No Excuses: A Business Process Approach to Managing Operational Risk / Edition 1

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No Excuses: A Business Process Approach to Managing Operational Risk

Corporate culture has come a long way over the past several years. Risk is a word that is used more frequently and in more places in companies today than ever before; as well, the term "operational risk," perhaps not heard at all ten years ago, is overwhelmingly used in companies today.

The first book of its kind to recognize that integrating business process management with operational risk management can dramatically increase an organization's optimal business performance, No Excuses is a practical how-to guide, presenting step-by-step lessons and checklists to help identify and mitigate operational risks in an organization. Written by Dennis Dickstein and Robert Flast—an operational risk manager and a business consultant—this timely book capitalizes on the authors' expertise in these areas, and offers authoritative guidance on:

  • How operational risk affects the bottom line, shareholder value, reputation, and even survival
  • The importance of having an inventory of key business processes with documented controls and designated senior managers responsible
  • The importance of having a technology inventory with procedures and controls over application integrity, access, and data
  • How to organize an operational risk management group in a business
  • The relationship an operational risk management group should have with corporate management and other control areas, such as compliance, finance, and internal audit

This definitive guide to operational risk presents the concepts, the framework, and the tools—none requiring substantial investment—to help organizations successfully manage and mitigate operational risk within their businesses and reveals how best to embed these tools and techniques as a long-term solution. Packed with guidance on applying this framework to technology, outsourcing, offshoring, risk organization design, and governance, No Excuses: A Business Process Approach to Managing Operational Risk makes it clear that operational risk is a real-world matter for every business—NO EXCUSES.

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Product Details

  • ISBN-13: 9780470227534
  • Publisher: Wiley
  • Publication date: 12/22/2008
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 308
  • Product dimensions: 6.00 (w) x 9.10 (h) x 1.40 (d)

Meet the Author

Dennis I. Dickstein has over thirty years of experience in risk management and business process. He installed a control framework to manage operational risk for the U.S. arm of a global financial services firm, where he also developed and currently manages a new framework for privacy and data protection. Before then, he held several operating and planning positions in business and government.

Robert H. Flast is a Management Consulting Partner with CSC. He has over thirty years of information technology and general management experience in major corporations and specializes in the area of business and IT strategy and services alignment. He is the author or coauthor of seven books on technology.

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Table of Contents


Part One: Where We Are Now.

Chapter 1 Surviving a Series of Unfortunate Events.

Crime of the Century.

Another View of the Barings Collapse.

A Story Closer to Home.

The Firefighter and the Fire Marshal.

How Do We Get There?

Chapter 2 What Is Operational Risk?

An Unfortunate Historical Event.

Operational Risk = Unexpected Risk.


Brief History.

Risk Techniques.

Individual Responsibility.

Corporate Evolution.

Types of Operational Risk.

Principles of Operational Risk Management.

New Framework for Operational Risk Management.


Chapter 3 What Is Business Process Management?

A Study in Green, Gold, and Platinum.


Enhanced Business Process Management Cycle.


Part Two: Where We Want To Be.

Chapter 4 Integrating Process and Risk Frameworks: Prologue.

Overview of the Integrated Model.


Chapter 5 Aligning Risk Appetite with Business Goals.

Famous for the Wrong Reason.

Famous for the Right Reason.

Activities of Setting Business Objectives.

Activities of Setting Risk Objectives.

Activities of Designing or Redesigning Business Processes.


Chapter 6 Determining Potential Risk of Business Processes.

Can Accidents Be Prevented?

Business Process Simulation.

Activities of Determining Potential Risk.

Tools for Identifying Potential Risk.


Chapter 7 Monitoring Process and Risk.

Keep Your Company Safe.

Activities of Ongoing Business Process Monitoring.

Activities of Ongoing Operational Risk Monitoring.

Numbers Are Not Always Necessary.


Chapter 8 Active Risk and Process Management.

Comply with the Law.

Activities of Managing Operational Risks.

Managing Risk while Managing Processes: An Integrated Framework.


Chapter 9 Integrating Process and Risk Frameworks: Epilogue.

Integrated Model in Detail.


Part Three: How We Get There.

Chapter 10 Role of Technology.

Test Your Safety Net.

Technology as Part of the Problem.

Managing IT Risks.

Managing IT Processes.

IT Tools for Managing Business Risks and Processes.


Chapter 11 Role of Outsourcing and Offshoring.

Toys May Be Dangerous.

Origins of Outsourcing and Offshoring.

Risks of Outsourcing and Offshoring.

Managing Outsourcing and Offshoring.


Chapter 12 Role of Organizations.

Communication Is Necessary.

Organization as a Source of Risk.

People Failure.

Strategic Approach.

Organization Design Principles.

Organizing to Manage Risk.

Responsibilities of a Risk Unit.

Confrontation versus Concurrence.


Chapter 13 Role of Corporate Governance.

Corporate History.

When Governance Eventually Works.

Chain of Command.




Part Four: Next Steps.

Chapter 14 Changing Corporate Culture.

People Who Work in Glass Houses . . . .

Spreading the Word.

Getting There Can Be Tough.


Chapter 15 Preventing Another Series of Unfortunate Events.

Another Crime of the Century?

Are People Listening?

Get It Done on Your Own or With Help.



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  • Posted January 17, 2009

    The best book I have read on this subject.

    Today, everyone should be thinking about risk in their business or in whatever they do. <BR/>This book helped me understand how to identify risk and, even more importantly, how to be practical about the next steps - figure out which risk to mitigate and which risk to accept or ignore; and then a practical approach to changing processes so that the risk mitigation is not just a bolt-on. <BR/>This is truly a book for anyone and everyone.

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