Value-oriented controlling and risk controlling are central developments in recent controlling research. Although numerous relationships exist, these two directions have so far been considered in isolation from each other. Jörg Stephan analyzes the interplay between value-oriented controlling and risk controlling by utilizing key performance indicators as a coordination tool in controlling. He generalizes the discounted cash flow methods regarding the consideration of bankruptcy risk and, building on this, develops the risk-adjusted performance measure Corporate Value On Discounted Risk Value (CVODRV). This measure is based on the cash-flow-at-risk concept and is suitable for use in industrial and commercial enterprises.