LEADER 00000nam a22004333i 4500 
001    EBC1207505 
003    MiAaPQ 
005    20200713055245.0 
006    m     o  d |       
007    cr cnu|||||||| 
008    200713s2013    xx      o     ||||0 eng d 
020    9781136445965|q(electronic bk.) 
020    |z9780415509848 
035    (MiAaPQ)EBC1207505 
035    (Au-PeEL)EBL1207505 
035    (CaPaEBR)ebr10717455 
035    (CaONFJC)MIL494965 
035    (OCoLC)847527157 
040    MiAaPQ|beng|erda|epn|cMiAaPQ|dMiAaPQ 
050  4 HG173 .V538 2013 
082 0  332.1068/1 
100 1  Vit, Gregory B 
245 14 The Risk in Risk Management :|bFinancial Organizations and
       the Problem of Conformity 
264  1 London :|bTaylor & Francis Group,|c2013 
264  4 |c©2013 
300    1 online resource (156 pages) 
336    text|btxt|2rdacontent 
337    computer|bc|2rdamedia 
338    online resource|bcr|2rdacarrier 
505 0  Cover -- Half Title -- Title Page -- Copyright Page -- 
       Dedication -- Table of Contents -- Foreword -- 
       Acknowledgments -- 1. The Problem of Conformity in 
       Financial Organizations -- Retrospective and Prospective 
       Explanations -- The Override of Numbers: A Dynamic View --
       Two Events: Social Override of Numbers and Crash -- 
       Cheerleaders and Models -- 2. The Holistic Risk Management
       Model (HRMM): Understanding Multiple Logics: Economic, 
       Social and Ideological -- Alternative Risk Management 
       Models -- Conclusion -- 3. Institutional Risk Management: 
       Case 1: The Canadian Banking Paradigm -- Chapter Summary -
       - Financial Service Industry Mismanagement: 
       Institutionalization and Conformist Strategy -- The 
       Institutional Fortress Model of Mismanagement -- The 
       Canadian Banking Institutional Fortress: A Financial 
       Services Industry Application -- Further Defenses: 
       Institutional Arrangements and Norms Within the Canadian 
       Banking Industry -- The Canadian Bankers' Association -- 
       Favorable Legislation -- Favorable Informal Norms -- 
       Implications for Financial Services Industry Mismanagement
       -- External Factors -- Internal Factors -- Conclusion -- 
       4. Contrarian Risk Management and Fraud: Case 2: The 
       Parmalat Fraud -- Chapter Summary -- Multiple Logics of 
       Conformity and Contrarianism: The Problem with Investment 
       Banks and Bankers -- The Problem of Conformity -- 
       Paramalat: "Collective Madness of Banks" -- Common 
       Appreciative Systems Within Investment Banks -- 
       Institutional Theory: Organizational Field and 
       Appreciative System Conformity -- Configuration Theory: 
       Configurations and Appreciative System Conformity -- 
       Financial Mania Theory: Conformity within the Bubble Phase
       of a Financial Mania -- Enfolding Financial Mania Theory 
       into Institutional and Configurational Logics -- 
       Conclusion -- 5. Evolutionary Risk Management: Case 3: The
       National Australia Bank Fraud 
505 8  Chapter Summary -- Introduction -- The Eco-logical View --
       The Socio-logical View -- The Ideo-logical View -- 
       Organizational Conformity and Contrarianism: An 
       Appreciative System of Eco-logics, Socio-logics and Ideo-
       logics -- Contrarian and Conformist Appreciative Systems 
       and Risk -- Implications for Governance Theorists and 
       Practitioners -- 6. Evolutionary Risk Management: Case 4: 
       The Gaspesia Project Fiasco -- Chapter Summary -- The 
       Gaspesia Project Failure -- Prior Research on Project 
       Escalation of Commitment -- Method -- Historical 
       Background: The Chandler Gaspe Mill, Quebec, Canada -- The
       Gaspesia Mega-project Mega-failure -- The Three Logics -- 
       Rational Risk Management -- Eco-logic Deviation No. 1: No 
       Arms-Length Deep-Pocketed Private Sector Project 
       Sponsor(s) -- Eco-logic Deviation No. 2: Unproven 
       Technology -- Eco-logic Deviation No. 3: Midstream Change 
       of Project Scope and Project Engineers -- Evolutionary 
       Risk Management -- Institutional Risk Management -- 
       Judicious Risk Management -- Discussion -- Conclusion -- 
       7. Contrarian Risk Management: Case 5: The UBS Sub-prime 
       Meltdown and Case 6: The Société Générale Fraud -- Chapter
       Summary -- The UBS and Société Générale Cases -- UBS -- 
       Société Générale -- Multiple Logics -- Economic Logic 
       Failure at UBS and SocGen -- UBS -- Société Générale -- 
       Risk Management and Social Structure -- Bubble Trouble and
       Theory -- 8. Conclusions Regarding the Risk in Risk 
       Management -- The Holistic Risk Management Model -- 
       Forecasting Conformity -- The All-Pervasive Conformist and
       Prescriptive Risk Management Model -- Making Implicit Risk
       Management Model Assumptions Explicit -- An Alternative 
       Approach: Holistic Risk Management -- This Book: De-
       freezing and Describing Prescription -- Re-freezing: 
       Prescribing Description -- Notes -- Works Cited -- Index 
520    Banks take very large risks by consistently herding in the
       same perilous directions while believing they are safe and
       unique. This book presents a risk management framework to 
       understand conformity and deviance within investment banks
       and other large organizations. It suggests that some 
       groups understand the dynamics of this conformity to their
       advantage. This requires a deeper understanding of the 
       risk in risk management. Fraudsters can game the system to
       their advantage legally and illegally; therefore risk 
       managers must understand the interplay of multiple logics 
       in order to govern and manage risk. Featuring short 
       illustrative cases of massive risk mismanagement, this 
       book walks the reader through four risk management 
       perspectives (economic, institutional, evolutionary and 
       contrarian) that explain why and how economic rationality 
       is overridden by social forces. By understanding 
       conformity and deviance, groups within organizations will 
       be better equipped to manage risk and go against the tides
       of conformity to their advantage 
588    Description based on publisher supplied metadata and other
       sources 
590    Electronic reproduction. Ann Arbor, Michigan : ProQuest 
       Ebook Central, 2020. Available via World Wide Web. Access 
       may be limited to ProQuest Ebook Central affiliated 
       libraries 
650  0 Financial institutions - Risk management 
655  4 Electronic books 
776 08 |iPrint version:|aVit, Gregory B.|tThe Risk in Risk 
       Management : Financial Organizations and the Problem of 
       Conformity|dLondon : Taylor & Francis Group,c2013
       |z9780415509848 
856 40 |uhttps://ebookcentral.proquest.com/lib/sinciatw/
       detail.action?docID=1207505|zClick to View