Risk Taking
Risk Taking: A Corporate Governance Perspective
ACKNOWLEDGEMENTS
The genesis of this book lies in the teaching materials prepared for IFC’s Risk Governance Workshops conducted in 20 developing countries during the 2010–2012 time period by the book’s authors. The book and workshops also benefited from the contributions of Torben Andersen of Copenhagen Business School and Zur Shapira of New York University’s Stern School of Business. The contents of the book reflect this team’s years of risk management and governance practice as managers, directors as well as their academic scholarship. More than 1,000 corporate directors and senior managers participated in the workshop series. The handbook has been shaped by their views, experiences and other feedback and reflects the richness of wide and varied collective experience. The authors have shared specific examples from the participants’ experiences in the handbook—as much as confidentiality constraints allow. Numerous stock exchanges, regulators, central banks, schools and other institutions partnered with us in hosting the events. The workshops would not have been possible without their administrative support. They also provided key intelligence on local conditions and helped us frame materials to specific emerging market conditions. IFC staff in local offices and in Washington, D.C. gave their time to help to make these workshops happen. These extended team members are valuable contributors to this
final product in as much as their efforts, contacts, and knowledge contributed to the workshops and to the shaping of the consulting teams’ views on risk-taking challenges in emerging markets. The workshops were funded by contributions from the governments of the Netherlands and Austria, and from IFC. Without their commitment to development, these workshops and this handbook would not have been possible. Oliviero Roggi (Lead Faculty) Chairperson, International Risk Management Conference Corporate Finance
ACKNOWLEDGEMENTS
The genesis of this book lies in the teaching materials prepared for IFC’s Risk Governance Workshops conducted in 20 developing countries during the 2010–2012 time period by the book’s authors. The book and workshops also benefited from the contributions of Torben Andersen of Copenhagen Business School and Zur Shapira of New York University’s Stern School of Business. The contents of the book reflect this team’s years of risk management and governance practice as managers, directors as well as their academic scholarship. More than 1,000 corporate directors and senior managers participated in the workshop series. The handbook has been shaped by their views, experiences and other feedback and reflects the richness of wide and varied collective experience. The authors have shared specific examples from the participants’ experiences in the handbook—as much as confidentiality constraints allow. Numerous stock exchanges, regulators, central banks, schools and other institutions partnered with us in hosting the events. The workshops would not have been possible without their administrative support. They also provided key intelligence on local conditions and helped us frame materials to specific emerging market conditions. IFC staff in local offices and in Washington, D.C. gave their time to help to make these workshops happen. These extended team members are valuable contributors to this
final product in as much as their efforts, contacts, and knowledge contributed to the workshops and to the shaping of the consulting teams’ views on risk-taking challenges in emerging markets. The workshops were funded by contributions from the governments of the Netherlands and Austria, and from IFC. Without their commitment to development, these workshops and this handbook would not have been possible. Oliviero Roggi (Lead Faculty) Chairperson, International Risk Management Conference Corporate Finance