As traditional methods of corporate yield management are considered largely exhausted, risk management becomes a significant competitive factor. The recent financial crisis has once again highlighted the importance of managing risk in terms of its controllability and transparency. Bogna Filipiuk examines the requirements for transparent risk reporting and to what extent German corporations meet these requirements. She discusses the significance of risk in corporate governance and what modules a consistent risk management system should include. Finally, she outlines the requirements for transparent risk reporting and assesses the quality of risk reporting among DAX companies based on these criteria. She also identifies areas where improvements are necessary.