Enterprise Risk Management

Enterprise Risk Management

A Common Framework for the Entire Organization

1st Edition - August 6, 2015

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  • Author: Philip E. J. Green
  • eBook ISBN: 9780128006764
  • Hardcover ISBN: 9780128006337

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Enterprise Risk Management: A Common Framework for the Entire Organization discusses the many types of risks all businesses face. It reviews various categories of risk, including financial, cyber, health, safety and environmental, brand, supply chain, political, and strategic risks and many others. It provides a common framework and terminology for managing these risks to build an effective enterprise risk management system. This enables companies to prevent major risk events, detect them when they happen, and to respond quickly, appropriately, and resiliently. The book solves the problem of differing strategies, techniques, and terminology within an organization and between different risk specialties by presenting the core principles common to managing all types of risks, while also showing how these principles apply to physical, financial, brand, and global strategy risks. Enterprise Risk Management is ideal for executives and managers across the entire organization, providing the comprehensive understanding they need, in everyday language, to successfully navigate, manage, and mitigate the complex risks they face in today’s global market.

Key Features

  • Provides a framework on which to build an enterprise-wide system  to manage risk and potential losses in business settings
  • Solves the problem of differing strategies, techniques, and terminology within an organization by presenting the core principles common to managing all types of risks
  • Offers principles which apply to physical, financial, brand, and global strategy risks
  • Presents useful, building block information in everyday language for both managers and risk practitioners across the entire organization


Risk managers and executives; security managers and executives, business, risk, and security consultants, and managers and executives in operations, information technology, finance, legal, engineering, health and safety, environment and sustainability, marketing, etc.

Table of Contents

  • Dedication
    Author Biographies
    1: Philip E. J. Green
    2: John Roberts, M.Eng., P.Eng., and Dr. Frank Frantisak
    3: Gaston Lafontaine, P.Eng.
    4: Mike Fontaine
    5: Steve Osselton and Emily Heuts
    6: Nick Wildgoose, B.A. (Hons), FCA, FCIPS
    7: Kevvie Fowler
    8: Jonathan Copulsky and Chuck Saia
    9: Mitch Albinski
    10: Steven Miller, Ph.D., CPCU, ARM
    11: Sibt-ul-Hasnain Kazmi, M.A., FRM
    12: Greg Niehaus
    13: Oliver Davidson, Patricia Mackenzie, Mike Wilkinson, and Ron Burke
    14: Peter Whyntie
    15: Elizabeth Stephens
    16: Michael E. Raynor
    1. Introduction to Risk Management Principles
    What is Risk?
    Risk Context
    Risk Assessment
    Risk Treatment
    Risk Monitoring and Review
    Reasoning about Probability, Uncertainty, and Likelihood
    Structure of this Book

    Part I: Physical Risk Management
    2. Environmental Risk
    Environmental Risks—the Social Dimension
    Environmental Risk—the Legal Dimension
    Types of Environmental Risks
    Identifying Environmental Risks
    Environmental Risk Management: The Noranda Model—and Beyond
    Approvals for Large Industrial Projects: The Environmental Risks
    Who Does What?
    3. Health and Safety Risk Management: Perspective of a Petroleum Refinery Manager
    Effects of Health and Safety on Organizations
    Safety Culture
    Risk Assessment—Cornerstone of the Program
    Risk Treatment
    Risk Monitoring and Review
    Current Trends in Health and Safety Risk Management
    4. Project Risk Management
    Types of Risks in Projects
    Managing Risks during the Project Life Cycle
    Managing the Risk of Being Late and Exceeding Budget
    5. Operational Risk: Building a Resilient Organization
    Operational Risk—Context
    Alignment Around Risk Communication
    The Elements of Operational Risk Resilience
    Operational Risk Resilience Model
    6. Supply Chain Risk Management
    Supply Chain Risk Management for the Business Line Manager
    Risk Assessment
    Risk Monitoring and Review
    Emerging Risks in Supply Chains
    The Benefits of Improving Supply Chain Risk Management

    Part II: Intangible Risk
    7. Cybersecurity
    Cyber Risk Management Overview
    Risk Assessment
    Risk Treatment
    Risk Monitoring and Review
    8. Brand Risk
    Why Brands Matter
    The Importance of Trust
    Who Owns Brand Risk Management?
    The High-Speed Landscape of Brand Risk
    How Counterinsurgency Theory May Help Us Manage Brand Risk
    Key Takeaways
    9. Human Capital Risk: The Threat from Inside
    Nasty Events Can Happen: Source of Human Capital Risk
    Managing Human Capital Risk
    Conclusion: An Integrated Approach to Managing Malicious Human Capital Risks
    Further Reading

    Part III: Financial Risk Management
    10. An Aggregated Approach to Risk Analysis: Risk Portfolios
    The Challenges of the Traditional “Siloed” Approach to Risk Analysis
    The Benefits of an Aggregated (Risk Portfolio) Approach to Risk Analysis
    Operationalizing a Risk Portfolio
    Risks Associated with Implementing a Risk Portfolio
    Making a Decision to Implement a Risk Portfolio
    11. Managing Common Financial Risks
    Types of Financial Risk
    Financial Risk Mitigation Strategies
    12. The Role of Insurance in Enterprise Risk Management
    Risk and Value
    The Supply of Insurance
    Demand for Insurance by Public Companies
    Interaction between Mitigation and Insurance
    Summary Questions to Ask

    Part IV: Global and Strategic Risk
    13. Risk Culture
    Risk Culture and Organizational Culture
    Risk Culture in Financial Services
    Safety Culture
    Measuring Risk Culture
    Managing Risk Culture
    Rewards and Performance Management
    Incentives Create Rather than Control Risk
    Risk Identification
    Risk Analysis
    Risk Prioritization
    Actions to Treat Incentive Risk
    14. The Role of the Board of Directors in Risk Management
    Directors Govern, Managers Manage
    Providing Leadership and Affecting Risk Culture
    Structuring Boards to Govern Risk Management
    The Information on Which Boards Rely
    Demands on Directors from Stakeholders and Litigation
    15. Political Risk
    The Arab Spring
    Identifying Sources of Political Risk
    Political Risk Assessment
    Mitigating Political Risk
    16. Strategic Risk: The Risks “of” and “to” a Strategy: The Case of Blockbuster and the Need for Strategic Flexibility
    Tradeoffs and the Risks of a Strategy
    Innovation and the Risks to a Strategy
    Assessing Strategic Risks
    Strategy, Innovation, and Flexibility

Product details

  • No. of pages: 260
  • Language: English
  • Copyright: © Butterworth-Heinemann 2015
  • Published: August 6, 2015
  • Imprint: Butterworth-Heinemann
  • eBook ISBN: 9780128006764
  • Hardcover ISBN: 9780128006337

About the Author

Philip E. J. Green

Philip Green is CEO of First Resource Management Group Inc., which manages forests in Canada. Before this he was president of Greenbridge Management Inc., which provided risk management, process management, continuous improvement and statistical consulting services to industries in North and South America, Europe and Asia. He is co-author of misLeading Indicators: How to Reliably Measure your Business (with Prof George Gabor of Dalhousie University) published by Praeger. He has an M.Sc. in Statistics from McMaster University (1984).

Affiliations and Expertise

CEO, First Resource Management Group Inc., ON, Canada

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