“NEW CHALLENGES IN CORPORATE GOVERNANCE: THEORY AND PRACTICE” Naples, October 3-4, 2019 58 ENTERPRISE RISK MANAGEMENT, CORPORATE GOVERNANCE AND SYSTEMIC RISK: SOME RESEARCH PERSPECTIVES Salvatore Esposito De Falco * , Antonio Renzi * , Giuseppe Sancetta * , Gianluca Vagnani * * University of Rome – La Sapienza, Italy How to cite: Esposito De Falco, S., Renzi, A., Sancetta, G., & Vagnani, G. (2019). Enterprise risk management, corporate governance and systemic risk: Some research perspectives. New Challenges in Corporate Governance: Theory and Practice, 58-60. https://doi.org/10.22495/ncpr_15 Copyright © 2019 The Authors This work is licensed under a Creative Commons Attribution 4.0 International License (CC BY 4.0). https://creativecommons.org/licenses/by/4.0/ Received: 31.07.2019 Accepted: 07.08.2019 DOI: 10.22495/ncpr_15 Keywords: Enterprise Risk Management, Systemic Risk, Risk Transfer, Contagion, Networks JEL Classification: P43 Abstract The general goal of Enterprise Risk Management (ERM) processes is to generate economic value through the coverage of firm business risk, on the one hand, and by exploiting the positive side of uncertainty conditions, on the other hand. The increasing attention attributed to ERM in the creation of economic value has led to even greater interactions between risk management mechanisms and the corporate governance system. In other words, in the last two decades, the relationships between corporate governance and ERM increased since the ERM processes have been considered more and more as critical drivers to combine strategic objectives with relative low volatility of company performance. The basic idea is that a good corporate governance system must deal about specific risks along with their interactions and, at the same time, the firm’s business risk as a whole. Moreover, an efficient and effective ERM system provides clear information about linkages between strategic opportunities and risk exposure and offers tools able to manage in an optimal way the negative side of business risk (or downside risk) as well