Foreword
In my former role leading Standard & Poor's ERM evaluations, I visited with hundreds of executives from companies all over the world and in all types of businesses, and discussed their ERM programs. I watched these ERM programs evolve, and witnessed their successes, and sometimes their colossal failures. Much more often than not, firms struggled both with having a clear objective for their ERM efforts and with the day-to-day problems of implementation. This perspective tells me that there is a tremendous need for clear thinking and clear exposition of the actions needed to practice ERM. The value-based approach that Segal developed, and introduces for the first time in this important book, definitely provides that clarity. Many other ERM books merely outline the problem and leave the readers to figure out how to implement a solution on their own. Here you will find each and every step of ERM implementation clearly laid out for the practitioner to follow along. In addition, Segal's approach to ERM:
- Is robust, yet highly practical
- Is able to quantify strategic and operational risks (this alone makes this book a worthwhile read)
- Takes the mystery out of risk appetite, one of the most elusive ERM topics (two-thirds of those believing that defining risk appetite is critical to their ERM programs have not yet done so)
- Supports better decision making
This book is also highly accessible to every business leader. Segal's writing style is smooth and in plain language. He offers ...
