Interconnections in Law, Accounting and Tax
Edited by Marijn van Daelen and Christoph Van der Elst
Chapter 6: Risk Management Interconnections in Law, Accounting and Tax
6. Risk management interconnections in law, accounting and tax Marijn van Daelen, Christoph Van der Elst and Arco van de Ven 6.1 INTRODUCTION The problems that occurred at the turn of the century and the recent financial scandals brought internal control and risk management issues into the spotlight. Although the previous chapters have shown that risk management is not a new feature of businesses and corporate governance, it is currently high on the corporate agenda. Academics, policymakers and lawmakers, as well as practitioners, focus on risk management discussions. Many papers and books are written on the subject. However, a comprehensive approach in accounting, and business, financial and tax law to risk management is non-existent. These fields are all interrelated and describe and require particular behaviour within organizations. The multidisciplinary approach of this chapter can give insight into the overall influence of risk management on companies and on society as a whole, taking the corporate governance discussion to a higher level. The previous chapters have provided an elaborate account of the development of risk management in business, financial and tax law, and accounting at EU level, within some EU member states and in the US. The previous chapters have also explored current risk management discussions and reforms in order to identify possible future directions. This chapter aims to set forth new insights derived from a multidisciplinary approach. Building on the previous chapters, Section 6.2 will explore risk management developments from a multidisciplinary approach and convey how these developments are connected. Section...
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