Enterprise Risk Management: Today's Leading Research and Best Practices for Tomorrow's Executives, 2nd Edition

  • 21h
  • Betty Simkins, John R. S. Fraser, Rob Quail
  • John Wiley & Sons (US)
  • 2021

There has been much evolution in terms of ERM best practices, experience, and standards and regulation over the past decade. Enterprise Risk Management: Today’s Leading Research and Best Practices for Tomorrow’s Executives, Second Edition is the revised and updated essential guide to the now immensely popular topic of enterprise risk management (ERM). With contributions from leading academics and practitioners, this book offers insights into what practitioners are doing and what the future holds. You’ll discover how you can implement best practices, improve ERM tools and techniques, and even learn to teach ERM. Retaining the holistic approach to ERM that made the first edition such a success, this new edition adds coverage of new topics including cybersecurity risk, ERM in government, foreign exchange risk, risk appetite, innovation risk, outsourcing risk, scenario planning, climate change risk, and much more. In addition, the new edition includes important updates and enhancements to topics covered in the first edition; so much of it has been revised and enhanced that it is essentially an entirely new book.

Enterprise Risk Management introduces you to the concepts and techniques that allow you to identify risks and prioritize the appropriate responses. This invaluable guide offers a broad overview, covering key issues while focusing on the principles that drive effective decision making and determine business success. This comprehensive resource also provides a thorough introduction to ERM as it relates to credit, market, and operational risk, as well as the evolving requirements of the board of directors’ role in overseeing ERM.

Through the comprehensive chapters and leading research and best practices covered, this book:

  • Provides a holistic overview of key topics in ERM, including the role of the chief risk officer, development and use of key risk indicators and the risk-based allocation of resources
  • Contains second-edition updates covering additional material related to teaching ERM, risk frameworks, risk culture, credit and market risk, risk workshops and risk profiles and much more. Over 90% of the content from the first edition has been revised or enhanced
  • Reveals how you can prudently apply ERM best practices within the context of your underlying business activities

Filled with helpful examples, tables, and illustrations, Enterprise Risk Management, Second Edition offers a wealth of knowledge on the drivers, the techniques, the benefits, as well as the pitfalls to avoid, in successfully implementing ERM.

In this Book

  • Foreword to the Second Edition
  • Foreword to the First Edition
  • Enterprise Risk Management—An Introduction and Overview
  • A Brief History of Risk Management
  • Strategic Risk Management—The Third Paradigm
  • The Role of the Board of Directors and Senior Management in Enterprise Risk Management
  • How to Teach Enterprise Risk Management—A Learner-Centered Activities Approach
  • The Role of the Board in Risk Management Oversight
  • ERM Frameworks
  • Becoming the Lamp Bearer—The Emerging Roles of the Chief Risk Officer
  • Creating a Risk-Aware Culture
  • Key Risk Indicators
  • Decision Risk Management
  • Increasing Adoption of Enterprise Risk Management in the U.S. Federal Government
  • Toolmaking in Risk Management—The Case of Core Values and the Formalization of “Risk Appetite”
  • Incorporating Risk Acumen and Enterprise Risk Management into Innovation Approaches
  • Scenario Planning as an Enrichment of Enterprise Risk Management
  • Unconscious Bias and Risk Management
  • Cognitive Bias—A Practical Approach
  • Risk Appetite and Tolerance in Competitive Strategy
  • How to Plan and Run a Risk Management Workshop
  • How to Prepare a Risk Profile
  • How to Allocate Resources Based on Risk
  • Quantitative Risk Assessment in ERM
  • Risk Appetite
  • Organizational Decision Making
  • The Challenges of and Solutions for Implementing Enterprise Risk Management
  • Market Risk Management and Common Elements with Credit Risk Management
  • Credit Risk Management
  • Operational Risk Management
  • Managing Financial Risk and its Interaction with Enterprise Risk Management
  • Climate Change Risk
  • Cybersecurity—Risks and Governance
  • Foreign Exchange Risk Management
  • Risk Management and Outsourcing
  • Leveraging ERM for Growth
  • Commercial and D&O Insurance for Large Corporations—Best Practices in Protecting the Assets and Liabilities of Directors and Officers and Their Organizations
  • Managing Risk Associated with Project Delivery—A How-to Guide
  • The Rise and Evolution of the Chief Risk Officer—Enterprise Risk Management at Hydro One
  • Enterprise Risk Management in the Public Sector—A First Look at the U.S. Department of Commerce
  • A Review of Academic Research on Enterprise Risk Management
  • Lessons from the Academy—ERM Implementation in the University Setting
  • Enterprise Risk Management—Lessons from the Field
  • Financial Reporting and Disclosure Risk Management
  • Directors and Risk—Whither the Best Practices—Evidence from Canada
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