Implementing enterprise risk management : from methods to applications / James Lam.

Format:

Book

Author/Creator:

Lam, James, author.

Series:

Wiley finance series.

THEi Wiley ebooks.

Wiley Finance Series

THEi Wiley ebooks

Language:

English

Subjects (All):

Risk management.

Physical Description:

1 online resource (430 pages).

Edition:

1st edition

Place of Publication:

Hoboken, New Jersey : Wiley, 2017.

System Details:

Access using campus network via VPN at home (THEi Users Only).

text file

Summary:

A practical, real-world guide for implementing enterprise risk management (ERM) programs into your organization Enterprise risk management (ERM) is a complex yet critical issue that all companies must deal with in the twenty-first century. Failure to properly manage risk continues to plague corporations around the world. ERM empowers risk professionals to balance risks with rewards and balance people with processes. But to master the numerous aspects of enterprise risk management, you must integrate it into the culture and operations of the business. No one knows this better than risk management expert James Lam, and now, with Enterprise Risk Management: From Methods to Applications , he distills more than thirty years' worth of experience in the field to give risk professionals a clear understanding of how to implement an enterprise risk management program for every business. Offers valuable insights on solving real-world business problems using ERM Effectively addresses how to develop specific ERM tools Contains a significant number of case studies to help with practical implementation of an ERM program While Enterprise Risk Management: From Incentives to Controls, Second Edition focuses on the "what" of ERM, Enterprise Risk Management: From Methods to Applications will help you focus on the "how." Together, these two resources can help you meet the enterprise-wide risk management challenge head on—and succeed.

Contents:

Cover

Title Page

Copyright

Contents

Preface

Acknowledgments

Part One: ERM in Context

Chapter 1: Fundamental Concepts and Current State

Introduction

What Is Risk?

What Does Risk Look Like?

Enterprise Risk Management (ERM)

The Case for ERM

Where ERM Is Now

Where ERM Is Headed

Notes

Chapter 2: Key Trends and Developments

Lessons Learned from the Financial Crisis

The Wheel of Misfortune Revisited

Global Adoption

Chapter 3: Performance-Based Continuous ERM

Phase Three: Creating Shareholder Value

Performance-Based Continuous ERM

Case Study: Legacy Technology

Chapter 4: Stakeholder Requirements

Stakeholders Defined

Managing Stakeholder Value with ERM

Implementing a Stakeholder Management Program

Appendix A: Reputational Risk Policy

Part Two: Implementing an ERM Program

Chapter 5: The ERM Project

Barriers to Change

Establish the Vision

Obtain Buy-In from Internal Stakeholders

Assess Current Capabilities against Best Practices

Develop a Roadmap

Appendix A: ERM Maturity Model

Appendix B: Practical Plan for ERM Program Implementation

Chapter 6: Risk Culture

Risk Culture Success Factors

Best Practice: Risk Escalation

Conclusion

Chapter 7: The ERM Framework

The Need for an ERM Framework

ERM Framework Criteria

Current ERM Frameworks

An Update: The Continuous ERM Model

Developing a Framework

Part Three: Governance Structure and Policies

Chapter 8: The Three Lines of Defense

COSO's Three Lines of Defense

Problems with This Structure

The Three Lines of Defense Revisited

Bringing It All Together: How the Three Lines Work in Concert.

Conclusion

Chapter 9: Role of the Board

Regulatory Requirements

Current Board Practices

Case Study: Satyam

Three Levers for ERM Oversight

Chapter 10: The View from the Risk Chair

Turnaround Story

The GPA Model in Action

Top Priorities for the Risk Oversight Committee

Chapter 11: Rise of the CRO

History and Rise of the CRO

A CRO's Career Path

The CRO's Role

Hiring a CRO

A CRO's Progress

Chief Risk Officer Profiles

Chapter 12: Risk Appetite Statement

Requirements of a Risk Appetite Statement

Developing a Risk Appetite Statement

Roles and Responsibilities

Monitoring and Reporting

Examples of Risk Appetite Statements and Metrics

Part Four: Risk Assessment and Quantification

Chapter 13: Risk Control Self-Assessments

Risk Assessment: An Overview

RCSA Methodology

Phase 1: Setting the Foundation

Phase 2: Risk Identification, Assessment, and Prioritization

Phase 3: Deep Dives, Risk Quantification, and Management

Phase 4: Business and ERM Integration

ERM and Internal Audit Collaboration

Chapter 14: Risk Quantification Models

Market Risk Models

Credit Risk Models

Operational Risk Models

Model Risk Management

The Loss/Event Database

Early Warning Indicators

Model Risk Case Study: AIG

Part Five: Risk Management

Chapter 15: Strategic Risk Management

The Importance of Strategic Risk

Measuring Strategic Risk

Managing Strategic Risk

Appendix A: Strategic Risk Models

Chapter 16: Risk-Based Performance Management

Performance Management and Risk

Performance Management and Capital.

Performance Management and Value Creation

Summary

Part Six: Risk Monitoring and Reporting

Chapter 17: Integration of KPIs and KRIs

What Is an Indicator?

Using Key Performance Indicators

Building Key Risk Indicators

KPI and KRI Program Implementation

Best Practices

Chapter 18: ERM Dashboard Reporting

Traditional Risk Reporting vs. ERM Dashboard Reporting

General Dashboard Requirements

Implementing ERM Dashboards

Avoid Common Mistakes

Chapter 19: Feedback Loops

What Is a Feedback Loop?

Examples of Feedback Loops

ERM Performance Feedback Loop

Measuring Success with the ERM Scorecard

Part Seven: Other ERM Resources

Chapter 20: Additional ERM Templates and Outlines

Strategic Risk Assessment

CRO Report to the Risk Committee

Cybersecurity Risk Appetite and Metrics

Model Risk Policy

Risk Escalation Policy

About the Author

Index

EULA.

Notes:

Includes index.

Includes bibliographical references and index.

Description based on print version record.

ISBN:

9781118235362

1118235363

9781118221563

1118221567

9781118922415

1118922417

OCLC:

975487076