Title: The effect of the financial crisis on enterprise risk management disclosures

Authors: Michael Maingot; Tony K. Quon; Daniel Zéghal

Addresses: Telfer School of Management, University of Ottawa, 55 Laurier Avenue East, Ottawa, ON, K1N 6N5, Canada ' Telfer School of Management, University of Ottawa, 55 Laurier Avenue East, Ottawa, ON, K1N 6N5, Canada ' Telfer School of Management, University of Ottawa, 55 Laurier Avenue East, Ottawa, ON, K1N 6N5, Canada

Abstract: The effect of the financial crisis on enterprise risk management (ERM) disclosures was examined through a content analysis of the 2007 and 2008 annual reports of Canadian corporations listed on the S&P TSX composite index. Fourteen types of risk were tracked and categorised by level of risk exposure, risk consequence and risk management disclosures. The total number of risk disclosures increased by 3.6% from 2007 to 2008. Changes in the disclosed levels of risk increased even less. While the levels of risk exposure increased the most for credit risk, only economic and credit risks showed more than minor increases in the disclosure of risk consequences. Overall, the 2008 financial crisis has not had a major impact on risk disclosures by non-financial Canadian corporations.

Keywords: enterprise risk management; Canada; financial crisis; annual reports; risk disclosure; risk exposure; risk consequences; content analysis; management discussion; management analysis; risk assessment; effect; risk types.

DOI: 10.1504/IJRAM.2012.051261

International Journal of Risk Assessment and Management, 2012 Vol.16 No.4, pp.227 - 247

Accepted: 11 Sep 2012
Published online: 29 Oct 2014 *

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