Increased volatility in the business world has exposed the inadequacy of traditional but fragmented approaches to risk
management. This has led to an integrated approach to measuring and managing risks known as enterprise risk management
(ERM). While past studies of ERM disclosures have examined it within the context of corporate governance and internal control,
its relationship to firm performance has received little attention. While business performance changed radically between 2008
and 2009 during the financial crisis and economic recession, only minor increases in risk exposure, risk consequence or risk
management strategies were found from 2007 to 2008. ERM information did not predict or have any appreciable effect on
business performance.