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Full-Text Articles in Law
Birdstrike Mitigation - Beyond The Airport, Paul Eschenfelder, Russ Defusco
Birdstrike Mitigation - Beyond The Airport, Paul Eschenfelder, Russ Defusco
Paul F. Eschenfelder
No abstract provided.
The Global Financial Crisis And The Governance Of Financial Institutions, John H. Farrar
The Global Financial Crisis And The Governance Of Financial Institutions, John H. Farrar
John H. Farrar
The global financial crisis has presented many regulatory challenges as jurisdictions struggle to effectively address systemic risk. This article, which constituted a plenary address at the Corporate Law Teachers Association Conference, 2010, traverses the range of regulatory measures that have been implemented in the corporate governance and prudential risk management fields with a focus upon developments in Australia, New Zealand and the United Kingdom.
Barriers To Effective Risk Management, Michelle M. Harner
Barriers To Effective Risk Management, Michelle M. Harner
Michelle M. Harner
“As long as the music is playing, you’ve got to get up and dance. We’re still dancing.”** This now infamous quote by Charles Prince, Citigroup’s former Chief Executive Officer, captures the high-risk, high-reward mentality and overconfidence that permeates much of corporate America. These attributes in turn helped to facilitate a global recession and some of the largest economic losses ever experienced in the financial sector. They also represent certain cognitive biases and cultural norms in corporate boardrooms and management suites that make implementing a meaningful risk culture and thereby mitigating the impact of future economic downturns a challenging proposition. The …
Barriers To Effective Risk Management, Michelle M. Harner
Barriers To Effective Risk Management, Michelle M. Harner
Michelle M. Harner
“As long as the music is playing, you’ve got to get up and dance. We’re still dancing.”** This now infamous quote by Charles Prince, Citigroup’s former Chief Executive Officer, captures the high-risk, high-reward mentality and overconfidence that permeates much of corporate America. These attributes in turn helped to facilitate a global recession and some of the largest economic losses ever experienced in the financial sector. They also represent certain cognitive biases and cultural norms in corporate boardrooms and management suites that make implementing a meaningful risk culture and thereby mitigating the impact of future economic downturns a challenging proposition. The …
Ignoring The Writing On The Wall: The Role Of Enterprise Risk Management In The Economic Crisis, Michelle M. Harner
Ignoring The Writing On The Wall: The Role Of Enterprise Risk Management In The Economic Crisis, Michelle M. Harner
Michelle M. Harner
Enterprise risk management (ERM) targets overall corporate strategy and, when implemented correctly, can manage a corporation’s risk appetite and exposure. When ignored or underutilized, it can contribute to a corporation’s demise. In fact, many commentators point to ERM failures as contributing to the severity of the 2008 economic crisis. This essay examines the different approaches to ERM adopted by financial institutions affected by the 2008 economic crisis and how ERM contributed to the survival or failure of those firms. It then considers ERM in the broader context of corporate governance generally. This discussion reflects on ERM techniques for corporate boards …
The Board's Duty To Monitor Risk After Citigroup, Robert T. Miller
The Board's Duty To Monitor Risk After Citigroup, Robert T. Miller
Robert T Miller
When Citigroup suffered billions of dollars in losses on subprime securities, some of its shareholders sued the bank’s directors alleging that the losses resulted from breaches by the directors of their duty to properly monitor the risks that the bank was running by holding and dealing in such securities. After the Delaware Court of Chancery dismissed the complaint on the pleadings, many academic commentators argued that the court should have taken the opportunity to articulate more stringent legal standards governing director oversight. This contribution to a symposium at the University of Pennsylvania Law School argues that any significant expansion of …