit beschränkter Haftung (GmbH)
, 25

Global Association of Risk Professionals (GARP)
, 47

Global Reporting Initiative (GRI)
, 49–50

Global Risk Report 2020, The
, 2

Global value chains
, 79

Governance
, 80

and ERM
, 268–269

integration of ERM practices with
, 51–52

integration of risk management with
, 69–70, 122, 125

legal requirements for government agencies
, 116–117

models
, 98–99

Governance Coordination Centre
, 82–83

Greece, ERM in
, 40

impact of academic research on ERM practices
, 45–47

country economic highlights
, 40–41

domestic ERM principles and practices
, 49–51

domestic ERM profession
, 48–49

domestic legal and regulatory framework
, 41–45

domestic professional bodies/associations
, 47–48

financial services industry
, 42–43

integration of ERM practices with accounting practices
, 52

integration of ERM practices with disclosure in annual report
, 52–53

integration of ERM practices with governance mechanisms
, 51–52

legal provisions
, 41–42

soft law for listed companies
, 43–44

soft law for non-listed companies
, 44–45

Greek banks
, 46

Gross domestic product (GDP)
, 24, 58, 96, 114, 184, 212, 246

Groupement des Assur´es du Commerce et de l’Industrie (GACI)
, 13

Hampel Committee
, 249–250

Hellenic Corporate Governance Council (HCGC)
, 41

Hellenic Federation of Enterprises and Manufacturers (SEV)
, 43

Hierarchical agglomerative cluster analysis
, 281, 288

Hierarchical cluster analysis
, 281–288

Independent auditors
, 64–65

Industry 4. 0
, 58

Industry sector
, 114

Information and communication
, 165

Information Systems Audit and Control Association (ISACA)
, 215–216

Information technology (IT)
, 271

Iniciativa Gerentes de Riesgos Espanoles Asociados (IGREA)
, 187

Institut pour la Maîtrise des Risques (IMdR)
, 14

Institute for the Accountancy Profession in Sweden (FAR)
, 215–216

Institute of Internal Auditors (IIA)
, 64, 100, 117, 215–216

Institute of Portuguese Internal Auditors
, 163

Institute of Risk Management (IRM)
, 66, 254

Instituto de Auditores Internos de España (IAI)
, 187

Instituto de Contabilidad y Auditoría de Cuentas (ICAC)
, 187

Integrated National Plan for Energy and Climate 2030
, 59

Integration

of ERM practices, accountability and annual financial reporting
, 68, 73, 104, 108

of risk management with accounting practices
, 70, 72, 122, 125

of risk management with disclosure in annual report
, 72–73

of risk management with governance mechanisms
, 69–70, 122, 125

Integrity principles
, 76

Internal Audit function
, 51

Internal auditor
, 64

Internal control (IC)
, 9–10, 46–47, 100, 103–104, 251

Internal control system (ICS)
, 40, 43–44, 162–163

Internal environment
, 165

International accounting standards (IAS)
, 81

International Accounting Standards Board (IASB)
, 240

International Federation for Human Rights (FIDH)
, 11

International Federation of Accountants (IFAC)
, 99–100

International Federation of Risk and Insurance Management Association (IFRIMA)
, 13–14, 271

International Financial Reporting Standards (IFRS)
, 240, 270

International Institute of Risk and Safety Management (IIRSM)
, 254

International Integrated Reporting Council (IIRC)
, 73

International Organisation for Standardisation (ISO)
, 262

ISO 14001 standard
, 186

ISO/IEC 20000 standard
, 186

ISO31000 framework
, 50

Internationaler Controllerverein (ICV)
, 28

Internet of Things
, 59

Italian Association of Auditors (ASSIREVI)
, 64–65

Italian Association of Financial Analysts (AIAF)
, 65

Italian Corporate Governance Committee
, 60

Italian financial markets
, 60

Italian firms
, 58, 61

Italian industrial policy
, 58

Italian Internal Auditors Association (AIIA)
, 64

Italy, ERM in

impact of academic research on ERM practices
, 62–63

ERM legal requirements
, 59–62

integration of ERM
, 68–73

Italian economy
, 58–59

professionalization of ERM
, 63–68

James Lam Maturity mode
, 266

KonTraG
, 25–27

Latin model
, 160

Legislation
, 25–28

Legislative Decree no. 231, dated 8 June 2001
, 61

Limited Liability Company (AS)
, 115

Lithuania, ERM in
, 76

business environment
, 79–80

economy
, 78–79

ERM in practice
, 84–87

regulatory responses to management of business risks
, 81–83

research on risks and risk management in
, 77

risk management and ERM role and practices in organization
, 83–84

LitSOE (State-Owned Enterprise)
, 85–86

London Stock Exchange
, 253

Maandblad voor Accountancy en Bedrijfseconomie (MAB)
, 101

Management board
, 140–142

Markets in Financial Instruments Directive (MiFID)
, 42

Materiality analysis
, 50

Maturity of ERM practices
, 120–122

Micro-enterprises
, 234

“Middlenext” code
, 10

Minimum Requirements for Risk Management (MaRisk)
, 27

Ministry of Finance
, 82–83, 144–145, 147

Mittelstand
, 24, 30

Model 231
, 61

Money Laundering
, 98

Monitor and review
, 244

Monitoring
, 165

mWIG40 indices
, 153

NARIM
, 100–101

National Association of Accountants (CNDCEC)
, 65, 72

National Court Register Act
, 145–146

National Strategy for the Ultra-Wide Band
, 59

Netherlands, ERM in
, 96

academic research on ERM practices
, 101

ERM principles and practices
, 101–104

governance models
, 98–99

integration of ERM practices, accountability and annual financial reporting
, 104–108

professional bodies and associations
, 99–101

regulation
, 97–98

second national risk management survey
, 108–110

Network and information security (NIS)
, 188

Netzwerk Risikomanagement
, 235

New Anglo-Saxon model
, 160

New Economic Regulations Act (NRE)
, 9

Non-financial/sustainability reporting standards
, 50

Norway, ERM in
, 114

impact of academic research on ERM practices
, 117

code of practice for corporate governance
, 116

company legislation
, 115–116

legal requirements
, 115–117

legal requirements for government agencies
, 116–117

Norwegian economy
, 114–115

professional bodies, associations and ERM profession
, 117–118

survey on ERM practices in
, 118–120, 125

Norwegian Government Agency for Financial Management (DFØ)
, 116–117

Norwegian Risk Management Association (NORIMA)
, 117

Nyenrode Corporate Governance Institute (NCGI)
, 101

Objectives setting
, 165

OECD corporate governance guidelines
, 82

OHSAS18001/ISO45001 systems
, 50

Order of Certified Accountants
, 163

Order of the Public Chartered Accountants
, 163

Oslo Stock Exchange
, 116

PCV (Private Company)
, 86–87

Performance-based ERM
, 266

Perspektivmeldingen 2017
, 114–115

Poland, ERM in
, 138

economic highlights
, 139–140

impact of ERM research on practice
, 147–148

legal framework
, 140–146

polish listed companies
, 152–153

principles and practices
, 149–152

professionalization of ERM
, 148–149

self-regulatory framework
, 146–147

Polish Financial Supervision Authority (PFSA)
, 147

Political risks
, 78

POLRISK
, 149

Portugal, ERM in
, 158, 167, 175

impact of academic research on ERM practices
, 161–163

data
, 164–165

economic highlights
, 158–159

research method
, 164–165

results
, 166–179

sample
, 164

Portuguese companies
, 159

Portuguese corporate governance legal framework
, 159–161

Portuguese Institute of Corporate Governance (PICG)
, 159–160

Portuguese professional bodies/associations
, 163–164

PricewhaterhouseCoopers (PwC)
, 108–109

Private risk-sharing mechanisms
, 2–3

Professional association
, 14

Professional Risk Managers’ International Association (PRMIA)
, 47

Professionalization of ERM
, 63, 68, 148–149, 187, 190, 215, 217

ERM principles and practices
, 67–68, 216–217

ERM profession in Italy
, 65–67

professional bodies, associations and ERM profession
, 63–65

professional bodies and associations
, 149, 187–188, 215–216

risk management principles and practices
, 188–190

Profitability
, 268

Prudential Regulation Authority (PRA)
, 254

Public Finance Act
, 144

Public Limited Liability Company (ASA)
, 115

Public-private partnerships (PPPs)
, 159

Quality and Risk Norway
, 117

Registration, Evaluation, Authorisation and Restriction of Chemicals Directive (Reach Directive)
, 12

Regulated corporate practices
, 3

Regulation
, 25–28

Report on the Current State of ERM (2015)
, 272

Reporting principle of materiality
, 50

Rijnland model of corporate governance
, 98–99

RIMS Risk Maturity Model
, 266

Risk and Insurance Management Society (RIMS)
, 267

Risk Based Internal Audit approach (RBIA)
, 45

approach
, 46

planning
, 46

Risk disclosure
, 206

academic research on
, 254–256

in Switzerland
, 233–234

weak decision-making relevance of risk disclosures in annual reports
, 238

“Risk in Focus 2020” report
, 100

Risk Management & Rating Association (RMA)
, 28

Risk management (RM)
, 8–9, 11, 76–77, 115, 159–160, 221, 231–233, 244, 262

complexities
, 263–265

contributions from RM associations and researchers
, 270–272

efficacy of extensive compulsory regulations
, 265

efficacy of regulations and guidelines
, 265–266

ERM maturity
, 266–268

across Europe
, 298–301

to global economic crisis
, 46–47

goals of RM and best practices
, 262–270

information characteristics in France
, 18

maturity model
, 119

profession in Switzerland
, 234–235

Risk Management Manager Academy
, 149

Risk Management Professional (RIMAP)
, 13, 271–272

Risk managers
, 234

aims of
, 262–270

function analysis in France
, 16–17

training and updating
, 271–272

Risk Talks
, 14

Risk(s)
, 8, 158, 251, 262

appetite
, 236

assessment
, 165, 244

culture
, 235–236, 298, 301

governance
, 122

missing portfolio view on
, 236

policy
, 235–236

portfolio management
, 78, 89–90

professionals
, 68

reporting
, 245

response
, 165

specific
, 11–12

treatment
, 244

universe
, 221

RiskNET
, 28–29

Royal Dutch Institute of Chartered Accountants (Royal NIVRA)
, 99–100

Royal Netherlands Institute of Chartered Accountants (NBA)
, 99–100

Sandvik
, 220–222

Sapin II law
, 11

Sarbanes–Oxley Act (SOX)
, 34, 98–99, 108

Securities Exchange Commission (SEC)
, 25–26

Senior management
, 9

Service sector
, 114

Seveso standards
, 12

Signals
, 86

SIX Swiss Exchange
, 238

Skandia’s business model
, 218–219

Small and medium-sized enterprises (SMEs)
, 8–9, 24, 229–230, 245

Small Business Act for Europe (SBA)
, 245

Society for Risk Analysis (SRA)
, 117

Soft Law
, 12–13

for listed companies
, 43–44

for non-listed companies
, 44–45

Spain, ERM in

annual report of Spanish listed companies
, 192–194, 202

economic highlights
, 184–185

ERM integration with governance mechanisms
, 190–192

percentage of information disclosed per year about ERM
, 204

professionalization of ERM
, 187–190

results
, 193–205

Spanish normative framework
, 185–187

Specific risks
, 11–12

Standardized measurement approach (SMA)
, 265

State Treasury
, 140–142

Stock Exchange Code
, 160–161

Stock exchange market
, 58

Stock Exchange Supervisory Board
, 152–153

Structured questionnaires
, 46–47

Supervisory board
, 140–142

Survey on ERM practices in Norway
, 118–120, 125

Sustainability risks
, 72

Svenska Kraftnät
, 222–223

Sweden, ERM in
, 212

economic highlights
, 212–213

ERM integration
, 217–223

impact of ERM research on practice
, 214–215

professionalization of ERM
, 215–217

Swedish Corporate Governance Board (SCGB)
, 215–216

Swedish financial organizations
, 214

Swedish legal and self-regulatory framework
, 213–214

Swedish Risk Management Association (SWERMA)
, 215–216

Swiss Association of Insurance and Risk Managers (SIRM)
, 235

Swiss Code of Best Practice for Corporate Governance (SCBP)
, 232

Swiss Code of Obligations (CO)
, 230, 232–234, 239

Swiss economy
, 229–230

Swiss Enterprise Risk Association (SwissERM)
, 235

Swiss GAAP FER standard
, 239–240

Swiss Performance Index (SPI)
, 238

Swiss Risk Association (SRA)
, 235

Switzerland, ERM in
, 228

empirical evidence on ERM maturity in
, 235–239

legal aspects of risk management
, 230–234

relevance of accounting standards for ERM
, 239–240

risk management profession in
, 234–235

Systematic approach
, 89–90

Tabaksblat Code. See Dutch Corporate Governance code

Tabaksblat Committee
, 97

Terrorist Financing Prevention Act (Wwtf)
, 98

Three Lines of Defence Model
, 69

Tick-box approach
, 253

Tolerance-based ERM
, 266

Top management team (TMT)
, 83

Trade openness
, 79

Turnbull Report
, 250

UK Stewardship Code, principles from
, 252

Under-regulated corporate practices
, 3

United Kingdom, ERM in
, 247–254

academic research
, 254–256

business population in
, 245

economic system in
, 245–247

macroeconomic highlights in
, 246–247

regulation and practices
, 247–250

Value creation
, 149

Van Manen Committee
, 98

WIG20 indices
, 153