The two-headed coin : unifying strategy and risk in pursuit of performance / James L. Darroch, David W. Finnie.

Format:

Book

Author/Creator:

Darroch, James L. (James Lionel), 1951- author.

Finnie, David W., author.

Series:

Wiley finance series

Language:

English

Subjects (All):

Risk management.

Physical Description:

1 online resource (xxix, 193 pages)

Place of Publication:

Hoboken, NJ : Wiley, [2021]

Summary:

"We have been working together now for well over a decade. Our journey started with designing a comprehensive risk management education program for the Risk Management Group at the Bank of Montreal (BMO). Following that we developed several strategy and risk programs for the Schulich Executive Education Centre (SEEC) and worked on a risk program for bank directors at the Global Risk Institute in Financial Services. We have learned much along the way from our professional colleagues and the participants. Although our backgrounds are in strategy and risk management for financial institutions, we have worked with people from many different industries, including not-for-profits. We thought it was time to share what we have learned from financial institutions (FIs), which are among the leaders in integrating strategy and risk. This should be no surprise because that is their business. We believe that it is worthwhile to see what is at the leading edge of the integration so that other public and even private companies can reflect on the appropriateness of their integration. We also think our thoughts will be useful for people starting their careers in risk at FIs. To that end, we try to balance the needs of a broad audience with the challenge of being relevant to risk professionals."-- Provided by publisher

Contents:

Cover

Title Page

Copyright

Contents

Preface

Acknowledgments

About the Authors

Chapter 1 Strategy and Risk: Two Sides of the Same Coin

Strategic Positioning and Risk

Strategy and Risk in a Start‐Up

Notes

Chapter 2 Executing on the Plan and Discovering New Risks

The Assumption of Goal Congruence and the Importance of Culture

Conclusion

Chapter 3 Which Risks to Keep

Strategic Positioning and Risk Governance

How Does Risk Management Help Close the Gap Between Strategy Formulation and Execution?

Conclusion: Embracing and Managing Risk

Chapter 4 How Do We Achieve Independent Risk Governance and Improve Performance?

What Do We Mean by ERM?

Chapter 5 Who Has the Specific Knowledge to Design the Risk Architecture?: Why You Need an Independent Risk Function

The Strategy‐Risk‐Governance Process

Meeting the Objective and the Categorization of Risks

The Risk Architecture

Creation of a Risk Function

Chapter 6 Enterprise Risk Management and Competitive Advantage

How Does Strategy Affect Randomness?

Chapter 7 What Reputation Do We Want? With Whom?

Managing Reputation Risk

Chapter 8 Uncertainty, Scenario Planning, and Real Options

Real Options

Chapter 9 Risk Culture and Ethics: Can You Have Excellence and Consistency at the Same Time?

The Advisor‐Customer Encounter

Control Systems, Discretion, and Ethics

Culture, Ethics, Performance, and Risk Management

Chapter 10 The Top of the Pyramid: The CEO as Integrator of Strategy and Risk and the Board as the Fourth Line of Defense

The CEO: The Operational Integration of Strategy and Risk

The Board: The Governance Integration of Strategy and Risk

The Board Provides More Than Oversight

Notes.

Epilogue Decision‐Making at the Restaurant: Creating and Executing a Risk‐Aware Strategy

Appendix I Risk Transformation and the Need for an Integrated Risk Approach

Appendix II Resiliency

Bibliography

Index

EULA.

Notes:

Includes bibliographical references and index.

Description based on print version record.

ISBN:

9781119794226

1119794226

9781119794219

1119794218

OCLC:

1250077459