Abstract
This paper considers the function of risk reporting to the board of directors among a sample of Norwegian power companies and banks. The concept of enterprise risk management is being promoted by legislators and is an emerging topic among practitioners and in the academic literature. There exist few studies of what businesses actually do, and this paper sheds light on existing practice and acts as a point of departure for further surveys. It compares two industries where legislative requirements differ, but it finds the same pattern: the ideals of enterprise risk management are not being implemented in practice.
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