Corporate Value of Enterprise Risk Management: The Next Step in Business Management / Edition 1

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Overview

Corporate Value of
ENTERPRISE RISK MANAGEMENT
The Next Step in Business Management

While enterprise risk management (ERM) programs have a great deal of potential, traditional ERM approaches often struggle to generate sufficient buy-in from internal stakeholders. Corporate Value of Enterprise Risk Management responds to this challenge with a value-based ERM approach that transforms ERM into a strategic management process that enhances strategic planning and other business decision making.

Demystifying the complex and wide-ranging topic of ERM, this practical guide is informed by the author's twenty-five years of professional experience in this arena and introduces 10 key ERM criteria as a foundational element to evaluate the robustness of any ERM program.

Filled with case studies illustrating key elements of the value-based ERM approach, this insightful book reveals:

  • Secrets to quantifying all types of risks, whether strategic, operational, or financial
  • What risk appetite is, how to clearly define it, and how to quantify it for use in the risk governance process
  • How to integrate ERM information into decision-making processes
  • Techniques to avoid the five common mistakes in risk identification
  • How to apply ERM to nonprofit organizations, government bodies, and individuals

Disastrous events both man-made and natural, as well as pressures from shareholders, bondholders, directors, rating agencies, and regulators have raised management's awareness of the need for an integrated approach to managing risk. With an important chapter evaluating bank risk management practices in light of the financial crisis that began in the United States in 2007, Corporate Value of Enterprise Risk Management provides timely direction for the risks your organization faces.

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Product Details

  • ISBN-13: 9780470882542
  • Publisher: Wiley
  • Publication date: 3/8/2011
  • Series: Wiley Corporate F&A Series, #3
  • Edition number: 1
  • Pages: 432
  • Sales rank: 740,800
  • Product dimensions: 6.20 (w) x 9.10 (h) x 1.50 (d)

Meet the Author

SIM SEGAL, FSA, CERA, is President and founder of SimErgy Consulting, which provides ERM consulting services and executive education seminars. With twenty- five years of experience in measuring and managing risk, Segal is a globally-recognized ERM thought leader with experience in a variety of industry sectors, such as manufacturing, energy, entertainment, technology, services, telecommunications, banking, insurance, non-profit organizations, and government bodies. Prior to SimErgy, he led ERM consulting practices at Deloitte Consulting, Aon, and Towers Watson. Segal also serves as an adjunct professor at Columbia Business School, where he teaches an MBA/EMBA course on ERM. He has also led and co-authored ERM research studies.

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Table of Contents

Foreword.

Preface.

Acknowledgments.

Part I: ERM Basics and Infrastructure.

Chapter 1: Introduction.

Evolution of ERM.

Basel Accords.

September 11th.

Corporate Accounting Fraud.

Hurricane Katrina.

Rating Agency Scrutiny.

Financial Crisis.

Rare Events.

Long-Term Trends.

Challenges to ERM.

Summary.

Notes.

Chapter 2: Defining ERM.

Definition of Risk.

Definition of ERM.

Summary.

Notes.

Chapter 3: ERM Framework.

Value-Based ERM Framework.

Challenges of Traditional ERM Frameworks.

Value-Based ERM Framework.

Overcoming the Challenges with a Value-Based ERM Framework.

Summary.

Notes.

Part II: ERM Process Cycle.

Chapter 4: Risk Identification.

Components of Risk Identification.

Five Keys to Successful Risk Identification.

Risk Categorization and Definition.

Qualitative Risk Assessment.

Emerging Risk Identification.

Killer Risks.

Summary.

Notes.

Chapter 5: Risk Quantification.

Practical Modeling.

Components of Risk Quantification.

Calculate Baseline Company Value.

Quantify Individual Risk Exposures.

Quantify Enterprise Risk Exposure.

Summary.

Notes.

Chapter 6: Risk Decision-Making.

Defining Risk Appetite and Risk Limits.

Integrating ERM into Decision-Making.

Summary.

Notes.

Chapter 7: Risk Messaging.

Internal Risk Messaging.

External Risk Messaging.

Summary.

Notes.

Part III: Risk Governance and Other Topics.

Chapter 8: Risk Governance.

Focusing on Common Themes.

Components of Risk Governance.

Roles and Responsibilities.

Organizational Structure.

Policies and Procedures.

Summary.

Notes.

Chapter 9: Financial Crisis Case Study.

Summary of the Financial Crisis.

Evaluating Bank Risk Management Practices.

Summary.

Notes.

Chapter 10: ERM for Non-Corporate Entities.

Generalizing the Value-Based ERM Approach.

Complexities of Objectives-Based ERM.

Examples of NCEs.

Summary.

Conclusion.

Notes.

Glossary.

About the Author.

Index.

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