In the recent past, spectacular crises and bankruptcies of reputable companies have turned the spotlight on insufficient corporate risk management practices. As a result, numerous new and more stringent requirements on risk management and risk disclosures were imposed by international and national accounting standard setters. Particularly the requirements of IFRS 7 and the enhanced requirements of the management report under UGB pose a permanent challenge for companies. The objective of this thesis is to examine the impact of both the increased requirements under IFRS/UGB and those of the financial crisis on the management of five financial risks ? credit risk, liquidity risk, interest rate risk, foreign exchange risk, and energy and commodity risk ? as well as the impact on the comprehensiveness of the documentation of these risks. Furthermore, the integration of the financial risk management process in Austrian companies is examined. The thesis is based on an empirical study conducted by the Center for Accounting Research (CAR), Karl-Franzens-University of Graz in cooperation with KPMG Linz. The analyzed sample consists of the largest 500 Austrian companies in 2007 (except for banks and insurance). The survey was administered via an online-platform and a total of 82 usable responses were received. The results indicate only a slight impact on risk management due to the increased requirements under IFRS and UGB. However, the financial crisis has a positive effect on the adoption of the instruments of financial risk identification, financial risk measurement and financial risk treatment. In addition, the results show an increased dealing with financial risk management in small and non-listed companies. Financial risk documentation was increased similar due to both the increased requirements and the economic crisis. The central importance of the integration of the financial risk management process was affirmed by the surveyed companies.