Where Did ERM Go Wrong?That's the question senior contributing editor Russ Banham set out to answer in this month's feature story. For much of the last decade, finance executives have heard a steady stream of opinions in praise of enterprise-wide risk management policies and procedures, including many in the pages of this magazine. Then the subprime and credit market crisis hit and company after company, in the financial sector especially–long thought to be exemplars in ERM practices–hit the wall. These were just the kind of exposures ERM was designed to ferret out and that failure calls for a thorough reexamination. As you would expect, the reality is more complicated. First, there are clear examples of companies that did manage their risks well and avoided large losses. Secondly, it is clear that problems remain on the more practical, execution side of ERM, and these are the core of Russ's article. More important guidance comes in the form of this year's ERM survey, where finance executives and risk managers identify specific areas of concern and weakness in their applications of risk management across their organizations. As executive editor at T&R for several years, and now as its temporary editor-in-chief, I have been deeply involved with several versions of the 100 Most Influential People in Finance. This year, we've worked hard to put together the strongest list available, one that covers the range of themes and topics that most impact finance. As always, our view on the 100 is both backward and forward looking, to create an essential guide to the times, on the issues and the individuals shaping finance for years to come.