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Fundamentals of Enterprise Risk Management by John J. HAMPTON

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CHAPTER 25RISK MANAGEMENT AND THE FUTURE OF ERM

RISK QUOTE: Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great.

—MARK TWAIN, HUMORIST AND WRITER

RISK QUOTE: I haven’t failed, I’ve found 10,000 ways that don’t work.

—THOMAS EDISON, INVENTOR

We have taken a journey that began in 1998 when organizations began to realize they were not respecting risk interaction in their financing and operations. Corrections included the concept of a chief risk officer. Accounting firms and consultants discussed strategic risk management, holistic risk management, and, of course, enterprise risk management. The last of these seems to have stuck. Progress was slow, ...

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