The cerebrum is a large part of the brain containing the cerebral cortex (of the two cerebral hemispheres), as well as several subcortical structures, including the hippocampus, basal ganglia, and olfactory bulb. In humans, the cerebrum is the superior-most region of the central nervous system.he cerebrum is a large part of the brain containing the cerebral cortex (of the two cerebral hemispheres), as well as several subcortical structures, including the hippocampus, basal ganglia, and olfactory bulb. In humans, the cerebrum is the superior-most region of the central nervous system.