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References (2)
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G. Haushalter, J. Chalmers, Diane Guercio, Larry Dann, David Denis, Diane Denis, George Fenn, J. Harford, Randy Heron, Timothy Kruse, E. Lie, Peter Mackay, P. McCarthy, M. Partch, M. Petersen, G. Phillips, Sunil This (2000)
Financing Policy, Basis Risk, and Corporate Hedging: Evidence from Oil and Gas ProducersJournal of Finance, 55
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P. Tufano (1998)
Agency Costs of Corporate Risk ManagementFinancial Management, 27
- Publisher
- Wiley
- Copyright
- Copyright © 2002 Wiley Subscription Services, Inc., A Wiley Company
- ISSN
- 1078-1196
- eISSN
- 1745-6622
- DOI
- 10.1111/j.1745-6622.2002.tb00449.x
- Publisher site
- See Article on Publisher Site
Abstract
This paper provides an overview of corporate risk management for senior managers. The author discusses the integrated risk management framework, emphasizing that a company can implement its risk management objectives in three fundamental ways: modifying its operations, using targeted financial instruments, or adjusting its capital structure. “Integration” refers both to the aggregation of all risks faced by the firm into a net exposure and to the coordinated use of these three risk management techniques. The author provides a functional analysis of integrated risk management using a wide‐ranging set of case illustrations to show how the risk management process influences, and is influenced by, a company's overall strategy and business activities. Based on such analysis, the article concludes by sketching a framework intended to help managers design a value‐maximizing, enterprise‐wide corporate risk management system.
Journal
Journal of Applied Corporate Finance – Wiley
Published: Jan 1, 2002