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Author Fraser, John
Title Implementing Enterprise Risk Management : Case Studies and Best Practices
Imprint Somerset : John Wiley & Sons, Incorporated, 2014
©2014
book jacket
Edition 2nd ed
Descript 1 online resource (690 pages)
text txt rdacontent
computer c rdamedia
online resource cr rdacarrier
Series Robert W. Kolb Ser
Robert W. Kolb Ser
Note Intro -- IMPLEMENTING ENTERPRISE RISK MANAGEMENT -- Contents -- Foreword -- 1 Enterprise Risk Management Case Studies: An Introduction and Overview -- The Evolution of Enterprise Risk Management -- Why the Need for a Book with ERM Case Studies? -- Summary of the Book Chapters -- Part I: Overview and Insights for Teaching ERM -- Part II: ERM Implementation at Leading Organizations -- Part III: Linking ERM to Strategy and Strategic Risk Management -- Part IV: Specialized Aspects of Risk Management -- Part V: Mini-Cases on ERM and Risk -- Part VI: Other Case Studies -- Conclusion -- Notes -- References -- About the Editors -- PART 1 Overview and Insights for Teaching ERM -- 2 An Innovative Method to Teaching Enterprise Risk Management: A Learner-Centered Teaching Approach -- Learner-Centered Teaching: The WHY -- Learner-Centered Teaching -- Why LCT? -- Five Key Changes to Practice the WHAT -- The Balance of Power -- The Function of Content -- The Role of the Teacher -- The Responsibility for Learning -- Evaluation Purpose and Process -- Conclusion -- Questions -- Appendix: LCT ERM Examples from the HOW -- Example #1. Chapter : A Brief History of Risk Management -- Example #2. Chapter : ERM and Its Role in Strategic Planning and Strategy Execution -- Example #3. Chapter : Becoming the Lamp Bearer-The Emerging Roles of the Chief Risk Officer -- Example #4. Chapter : Identifying and Communicating Key Risk Indicators -- Example #5. Chapter : How to Prepare a Risk Profile -- Example #6. Chapter : Quantitative Risk Assessment in ERM -- Example #7. Chapter : Market Risk Management/Credit Risk Management -- Example #8. Chapter : Operational Risk Management -- Example #9. Chapter : Types of Risk -- Example #10. Chapter : Managing Financial Risk -- Example #11. Chapter : Bank Capital Regulation and Enterprise Risk Management
Example #12. Chapter : Legal Risk Post-SOX and the Subprime Fiasco -- Example #13. Chapter : Academic Research on Enterprise Risk Management -- Example #14. Chapter : How to Plan and Run a Risk Management Workshop -- Chapter: Who Reads What Most Often? -- References -- About the Contributors -- PART 2 ERM Implementation at Leading Organizations -- 3 ERM at Mars, Incorporated: ERM for Strategy and Operations -- Mars ERM History -- Failure and Retrenchment -- Phase 2-Success -- Global Rollout -- Reporting -- 2007 Operating Plan Workshops -- Technology -- Aggregation -- Template Evolution -- Special Situations -- Major Acquisition -- Conclusion -- Questions -- Note -- About the Contributor -- 4 Value and Risk: Enterprise Risk Management at Statoil -- ERM at Statoil: A Brief History -- ERM Foundations -- ERM Processes in Statoil Today -- Optimizing Total Risk -- Total Risk Optimization: Lessons Learned -- Risk Aggregation -- The Frontiers -- Conclusion -- Questions -- Notes -- References -- About the Contributors -- 5 ERM in Practice at the University of California Health System: -- The Enterprise Risk Management Program -- Leveraging Technology to Support ERM -- Creating a Risk-Aware Culture -- Health System Specialized Programs -- Premium Rebate Program -- ERM and the Center for Health Quality and Innovation -- Protected Health Information Value Estimator (PHIve) -- Reputational Repercussions -- Financial Repercussions -- Legal and Regulatory Repercussions -- Operational Repercussions -- Clinical Repercussions -- Total the Impacts -- ERM and Strategy -- Questions -- Notes -- About the Contributor -- 6 Strategic Risk Management at the LEGO Group: Integrating Strategy and Risk Management -- About the LEGO Group -- The LEGO Group Strategy -- LEGO Strategic Risk Management -- Strategic Risk Management Lab Commentary -- Enterprise Risk Management (Step 1)
Strategic Risk Management Lab Commentary -- Monte Carlo Simulation (Step 2) -- Risk Tolerance -- Strategic Risk Management Lab Commentary -- AROP: Active Risk Assessment of Business Projects (Step 3) -- Common Language and Common Framework -- Strategic Risk Management Lab Commentary -- Preparing for Uncertainty: Defining and Testing Strategies (Step 4) -- Four Strategic Scenarios -- The PAPA Model -- Strategic Risk Management Lab Commentary -- Stategic Risk Management Return on Investment -- Strategic Risk Management Lab Commentary -- Conclusion -- Questions -- Notes -- References -- About the Contributors -- 7 Turning the Organizational Pyramid Upside Down: Ten Years of Evolution in Enterprise Risk Management at United Grain Growers -- Background-Operating Environment -- Governance -- Leadership -- ERM/Integrated Risk Outcomes -- ERM Credit Financing Outcomes -- Agricore United -- Harvesting Value -- Conclusion -- Questions -- Acknowledgments -- Notes -- About the Contributor -- 8 Housing Association Case Study of ERM in a Changing Marketplace -- Background -- Sector Issues -- Charitable Status -- Sector Risks -- Some Useful Methodology -- Risk Appetite Determination -- Risk Assessment Methodology -- Four Associations -- Association A: London & Quadrant -- Mission Statement -- Perceived Risks -- Choices Made in 2012/2013 -- Association B: RCT Homes -- The RCT Subsidiaries -- Perceived Risks -- Association C: Ability Housing Association -- Perceived Risks -- Association D: GreenSquare -- Objectives and Strategy -- Questions -- Notes -- References -- About the Contributor -- 9 Lessons from the Academy: ERM Implementation in the University Setting -- The Higher Education Environment -- Organizational Type Impacts Institutional Culture -- Risks Affecting Higher Education -- Emergence of ERM in Higher Education
Adopting and Implementing ERM in Colleges and Universities -- The University of Washington: A Journey of Discovery -- Institutional Profile -- Culture at UW -- Implementation History at UW -- Leadership from the Top: President Outlines the Charge -- Advisory Committee Recommendations: Create a Culture-Specific ERM Program -- Scope of the Risk Framework -- Organizational Structure -- Philosophy of the Program -- Evolution of ERM at UW -- ERM Structure at UW -- UW Units -- ERM Program Staff -- Compliance, Operations, and Finance Council (COFi) -- Presidents Advisory Committee on ERM (PACERM) -- Internal Audit -- UW President and Provost -- UWs ERM Model -- Adopting and Adapting the COSO Model -- Tools and Techniques -- Outcomes and Lessons Learned -- What Next?: Current Priorities and Future Direction -- Conclusion -- Questions -- Notes -- References -- About the Contributor -- 10 Developing Accountability in Risk Management: The British Columbia Lottery Corporation Case Study -- Background -- The Beginnings of the Risk Management Journey -- Learning from the First ERM Initiative -- Restarting the Program-2006-2008 -- Key Steps in the Development of the ERM Program -- Revitalizing the ERM Program-2009-2010 -- Strengthening the Program-2010-2013 -- Building the Risk Profile -- The Role of Risk Managers, Champions, and Committees -- Developing a More Sophisticated Approach to Risk Analysis and Evaluation -- Conclusion -- Questions -- Notes -- References -- About the Contributor -- 11 Starting from Scratch: The Evolution of ERM at the Workers' Compensation Fund -- Toward ERM Program Initiation -- Initial Actions -- Maturing: Years 1 and 2 -- The Future -- Questions -- Notes -- About the Contributor -- 12 Measuring Performance at Intuit: A Value-Added Component in ERM Programs -- Intuits ERM Journey -- ERM Maturity Model
Benefits of Measuring Performance in ERM Programs -- Using Key Performance Indicators to Measure Risk Management Effectiveness -- Analyzing Performance Data -- Using Key Risk Indicators to Understand Potential New Risks or Changing Risks -- ERM Performance Measurement and Reporting at Intuit -- First Evolution: ERM Process Adoption -- Second Evolution: Risk Mitigation Progress Measurement -- Third Evolution: Multidimensional Risk Management Performance Measurement -- Conclusion -- Questions -- About the Contributor -- 13 TD Bank's Approach to an Enterprise Risk Management Program -- Background -- ERM at TD Bank -- Understanding an Organizations Risks Helps Reinforce the Risk Culture -- Risk Governance Structure -- Risk Identification, Assessment, and Reporting -- Risk Measurement -- Risk Control -- Risk Monitoring and Reporting -- Conclusion -- Questions -- References -- About the Contributors -- PART 3 Linking ERM to Strategy and Strategic Risk Management -- 14 A Strategic Approach to Enterprise Risk Management at Zurich Insurance Group -- Enterprise Risk Management at Zurich -- Tangible Results -- Optimizing the Risk and Reward Balance at Zurich -- Risk Culture at Zurich -- Zurich Groups Enterprise Risk Management Framework -- Risk Governance Approach at Zurich with Three Lines of Defense -- Integrated Assessment and Assurance -- Internal Control Framework -- Role of the Chief Risk Officer and Group Risk Management at Zurich -- Board-Level Risk Committee and Executive Risk Committee Responsibilities -- Emerging Risk Group -- Working with External Stakeholders -- Zurichs Proprietary Tools Used in ERM Framework -- Total Risk Profiling Tool -- Zurich Hazard Analysis Tool -- Zurichs Risk Room -- Categorizing Various Risks at Zurich -- Strategic Risks -- Insurance Risks -- Market Risks -- Credit Risks -- Liquidity Risks -- Operational Risks
Reputation Risks
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
Description based on publisher supplied metadata and other sources
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2020. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries
Link Print version: Fraser, John Implementing Enterprise Risk Management : Case Studies and Best Practices Somerset : John Wiley & Sons, Incorporated,c2014 9781118691960
Subject Insurance -- Case studies.;Risk management -- Case studies
Electronic books
Alt Author Simkins, Betty
Narvaez, Kristina
Narvaez, Kristina Louise
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