ERM - Enterprise Risk Management

A wealth of international case studies illustrating current issues and emerging best practices in enterprise risk management Despite enterprise risk management's relative newness as a recognized business discipline, the marketplace is replete with guides and references for ERM practitioners. Yet, until now, few case studies illustrating ERM in action have appeared in the literature. One reason for this is that, until recently, there were many disparate, even conflicting definitions of what, exactly ERM is and, more importantly, how organizations can use it to utmost advantage. With efforts underway, internationally, to mandate ERM and to standardize ERM standards and practices, the need has never been greater for an authoritative resource offering risk management professionals authoritative coverage of the full array of contemporary ERM issues and challenges. Written by two recognized international thought leaders in the field, ERM-Enterprise Risk Management provides that and much more. Packed with international cases studies illustrating ERM best practices applicable across all industry sectors and business models Explores contemporary issues, including quantitative and qualitative measures, as well as potential pitfalls and challenges facing today's enterprise risk managers Includes interviews with leading risk management theorists and practitioners, as well as risk managers from a variety of industries An indispensable working resource for risk management practitioners everywhere and a valuable reference for researchers, providing the latest empirical evidence and an exhaustive bibliography

A wealth of international case studies illustrating current issues and emerging best practices in enterprise risk managementDespite enterprise risk management's relative newness as a recognized business discipline, the marketplace is replete with guides and references for ERM practitioners. Yet, until now, few case studies illustrating ERM in action have appeared in the literature. One reason for this is that, until recently, there were many disparate, even conflicting definitions of what, exactly ERM is and, more importantly, how organizations can use it to utmost advantage. With efforts underway, internationally, to mandate ERM and to standardize ERM standards and practices, the need has never been greater for an authoritative resource offering risk management professionals authoritative coverage of the full array of contemporary ERM issues and challenges. Written by two recognized international thought leaders in the field, ERM-Enterprise Risk Management provides that and much more.* Packed with international cases studies illustrating ERM best practices applicable across all industry sectors and business models* Explores contemporary issues, including quantitative and qualitative measures, as well as potential pitfalls and challenges facing today's enterprise risk managers* Includes interviews with leading risk management theorists and practitioners, as well as risk managers from a variety of industries* An indispensable working resource for risk management practitioners everywhere and a valuable reference for researchers, providing the latest empirical evidence and an exhaustive bibliography

Contributor List viiAbout the Editors ixAcknowledgements xIntroduction xiISO 31000 and Guide 73: 2009 Select Terms and Their Definitions xviiPart I Erm Articles 11 Establishing the Internal and External Contexts 31.1 Managing Risks to Enable Strategy 3Jean-Paul Louisot and Christopher Mandel1.2 Strategy, Constraint, Risk Management and the Value Chain 12Christopher Ketcham and Kevin W. Knight1.3 The Risk of Group Decision Making within Organizations: A Synthesis 19Daniel A. Gaus2 Risk Assessment 412.1 Risk Quantification: Cornerstone for Rational Risk Management 41Jean-Paul Louisot, Laurent Condamin and Patrick Naim2.2 Brief Overview of Cindynics 48Georges-Yves Kervern and Jean-Paul Louisot2.3 Risk Assessment or Exposure Diagnostic 56Jean-Paul Louisot2.4 Managing the Collection of Relevant Data for an ERM Program: The Importance of Efficient and Neutral Questionnaires 84Sophie Gaultier-Gaillard2.5 Enterprise Risk Analytics Systems 96Richard Connelly and Jean-Paul Louisot2.6 Emerging Enterprise Risks Facing the US Healthcare Industry 103Robert L. Snyder3 Select and Implement the Appropriate Risk Management Technique 1093.1 Risk to Reputation 109Sophie Gaultier-Gaillard, Jean-Paul Louisot and Jenny Rayner3.2 Disturbance Management 123Jean-Paul Louisot4 Monitor Results and Revise 1354.1 Business Ethics and Risk Management 135Marc Ronez4.2 Governance, Risk, Compliance: The New Paradigm of Risk Management 146Jean-Paul Louisot5 Communicate and Consult 1555.1 Communication as a Risk Mitigation Tool 155Jean-Paul LouisotPart II Case Studies 1636 Case Study Protocol 1657 Case Study: Risk Management Implementation in China 167Duojia (Doug) Lu8 Case Study: Agreeing Upon the Scope of the Project and the Job of the ERM Risk Manager 187Christopher Ketcham9 Case Study: Wellcome Trust 191Fiona Davidge Interviewed by Jean-Paul Louisot10 Case Study: Large Health Insurer in the US 199Anonymous Interviewed by Christopher Ketcham11 Case Study: Three Steps for Bringing Risk Management Back in House 217Renee Reimer Interviewed by Christopher Ketcham12 Case Study: University of California 229Grace Crickette Interviewed by Christopher Ketcham13 Case Study: Managing Risk at the OPAC du Rhône 241Samiha Viand Interviewed by Jean-Paul LouisotERM References for Practitioners 249Further Reading 253Index 255