Håkan Jankensgård is Associate Professor in Corporate Finance at Lund University where he teaches two courses (Corporate Valuation and Corporate Risk Management) on the master's program in Finance. Prior to entering academia, Håkan was corporate risk manager at Norsk Hydro with responsibility for developing their risk management program and risk model. He has published research on risk management in distinguished journals such as the Journal of Banking & Finance and Financial Management. Petter Kapstad was responsible for building up Equinor's Enterprise Risk Management, which he headed for 14 years. At that time, Equinor's ERM included insurance, credit, operational risk, strategic risks and market risks. He had 18 years' experience from the trading environment in commercial banks prior to joining Equinor and has been an advisor to several international companies, boards and board members in building their ERM.

• Preface ixChapter 1: Introduction to Empowered Enterprise Risk Management 1Chapter 2: Risk Defined 12Chapter 3: Risk Theory 29Chapter 4: Risk Culture 46Chapter 5: Risk Governance 60Chapter 6: Risk Register 78Chapter 7: Risk Response 95Chapter 8: Risk Appetite 116Chapter 9: Risk Budgeting 132Chapter 10: Risk Strategy 148Chapter 11: Risk in Practice: The Case of Equinor 166Chapter 12: Concluding Remarks 191Bibliography 199Acknowledgements 203Index 205

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