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The global business environment has never been static, but the more companies expand into new regions—and do business with larger numbers of customers, suppliers, banks, and other counterparties, some in far-flung parts of the world—the more they need an overarching view of corporate risk. Treasury & Risk started presenting Alexander Hamilton Awards in the category enterprise risk management (ERM) in 2007. Interest in organization-wide risk management has been intensifying ever since.

One obvious reason was the 2008 financial crisis. For many companies, that was a wake-up call that exposures can change in the blink of an eye and that even the largest counterparties might present more credit risk than they seem to. Liquidity and financial risk management became crucial concerns at the senior management level.

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