Omtvedt doesn't object to the new disclosure rule. "It's reasonable to request that people take more time and be more formal in communicating how they deal with risks that are inherent to their business," he says. What's more, the rule may aid companies in deflecting calls for more-serious reforms of corporate risk-management policies. For instance, a provision in a shareholder-rights bill, introduced by Sen. Charles Schumer (D-N.Y.) last spring, would have required large companies to establish risk committees. Now, the bill appears unlikely to get past the committee stage.

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