Cover Image

Practical enterprise risk management : how to optimize business strategies through managed risk taking /

Bibliographic Details
Main Author: Taylor, Liz, economics writer
Corporate Author: ebrary, Inc
Format: eBook
Language:English
Published: Philadelphia, PA : Kogan Page, 2014.
Edition:1st Edition.
Subjects:
Risk management.
Strategic planning.
Electronic books.
Online Access:Connect to the full text of this electronic book
Table of Contents:
  • Machine generated contents note: Foreword by Steve Fowler
  • Foreword by Mrutyunjay Mahapatra
  • Acknowledgements
  • 01 Introduction
  • Outline
  • Business is about taking risk
  • The difference between taking managed and unmanaged risks
  • Benefits of well-managed enterprise risk management
  • The myths about risk
  • Capacity to take risk
  • Questions for senior management and the board to ask
  • Notes
  • 02 About enterprise risk management
  • Outline
  • Risk management
  • Implementing the programme for ERM
  • ERM
  • the process
  • Essential attributes of ERM for delivering value and capacity
  • Top level leadership in ERM
  • Identifying risk: types of risk, risk lists and taxonomies
  • Evaluating and prioritizing risk
  • Governance, risk and compliance
  • Questions for senior management and the board to ask
  • Notes
  • 03 Risk as an opportunity/threat to objectives and value drivers
  • Outline
  • Risk
  • opportunities and threats
  • Risk as uncertainty
  • Threat and opportunity management
  • Dealing with threat
  • Dealing with opportunity
  • Differentiating between objectives, strategic goals and value drivers
  • Questions for senior management and the board to ask
  • Notes
  • 04 Implementing an ERM programme
  • Outline
  • Establish the foundation
  • the operating model for ERM
  • Documentation for ERM
  • Language, oversight and governance
  • Building capabilities: assess and develop responses and capabilities
  • Improving capabilities: monitoring and communication
  • Questions for senior management and the board to ask
  • 05 Risk attitude, risk propensity and risk appetite
  • Outline
  • Risk aversion versus risk hungry
  • Applications of a risk appetite tool
  • Risk capacity versus tolerance
  • Developing risk appetite frameworks
  • The risk of not taking a risk
  • Risk appetite and value drivers
  • Organization behind the setting of risk appetite
  • Examples of risk appetite statements
  • Questions for senior management and the board to ask
  • Notes
  • 06 ERM culture, blame, boundaries and elephants in the room
  • Outline
  • ERM cultures and the blame culture
  • Using risk appetite as a tool to destroy the blame culture
  • Managing risk
  • The link between managed risk taking, mice, Maslow and Herzberg
  • The elephant in the room and conduct risk
  • In the public interest
  • Questions for senior management and the board to ask
  • Notes
  • 07 Embedding and integrating ERM
  • Outline
  • What does embedding mean?
  • Main aspects of embedding ERM
  • A 16-step plan for embedding ERM
  • The three lines of play
  • Questions for senior management and the board to ask
  • Notes
  • 08 Maturity in enterprise risk management
  • Outline
  • How risk maturity enables managed risk taking
  • Action plan for measuring and tracking performance
  • Questions for senior management and the board to ask
  • Notes
  • 09 Resilience and sustainable habits
  • Outline
  • Business continuity management
  • The role of senior management
  • Corporate social responsibility
  • Questions for senior management and the board to ask
  • Notes
  • 10 Learning and communication
  • Outline
  • The learning habit
  • ERM information systems
  • External communication
  • Questions for senior management and the board to ask
  • Notes
  • 11 Conformance, performance, roles, responsibilities and regulations
  • Outline
  • Managing conformance versus performance
  • The role of boards in ERM
  • Governance for ERM
  • The role of internal and external audit in ERM
  • Compliance requirements for risk management: various countries and industries
  • Questions for senior management and the board to ask
  • Notes
  • 12 Deliverables from quantitative ERM approaches
  • Outline
  • Measuring and valuing
  • Models for valuing risk and capital
  • Own risk and solvency assessments
  • a useful model
  • Stress testing and reverse stress testing
  • Risks that cannot be valued
  • Questions for senior management and the board to ask
  • Notes
  • 13 Simple, elegant ERM tools for senior management
  • Outline
  • The triangle of risk
  • trigger, environment, strength or weakness
  • Using cause and consequence analysis to transform risk approach
  • Macro and micro risk management
  • Questions for senior management and the board to ask
  • Note
  • 14 ERM and performance management synergies
  • Outline
  • Risk management alignment within the organization
  • Performance management
  • Performance management methods
  • Questions for senior management and the board to ask
  • Notes
  • 15 The key strategic questions for senior management and boards to ask themselves
  • Outline
  • Recognizing the risks of versus the risks to the strategic plan
  • The key strategic questions
  • Summary
  • Appendix 1. Examples of corporate governance and ERM regulations
  • Appendix 2. The main principles of the UK Code of Governance, October 2012
  • Appendix 3. Summary COSO guidance
  • Appendix 4. Case study: Applying a more granular mathematical model to a risk for a non-financial organization
  • Appendix 5. Capital and risk considerations for US insurers, from NAIC ORSA Guidance
  • Appendix 6. Sample terms of reference for a board risk committee
  • Appendix 7. Example of roles of CRO and ERM team
  • Further Reading
  • Index.