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The enterprise risk management (ERM) approach promises to manage corporate risks holistically, as opposed to the silo perspective in traditional risk management frameworks. There is evidence that different economic and regulatory environments profoundly shape the implementation of ERM in different countries. To understand better the specific situation in Germany, this chapter presents an analysis on the current application, the regulatory environment, and the development over time of ERM in Germany. Finally, we highlight some important avenues for further research on ERM in Germany and beyond.