Implementing Enterprise Risk Management: Case Studies and Best Practices (Robert W. Kolb Series) - Hardcover

Fraser, John R. S.; Simkins, Betty; Narvaez, Kristina

Hardcover

ISBN 10: 1118691962 ISBN 13: 9781118691960

Publisher: Wiley, 2014

Synopsis

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:

• Put the right people in the right places to build a strong ERM framework
• Establish an ERM system in the face of cultural, logistical, and historical challenges
• Create a common language and reporting system for communicating key risk indicators
• Create a risk-aware culture without discouraging beneficial risk-taking behaviors

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.

About this title

About the Author

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.

From the Back Cover

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.

From the Inside Flap

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.

Edition details

• Publisher: Wiley
• Publication date: 2014
• Language: English
• ISBN 10: 1118691962
• ISBN 13: 9781118691960
• Binding: Hardcover
• Edition number: 1
• Number of pages: 688