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ERM - Enterprise Risk Management: Issues and Cases

Book Description

A wealth of international case studies illustrating current issues and emerging best practices in enterprise risk management

Despite enterprise risk management's relative newness as a recognized business discipline, the marketplace is replete with guides and references for ERM practitioners. Yet, until now, few case studies illustrating ERM in action have appeared in the literature. One reason for this is that, until recently, there were many disparate, even conflicting definitions of what, exactly ERM is and, more importantly, how organizations can use it to utmost advantage. With efforts underway, internationally, to mandate ERM and to standardize ERM standards and practices, the need has never been greater for an authoritative resource offering risk management professionals authoritative coverage of the full array of contemporary ERM issues and challenges. Written by two recognized international thought leaders in the field, ERM-Enterprise Risk Management provides that and much more.

  • Packed with international cases studies illustrating ERM best practices applicable across all industry sectors and business models

  • Explores contemporary issues, including quantitative and qualitative measures, as well as potential pitfalls and challenges facing today's enterprise risk managers

  • Includes interviews with leading risk management theorists and practitioners, as well as risk managers from a variety of industries

  • An indispensable working resource for risk management practitioners everywhere and a valuable reference for researchers, providing the latest empirical evidence and an exhaustive bibliography

  • Table of Contents

    1. Contributor List
    2. About the Editors
    3. Acknowledgements
    4. Introduction
      1. Case Studies
      2. The Articles
      3. The References
      4. ISO 31000 and Guide 73: 2009 Definitions
    5. ISO 31000 and Guide 73: 2009 Select Terms and Their Definitions<sup xmlns="http://www.w3.org/1999/xhtml" xmlns:epub="http://www.idpf.org/2007/ops" xmlns:m="http://www.w3.org/1998/Math/MathML" xmlns:svg="http://www.w3.org/2000/svg" xmlns:ibooks="http://vocabulary.itunes.apple.com/rdf/ibooks/vocabulary-extensions-1.0">1</sup>
      1. Notes
    6. PART 1 ERM ARTICLES
      1. 1 Establishing the Internal and External Contexts
        1. 1.1 Managing Risks to Enable Strategy
        2. 1.2 Strategy, Constraint, Risk Management and the Value Chain
        3. 1.3 The Risk of Group Decision Making Within Organizations: A Synthesis
        4. Notes
      2. 2 Risk Assessment
        1. 2.1 Risk Quantification: Cornerstone for Rational Risk Management
        2. 2.2 Brief Overview of Cindynics
        3. 2.3 Risk Assessment or Exposure Diagnostic
        4. 2.4 Managing the Collection of Relevant Data for an ERM Program: The Importance of Efficient and Neutral Questionnaires
        5. 2.5 Enterprise Risk Analytics Systems
        6. 2.6 Emerging Enterprise Risks Facing the US Healthcare Industry
        7. Notes
      3. 3 Select and Implement the Appropriate Risk Management Technique
        1. 3.1 Risk to Reputation
        2. 3.2 Disturbance Management
        3. Notes
      4. 4 Monitor Results and Revise
        1. 4.1 Business Ethics and Risk Management
        2. 4.2 Governance, Risk, Compliance: the New Paradigm of Risk Management
        3. Notes
      5. 5 Communicate and Consult
        1. 5.1 Communication as a Risk Mitigation Tool
        2. Notes
    7. PART II CASE STUDIES
      1. 6 Case Study Protocol
        1. Appendix A – Case Study Interview Questions
      2. 7 Case Study: Risk Management Implementation in China
        1. 7.1 Market background
        2. 7.2 China's SOEs and SASAC
        3. 7.3 Current Development
        4. 7.4 Implementation Case Study
        5. 7.5 Lessons Learned
        6. 7.6 Questions for Students and Practitioners
        7. Appendix A
        8. Notes
      3. 8 Case Study: Agreeing Upon the Scope of the Project and the Job of the ERM Risk Manager
        1. 8.1 Scope of the Project
        2. 8.2 Job Description for ERM
        3. 8.3 Questions for Students and Practitioners
      4. 9 Case Study: Wellcome Trust
        1. 9.1 Generalities and Presentation
        2. 9.2 The ERM Program
        3. 9.3 The Benefits of ERM: Cost and benefit analysis
        4. 9.4 The Problems or Challenges Associated With ERM
        5. 9.5 Recommendations for Others Seeking to Implement ERM
        6. 9.6 Questions for Students and Practitioners
      5. 10 Case Study: Large Health Insurer in the US
        1. 10.1 The Large Health Insurer Today
        2. 10.2 Implications of the Affordable Care Act
        3. 10.3 Why ERM for This Insurer
        4. 10.4 ERM Reporting Structure and ERM Department Structure
        5. 10.5 The ERM Initiative Today
        6. 10.6 The Risk Management Process
        7. 10.7 Surprises
        8. 10.8 How Can an Organization Sustain an ERM Initiative over Time?
        9. 10.9 How Does This Insurer Risk Management Program Measure ERM Success?
        10. 10.10 Questions for Students and Practitioners
        11. Appendix A
        12. Appendix B
        13. Notes
      6. 11 Case Study: Three Steps for Bringing Risk Management Back in House
        1. 11.1 Memorial Hermann
        2. 11.2 The Decision to Bring Risk Management Back In House
        3. 11.3 Step One – Laying the Groundwork: Re-establish Risk Management
        4. 11.4 Second Step – Introducing New Approaches: The ERM Council
        5. 11.5 The Third Step – Evolving Towards Enterprise Risk Management: Narrative Risk Description
        6. 11.6 Tangible Results at MH
        7. 11.7 Recommendations for Other Risk Managers
        8. 11.8 Questions for Students and Practitioners
        9. Notes
        10. References
      7. 12 Case Study: University of California
        1. 12.1 The University of California and the Office of Risk Services
        2. 12.2 Why ERM?
        3. 12.3 Critical Strategic Risks
        4. 12.4 ERM Accomplishments
        5. 12.5 ERM Progress Over Time
        6. 12.6 The “Upside of Risk”
        7. 12.7 Challenges Facing Higher Education and the University of California
        8. 12.8 Recommendations for Others Engaged With ERM
        9. 12.9 Where Further Research and Analysis is Needed
        10. Appendix A: UC Enterprise Risk Management Tools
        11. Questions for Students and Practitioners
        12. Notes
      8. 13 Case Study: Managing Risk at the OPAC du Rhône
        1. 13.1 The organization
        2. 13.2 Activity
        3. 13.3 Turnover and Competition
        4. 13.4 Main stakeholders
        5. 13.5 Vision and Social License to Operate
        6. 13.6 The identified Need for ERM
        7. 13.7 Summary
        8. Questions for Students and Practitioners
        9. Notes
    8. ERM References for Practitioners
    9. Further Reading
    10. Index
    11. End User License Agreement