Decision-Oriented Risk Management as a Legal Mandate: Evidence on Risk Aggregation, Risk-Bearing Capacity, and the Implementation of StaRUG and FISG in German DAX and MDAX Companies
The decision-oriented conception of enterprise risk management (ERM), in which risks are quantified, aggregated, and weighed against return when business decisions are prepared, is increasingly regarded as the core of value-based management. In Germany, this conception acquired a legal foundation in 2021: Section 1 of...