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- Title
Unerwartete Unternehmensinsolvenz trotz testiertem Risikomanagement? - Lessons Learned aus der Insolvenz der Gerry Weber International AG.
- Authors
Gleißner, Werner; Hofmann, Kay H.
- Abstract
Studies show that the implemented and certified early risk detection systems in practice are often unable to identify developments that could jeopardize a company's existence. This is due to methodological weaknesses, e. g. insufficient consideration of the liquidity effect of risks, the lack of analysis of extreme risks and, in particular, the absence of adequate risk aggregation that considers interdependencies and hence combination effects of risks. In many recent insolvencies, among them the here investigated case of Gerry Weber International AG, it is easy to see that the early risk detection system, as explained in the Annual Report, has not fulfilled the legal requirements. In order to avoid such "unexpected insolvencies", it is necessary to implement advanced risk management procedures and pursue audits that are more rigorous. The article at hand develops a concise but comprehensive assessment scheme that may not only be easily applied within companies but also by external auditors.
- Subjects
RISK assessment; AUDITING procedures; AUDITORS; LIQUIDITY (Economics); BANKRUPTCY
- Publication
Betriebswirt, 2020, Vol 61, Issue 3, p139
- ISSN
0172-6196
- Publication type
Article
- DOI
10.3790/dbw.61.3.139