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Practical Enterprise Risk Management addresses the real need for organizations to take more managed risks in order to maximize business strategies and achieve long term goals. Based on ISO 31000 and applying current best practice, it provides templates and examples that can be adapted for any industry. Breaking down the theory on enterprise risk management, it helps you see risk as both an opportunity and a threat whilst giving you guidance on how to implement it. It provides models for Risk Adjusted Return on Capital to evaluate R.O.I and measure performance, advice on emergent risks, as…mehr
Practical Enterprise Risk Management addresses the real need for organizations to take more managed risks in order to maximize business strategies and achieve long term goals. Based on ISO 31000 and applying current best practice, it provides templates and examples that can be adapted for any industry. Breaking down the theory on enterprise risk management, it helps you see risk as both an opportunity and a threat whilst giving you guidance on how to implement it. It provides models for Risk Adjusted Return on Capital to evaluate R.O.I and measure performance, advice on emergent risks, as well as best practice and advice on risk communication, transparency and protecting the brand.
Including a comprehensive overview of risk management responsibilities for boards, Practical Enterprise Risk Management lifts the lid on the whole process, helping you to embed ERM into your organization, reach your goals and take more, and more effective, managed risks.
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Autorenporträt
Liz Taylor is a highly regarded practitioner in Enterprise Risk Management industries, with 35 years experience. She was formerly Chief Executive of ALARM (the Forum for Risk Management in the Public Sector), Senior Vice President for Marsh Europe and winner of Europe-wide Risk Management of the year. Currently running her own training and consulting company, Liz Taylor Risk Consulting, she is a Fellow of the Institute of Risk Management as well as the Business Continuity Institute.
Inhaltsangabe
Foreword by Steve Fowler Foreword by Mrutyunjay Mahapatra Acknowledgements 01 Introduction Outline Business is about taking risk The difference between taking managed and unmanaged risks Benefits of well-managed enterprise risk management The myths about risk Capacity to take risk Questions for senior management and the board to ask Notes 02 About enterprise risk management Outline Risk management Implementing the programme for ERM ERM - the process Essential attributes of ERM for delivering value and capacity Top level leadership in ERM Identifying risk: types of risk, risk lists and taxonomies Evaluating and prioritizing risk Governance, risk and compliance Questions for senior management and the board to ask Notes 03 Risk as an opportunity/threat to objectives and value drivers Outline Risk - opportunities and threats Risk as uncertainty Threat and opportunity management Dealing with threat Dealing with opportunity Differentiating between objectives, strategic goals and value drivers Questions for senior management and the board to ask Notes 04 Implementing an ERM programme Outline Establish the foundation - the operating model for ERM Documentation for ERM Language, oversight and governance Building capabilities: assess and develop responses and capabilities Improving capabilities: monitoring and communication Questions for senior management and the board to ask 05 Risk attitude, risk propensity and risk appetite Outline Risk aversion versus risk hungry Applications of a risk appetite tool Risk capacity versus tolerance Developing risk appetite frameworks The risk of not taking a risk Risk appetite and value drivers Organization behind the setting of risk appetite Examples of risk appetite statements Questions for senior management and the board to ask Notes 06 ERM culture, blame, boundaries and elephants in the room Outline ERM cultures and the blame culture Using risk appetite as a tool to destroy the blame culture Managing risk The link between managed risk taking, mice, Maslow and Herzberg The elephant in the room and conduct risk In the public interest Questions for senior management and the board to ask Notes 07 Embedding and integrating ERM Outline What does embedding mean? Main aspects of embedding ERM A 16-step plan for embedding ERM The three lines of play Questions for senior management and the board to ask Notes 08 Maturity in enterprise risk management Outline How risk maturity enables managed risk taking Action plan for measuring and tracking performance Questions for senior management and the board to ask Notes 09 Resilience and sustainable habits Outline Business continuity management The role of senior management Corporate social responsibility Questions for senior management and the board to ask Notes 10 Learning and communication Outline The learning habit ERM information systems External communication Questions for senior management and the board to ask Notes 11 Conformance, performance, roles, responsibilities and regulations Outline Managing conformance versus performance The role of boards in ERM Governance for ERM The role of internal and external audit in ERM Compliance requirements for risk management: various countries and industries Questions for senior management and the board to ask Notes 12 Deliverables from quantitative ERM approaches Outline Measuring and valuing Models for valuing risk and capital Own risk and solvency assessments - a useful model Stress testing and reverse stress testing Risks that cannot be valued Questions for senior management and the board to ask Notes 13 Simple, elegant ERM tools for senior management Outline The triangle of risk - trigger, environment, strength or weakness Using cause and consequence analysis to transform risk approach Macro and micro risk management Questions for senior management and the board to ask Note 14 ERM and performance management synergies Outline Risk management alignment within the organization Performance management Performance management methods Questions for senior management and the board to ask Notes 15 The key strategic questions for senior management and boards to ask themselves Outline Recognizing the risks of versus the risks to the strategic plan The key strategic questions Summary Appendix 1. Examples of corporate governance and ERM regulations Appendix 2. The main principles of the UK Code of Governance, October 2012 Appendix 3. Summary COSO guidance Appendix 4. Case study: Applying a more granular mathematical model to a risk for a non-financial organization Appendix 5. Capital and risk considerations for US insurers, from NAIC ORSA Guidance Appendix 6. Sample terms of reference for a board risk committee Appendix 7. Example of roles of CRO and ERM team Further Reading Index
Foreword by Steve Fowler Foreword by Mrutyunjay Mahapatra Acknowledgements 01 Introduction Outline Business is about taking risk The difference between taking managed and unmanaged risks Benefits of well-managed enterprise risk management The myths about risk Capacity to take risk Questions for senior management and the board to ask Notes 02 About enterprise risk management Outline Risk management Implementing the programme for ERM ERM - the process Essential attributes of ERM for delivering value and capacity Top level leadership in ERM Identifying risk: types of risk, risk lists and taxonomies Evaluating and prioritizing risk Governance, risk and compliance Questions for senior management and the board to ask Notes 03 Risk as an opportunity/threat to objectives and value drivers Outline Risk - opportunities and threats Risk as uncertainty Threat and opportunity management Dealing with threat Dealing with opportunity Differentiating between objectives, strategic goals and value drivers Questions for senior management and the board to ask Notes 04 Implementing an ERM programme Outline Establish the foundation - the operating model for ERM Documentation for ERM Language, oversight and governance Building capabilities: assess and develop responses and capabilities Improving capabilities: monitoring and communication Questions for senior management and the board to ask 05 Risk attitude, risk propensity and risk appetite Outline Risk aversion versus risk hungry Applications of a risk appetite tool Risk capacity versus tolerance Developing risk appetite frameworks The risk of not taking a risk Risk appetite and value drivers Organization behind the setting of risk appetite Examples of risk appetite statements Questions for senior management and the board to ask Notes 06 ERM culture, blame, boundaries and elephants in the room Outline ERM cultures and the blame culture Using risk appetite as a tool to destroy the blame culture Managing risk The link between managed risk taking, mice, Maslow and Herzberg The elephant in the room and conduct risk In the public interest Questions for senior management and the board to ask Notes 07 Embedding and integrating ERM Outline What does embedding mean? Main aspects of embedding ERM A 16-step plan for embedding ERM The three lines of play Questions for senior management and the board to ask Notes 08 Maturity in enterprise risk management Outline How risk maturity enables managed risk taking Action plan for measuring and tracking performance Questions for senior management and the board to ask Notes 09 Resilience and sustainable habits Outline Business continuity management The role of senior management Corporate social responsibility Questions for senior management and the board to ask Notes 10 Learning and communication Outline The learning habit ERM information systems External communication Questions for senior management and the board to ask Notes 11 Conformance, performance, roles, responsibilities and regulations Outline Managing conformance versus performance The role of boards in ERM Governance for ERM The role of internal and external audit in ERM Compliance requirements for risk management: various countries and industries Questions for senior management and the board to ask Notes 12 Deliverables from quantitative ERM approaches Outline Measuring and valuing Models for valuing risk and capital Own risk and solvency assessments - a useful model Stress testing and reverse stress testing Risks that cannot be valued Questions for senior management and the board to ask Notes 13 Simple, elegant ERM tools for senior management Outline The triangle of risk - trigger, environment, strength or weakness Using cause and consequence analysis to transform risk approach Macro and micro risk management Questions for senior management and the board to ask Note 14 ERM and performance management synergies Outline Risk management alignment within the organization Performance management Performance management methods Questions for senior management and the board to ask Notes 15 The key strategic questions for senior management and boards to ask themselves Outline Recognizing the risks of versus the risks to the strategic plan The key strategic questions Summary Appendix 1. Examples of corporate governance and ERM regulations Appendix 2. The main principles of the UK Code of Governance, October 2012 Appendix 3. Summary COSO guidance Appendix 4. Case study: Applying a more granular mathematical model to a risk for a non-financial organization Appendix 5. Capital and risk considerations for US insurers, from NAIC ORSA Guidance Appendix 6. Sample terms of reference for a board risk committee Appendix 7. Example of roles of CRO and ERM team Further Reading Index
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