Essential insights on the various aspects of enterprise risk management
If you want to understand enterprise risk management from some of the leading academics and practitioners of this exciting new methodology, Enterprise Risk Management is the book for you. Through in-depth insights into what practitioners of this evolving business practice are actually doing as well as anticipating what needs to be taught on the topic, John Fraser and Betty Simkins have sought out the leading experts in this field to clearly explain what enterprise risk management is and how you can teach, learn, and implement these leading practices within the context of your business activities. In this book, the authors take a broad view of ERM, or what is called a holistic approach to ERM.
Enterprise Risk Management introduces you to the wide range of concepts and techniques for managing risk in a holistic way that correctly identifies risks and prioritizes the appropriate responses. This invaluable guide offers a broad overview of the different types of techniques: the role of the board, risk tolerances, risk profiles, risk workshops, and allocation of resources, while focusing on the principles that determine business success. This comprehensive resource also provides a thorough introduction to enterprise risk management as it relates to credit, market, and operational risk, as well as the evolving requirements of the rating agencies and their importance to the overall risk management in a corporate setting. Filled with helpful tables and charts, Enterprise Risk Management offers a wealth of knowledge on the drivers, the techniques, the benefits, as well as the pitfalls to avoid, in successfully implementing enterprise risk management.
- Discusses the history of risk management and more recently developed enterprise risk management practices and how you can prudently implement these techniques within the context of your underlying business activities
- Provides coverage of topics such as the role of the chief risk officer, the use of anonymous voting technology, and risk indicators and their role in risk management
- Explores the culture and practices of enterprise risk management without getting bogged down by the mathematics surrounding the more conventional approaches to financial risk management
This informative guide will help you unlock the incredible potential of enterprise risk management, which has been described as a proxy for good management.
Table of contents
PART I: Overview
- CHAPTER 1: Enterprise Risk Management: An Introduction and Overview
- CHAPTER 2: A Brief History of Risk Management
- CHAPTER 3: ERM and Its Role in Strategic Planning and Strategy Execution
CHAPTER 4: The Role of the Board of Directors and Senior Management in Enterprise Risk Management
- GOVERNANCE EXPECTATIONS FOR BOARD OVERSIGHT OF RISK MANAGEMENT
- DELEGATION OF RISK OVERSIGHT TO BOARD COMMITTEES
- FORMALIZING RISK MANAGEMENT PROCESSES
- SENIOR EXECUTIVE LEADERSHIP IN RISK MANAGEMENT
- THE ROLE OF THE INTERNAL AUDIT FUNCTION IN ERM
- EXTERNAL AUDIT AS AN INDEPENDENT SOURCE OF KEY RISK IDENTIFICATION
- ERM IMPLEMENTATION STRATEGIES
PART II: ERM Management, Culture, and Control
- CHAPTER 5: Becoming the Lamp Bearer: The Emerging Roles of the Chief Risk Officer
- CHAPTER 6: Creating a Risk-Aware Culture
CHAPTER 7: ERM Frameworks
- ELEMENTS OF AN ERM FRAMEWORK
- RISK MANAGEMENT PROCESS (RMP)
- MANDATE AND COMMITMENT TO THE ERM FRAMEWORK
- RISK MANAGEMENT POLICY
- INTEGRATION OF RISK MANAGEMENT AND RESOURCES FOR ERM
- COMMUNICATIONS, CONSULTATION, AND REPORTING
- CONTINUOUS IMPROVEMENT
- ABOUT THE AUTHOR
- CHAPTER 8: Identifying and Communicating Key Risk Indicators
PART III: ERM Tools and Techniques
- CHAPTER 9: How to Create and Use Corporate Risk Tolerance
- CHAPTER 10: How to Plan and Run a Risk Management Workshop
- CHAPTER 11: How to Prepare a Risk Profile
CHAPTER 12: How to Allocate Resources Based on Risk
- RISK POLICY AND A CENTER OF EXCELLENCE FOR RISK MANAGEMENT
- THE CONSEQUENCE DOMAIN
- RISK-BASED BUSINESS PROCESSES AND ORGANIZATIONAL CONSIDERATIONS
- CONCEPTS, METHODS, AND MODELS ENABLING RISK IDENTIFICATION, EVALUATION, MITIGATION, PRIORITIZATION, AND MANAGEMENT
- INFORMATION REQUIREMENTS AND CHALLENGES
- MEASURES OF EFFECTIVENESS FOR CONTINUOUS IMPROVEMENT
- ABOUT THE AUTHOR
- CHAPTER 13: Quantitative Risk Assessment in ERM
PART IV: Types of Risk
- CHAPTER 14: Market Risk Management and Common Elements with Credit Risk Management
- CHAPTER 15: Credit Risk Management
CHAPTER 16: Operational Risk Management
- WHAT IS OPERATIONAL RISK AND WHY SHOULD YOU CARE ABOUT IT?
- IS RISK ALL BAD?
- HOW DO YOU ASSESS OPERATIONAL RISKS, PARTICULARLY IN A DYNAMIC BUSINESS ENVIRONMENT?
- WHY YOU NEED TO DEFINE RISK TOLERANCE FOR ALIGNED DECISION MAKING
- WHAT CAN YOU DO TO EFFECTIVELY MANAGE OPERATIONAL RISK?
- HOW DO YOU ENCOURAGE A CULTURE OF RISK MANAGEMENT AT THE OPERATIONAL LEVEL?
- HOW DO YOU ALIGN OPERATIONAL RISK MANAGEMENT WITH ENTERPRISE RISK MANAGEMENT?
- ABOUT THE AUTHOR
- CHAPTER 17: Risk Management: Techniques in Search of a Strategy
CHAPTER 18: Managing Financial Risk and Its Interaction with Enterprise Risk Management
- WHAT IS FINANCIAL RISK AND HOW IS IT MANAGED?
- THEORETICAL UNDERPINNINGS OF FINANCIAL HEDGING AND EMPIRICAL FINDINGS
- INTERACTION OF FINANCIAL HEDGING WITH OTHER TYPES OF RISK MANAGEMENT
- WHAT CAN WE LEARN ABOUT ERM GIVEN OUR KNOWLEDGE OF FINANCIAL HEDGING?
- ABOUT THE AUTHOR
- CHAPTER 19: Bank Capital Regulation and Enterprise Risk Management
- CHAPTER 20: Legal Risk Post-SOX and the Subprime Fiasco: Back to the Drawing Board
- CHAPTER 21: Financial Reporting and Disclosure Risk Management
PART V: Survey Evidence and Academic Research
- CHAPTER 22: Who Reads What Most Often?: A Survey of Enterprise Risk Management Literature Read by Risk Executives
- CHAPTER 23: Academic Research on Enterprise Risk Management
- CHAPTER 24: Enterprise Risk Management Lessons from the Field
PART VI: Special Topics and Case Studies
- CHAPTER 25: Rating Agencies’ Impact on Enterprise Risk Management
- CHAPTER 26: Enterprise Risk Management: Current Initiatives and Issues
- CHAPTER 27: Establishing ERM Systems in Emerging Countries
- CHAPTER 28: The Rise and Evolution of the Chief Risk Officer: Enterprise Risk Management at Hydro One
- End User License Agreement
- Title: Enterprise Risk Management
- Release date: January 2010
- Publisher(s): Wiley
- ISBN: 9780470499085
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