Details

Implementing Enterprise Risk Management

Case Studies and Best Practices
Robert W. Kolb Series 2. Aufl.

von: John R. S. Fraser, Betty Simkins, Kristina Narvaez
81,99 €
Verlag:	Wiley
Format:	EPUB
Veröffentl.:	09.10.2014
ISBN/EAN:	9781118746189
Sprache:	englisch
Anzahl Seiten:	688

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Titelbeschreibung

Overcome ERM implementation challenges by taking cues from leading global organizations Implementing Enterprise Risk Management is a practical guide to establishing an effective ERM system by applying best practices at a granular level. Case studies of leading organizations including Mars, Statoil, LEGO, British Columbia Lottery Corporation, and Astro illustrate the real-world implementation of ERM on a macro level, while also addressing how ERM informs the response to specific incidents. Readers will learn how top companies are effectively constructing ERM systems to positively drive financial growth and manage operational and outside risk factors. By addressing the challenges of adopting ERM in large organizations with different functioning silos and well-established processes, this guide provides expert insight into fitting the new framework into cultures resistant to change. Enterprise risk management covers accidental losses as well as financial, strategic, operational, and other risks. Recent economic and financial market volatility has fueled a heightened interest in ERM, and regulators and investors have begun to scrutinize companies' risk-management policies and procedures. Implementing Enterprise Risk Management provides clear, demonstrative instruction on establishing a strong, effective system. Readers will learn to: <ul> <li>Put the right people in the right places to build a strong ERM framework</li> <li>Establish an ERM system in the face of cultural, logistical, and historical challenges</li> <li>Create a common language and reporting system for communicating key risk indicators</li> <li>Create a risk-aware culture without discouraging beneficial risk-taking behaviors</li> </ul> ERM is a complex endeavor, requiring expert planning, organization, and leadership, with the goal of steering a company's activities in a direction that minimizes the effects of risk on financial value and performance. Corporate boards are increasingly required to review and report on the adequacy of ERM in the organizations they administer, and Implementing Enterprise Risk Management offers operative guidance for creating a program that will pass muster.

Inhaltsverzeichnis

Foreword xiii 1 Enterprise Risk Management Case Studies: An Introduction and Overview 1 John R.S. Fraser, Betty J. Simkins, and Kristina Narvaez Part I Overview and Insights for Teaching ERM 17 2 An Innovative Method to Teaching Enterprise Risk Management: A Learner-Centered Teaching Approach 19 David R. Lange and Betty J. Simkins Part II ERM Implementation at Leading Organizations 37 3 ERM at Mars, Incorporated: ERM for Strategy and Operations 39 Larry Warner 4 Value and Risk: Enterprise Risk Management at Statoil 59 Alf Alviniussen and Håkan Jankensgård 5 ERM in Practice at the University of California Health System 75 Grace Crickette 6 Strategic Risk Management at the LEGO Group: Integrating Strategy and Risk Management 93 Mark L. Frigo and Hans Læssøe 7 Turning the Organizational Pyramid Upside Down: Ten Years of Evolution in Enterprise Risk Management at United Grain Growers 107 John Bugalla 8 Housing Association Case Study of ERM in a Changing Marketplace 119 John Hargreaves 9 Lessons from the Academy: ERM Implementation in the University Setting 143 Anne E. Lundquist 10 Developing Accountability in Risk Management: The British Columbia Lottery Corporation Case Study 179 Jacquetta C. M. Goy 11 Starting from Scratch: The Evolution of ERM at the Workers’ Compensation Fund 207 Dan M. Hair 12 Measuring Performance at Intuit: A Value-Added Component in ERM Programs 227 Janet Nasburg 13 TD Bank’s Approach to an Enterprise Risk Management Program 241 Paul Cunha and Kristina Narvaez Part III Linking ERM to Strategy and Strategic Risk Management 251 14 A Strategic Approach to Enterprise Risk Management at Zurich Insurance Group 253 Linda Conrad and Kristina Narvaez 15 Embedding ERM into Strategic Planning at the City of Edmonton 281 Ken Baker 16 Leveraging ERM to Practice Strategic Risk Management 305 John Bugalla and James Kallman Part IV Specialized Aspects of Risk Management 319 17 Developing a Strategic Risk Plan for the Hope City Police Service 321 Andrew Graham 18 Blue Wood Chocolates 335 Stephen McPhie and Rick Nason 19 Kilgore Custom Milling 363 Rick Nason and Stephen McPhie 20 Implementing Risk Management within Middle Eastern Oil and Gas Companies 377 Alexander Larsen 21 The Role of Root Cause Analysis in Public Safety ERM Programs 397 Andrew Bent 22 JAA Inc.—A Case Study in Creating Value from Uncertainty: Best Practices in Managing Risk 427 Julian du Plessis, Arnold Schanfield, and Alpaslan Menevse 23 Control Complacency: Rogue Trading at Société Générale 461 Steve Lindo 24 The Role of VaR in Enterprise Risk Management: Calculating Value at Risk for Portfolios Held by the Vane Mallory Investment Bank 489 Allissa A. Lee and Betty J. Simkins 25 Uses of Efficient Frontier Analysis in Strategic Risk Management: A Technical Examination 501 Ward Ching and Loren Nickel Part V Mini-Cases on ERM and Risk 523 26 Bim Consultants Inc. 525 John R.S. Fraser 27 Nerds Galore 529 Rob Quail 28 The Reluctant General Counsel 535 Norman D. Marks 29 Transforming Risk Management at Akawini Copper 539 Grant Purdy 30 Alleged Corruption at Chessfield: Corporate Governance and the Risk Oversight Role of the Board of Directors 547 Richard Leblanc 31 Operational Risk Management Case Study: Bon Boulangerie 555 Diana Del Bel Belluz Part VI Other Case Studies 559 32 Constructive Dialogue and ERM: Lessons from the Financial Crisis 561 Thomas H. Stanton 33 Challenges and Obstacles of ERM Implementation in Poland 577 Zbigniew Krysiak and Stawomir Pijanowski 34 Turning Crisis into Opportunity: Building an ERM Program at GeneralMotors 607 Marc S. Robinson, Lisa M. Smith, and Brian D. Thelen 35 ERM at Malaysia’s Media Company Astro: Quickly Implementing ERM and Using It to Assess the Risk-Adjusted Performance of a Portfolio of Acquired Foreign Companies 623 Patrick Adam K. Abdullah and Ghislain Giroux Dufort About the Editors 649 Index 651

Autorenportrait

JOHN R.S. FRASER is the Senior Vice President of Internal Audit and former Chief Risk Officer of Hydro One Networks Inc. He holds several auditing and accounting certifications and has over 30 years of experience in the risk and control field. BETTY J. SIMKINS is the Williams Chair and Professor of Finance at Oklahoma State University's Spears School of Business, where she teaches enterprise risk management and other courses. She has published award-winning research on risk management in academic and professional outlets. KRISTINA NARVAEZ is President and CEO of ERM Strategies. Her work in risk management has been recognized with accolades and awards from numerous organizations, including the Risk and Insurance Management Society.

Back cover copy

IMPLEMENTING ENTERPRISE RISK MANAGEMENT Enterprise risk management (ERM) is a growing field, but it is not often taught in business schools, and few executives really understand it. This puts them at a disadvantage because their finance, marketing, and manage-ment initiaives are only valuable if they don't fall victim to avoidable risks. In 2010, John R.S. Fraser and Betty J. Simkins published Enterprise Risk Management: Today's Leading Research and Best Practices for Tomorrow's Executives, a respected and comprehensive text on this important subject. Now, this companion volume, Implementing Enterprise Risk Management, goes a step further toward filling the void in the ERM literature. Implementing Enterprise Risk Management also works well as a stand-alone volume. Putting ERM principles into practice requires an understanding of what risk management looks like in the real world. Implementing Enterprise Risk Management provides that understanding, with case studies from top organizations that show in detail how ERM really works. The contributors weave key concepts, definitions, strategies, and methodologies throughout the text, yielding a nice balance of academic and practical information. Enterprise risk management is a constantly evolving process. Pure theory can be useful to a point, but the flexibility to adapt theory to fit unique scenarios is crucial. Implementing Enterprise Risk Management contains 35 chapters detailing case studies from organizations around the world, giving risk professionals a range of examples to follow in pursuing their own ERM programs. This latest volume in Wiley's Robert W. Kolb Series in Finance provides important guidance for any organization looking to integrate ERM into its risk culture.