The article emphasizes the importance of enterprise risk management (ERM) in line with the failure of American International Group Inc. (AIG). It explains why the ERM approach of Committee of Sponsoring Organizations (COSO) failed in light of the subprime mortgage crisis in the U.S. It discusses why AIG, Merrill Lynch and others failed to see their risk exposure to the subprime mortgage crisis. It discusses how an ERM evaluation of the financial crisis in the U.S. shows a failure to correctly identify the real risk.
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