Enterprise risk management (ERM) was introduced in the 1990s and has become an indicator of good management. Despite this success, many organizations still seek practical advice on ERM implementation. This article provides questions asked of an experienced chief risk officer and his staff by risk practitioners at many organizations over 11 years. Detailed answers based on best practices are provided. This article is important as it shows what areas were of concern related to ERM implementation, and many of these concerns may still apply today. The questions presented in this article fall in the following 10 areas of ERM implementation: background and context, organizational, getting started, risk identification, culture and engagement, risk criteria (which includes risk appetite and risk tolerances), tools and techniques, reporting, the benefits, and the future of ERM. This article should be of interest to practitioners involved with ERM, consultants in the area of ERM, and academics teaching courses on ERM, risk management, and related topics. This article will also provide a base against which further future research can be done to see how ERM evolves.

Master limited partnerships (MLPs) are limited partnerships that trade on public exchanges in the form of units, similar to common stock. MLPs have several advantages relative to traditional C corporations (C-corps) that have resulted in their frequent use to finance energy-infrastructure assets. The general partners (GPs) retain control of the assets placed in the MLP, can drop down assets to the MLP, often at advantageous prices, and receive incentive distribution rights (IDRs). IDRs increase the GPs' share of the distributions over time, which in turn affects the MLPs' cost of capital. MLPs do not pay taxes at the entity level, which increases the amount of cash that can be paid to GPs and unitholders. MLPs trade on the basis of their yield and the stability and growth of their distributions. This technical note provides a brief history of MLPs, a description of their key features and terms, and several approaches to valuing them.

Enterprise risk management (ERM) began to take root in the late 1990s and has since become generally recognized as an expectation of good management and corporate governance. However, as evidenced by surveys and research, many companies still struggle with ERM implementation. This article explores the challenges companies face when implementing ERM and offers solutions for firms struggling with the concepts and execution. We draw upon Hydro One's experience in achieving ERM maturity as a best practice case study. The company's ERM methods have been researched and documented extensively. With over 15 years of ERM success, Hydro One is an excellent organization to benchmark for ERM best practices.

Open book management (OBM) means opening a company's financial statements to all employees and providing the education that enables them to understand how the firm makes money and how their actions affect the bottom line. It is a method of managing without concealment that involves all employees in focusing on how to grow the business profitably. The experience of Manco, Inc., a medium-size supplier of branded consumer products for retail and office product channels, illustrates the four essential steps of OBM: 1) Get the information out there; 2) teach the basics of finance and business; 3) empower people to make decisions based on what they know; and 4) make sure everyone shares directly in the company's success, as well as its failure, with targets for net earnings and return on operating assets. With technological changes transforming business and the concurrent rise of intangible and human capital as the sources of wealth creation, OBM has begun to find its place in the business world.