
Enterprise Risk Management
A Common Framework for the Entire Organization
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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
Readership
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
Background
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
Conclusions
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
Conclusion
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
Index
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