Enterprise Risk Management, 2nd Edition

Enterprise Risk Management, 2nd Edition

by John R. S. Fraser, Rob Quail, Betty Simkins
Released July 2021
Publisher(s): Wiley
ISBN: 9781119741480

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Book description

Unlock the incredible potential of enterprise risk management 

There has been much evolution in terms of ERM best practices, experience, and standards and regulation over the past decade. Enterprise Risk Management: Today’s Leading Research and Best Practices for Tomorrow’s Executives, Second Edition is the revised and updated essential guide to the now immensely popular topic of enterprise risk management (ERM). With contributions from leading academics and practitioners, this book offers insights into what practitioners are doing and what the future holds. You’ll discover how you can implement best practices, improve ERM tools and techniques, and even learn to teach ERM. Retaining the holistic approach to ERM that made the first edition such a success, this new edition adds coverage of new topics including cybersecurity risk, ERM in government, foreign exchange risk, risk appetite, innovation risk, outsourcing risk, scenario planning,  climate change risk, and much more.  In addition, the new edition includes important updates and enhancements to topics covered in the first edition; so much of it has been revised and enhanced that it is essentially an entirely new book. 

Enterprise Risk Management introduces you to the concepts and techniques that allow you to identify risks and prioritize the appropriate responses. This invaluable guide offers a broad overview, covering key issues while focusing on the principles that drive effective decision making and determine business success. This comprehensive resource also provides a thorough introduction to ERM as it relates to credit, market, and operational risk, as well as the evolving requirements of the board of directors’ role in overseeing ERM.  

Through the comprehensive chapters and leading research and best practices covered, this book: 

  • Provides a holistic overview of key topics in ERM, including the role of the chief risk officer, development and use of key risk indicators and the risk-based allocation of resources 
  • Contains second-edition updates covering additional material related to teaching ERM, risk frameworks, risk culture, credit and market risk, risk workshops and risk profiles and much more.  Over 90% of the content from the first edition has been revised or enhanced
  • Reveals how you can prudently apply ERM best practices within the context of your underlying business activities 

Filled with helpful examples, tables, and illustrations, Enterprise Risk Management, Second Edition offers a wealth of knowledge on the drivers, the techniques, the benefits, as well as the pitfalls to avoid, in successfully implementing ERM. 

Table of contents

  1. Cover
  2. Title Page
  3. Copyright
  4. Foreword to the Second Edition
  5. Foreword to the First Edition
  6. PART I: Overview and Drivers of Enterprise Risk Management
    1. CHAPTER 1: Enterprise Risk Management
      1. WHAT IS ENTERPRISE RISK MANAGEMENT?
      2. DRIVERS OF ENTERPRISE RISK MANAGEMENT
      3. ABOUT THIS SECOND EDITION
      4. SUMMARY OF THE BOOK CHAPTERS
      5. FUTURE OF ERM AND UNRESOLVED ISSUES
      6. ABOUT THE EDITORS
      7. NOTES
    2. CHAPTER 2: A Brief History of Risk Management
      1. INTRODUCTION
      2. RISK MANAGEMENT IN ANTIQUITY
      3. AFTER THE MIDDLE AGES
      4. THE PAST 100 YEARS
      5. FINAL WORDS
      6. ABOUT THE AUTHORS
      7. NOTES
    3. CHAPTER 3: Strategic Risk Management
      1. INTRODUCTION
      2. THE FOUNDATION
      3. THE FRAME
      4. THE FINISH: STRUCTURE
      5. THE FINISH: CULTURE
      6. CONCLUSION
      7. REFERENCES
      8. ABOUT THE AUTHORS
      9. NOTES
    4. CHAPTER 4: The Role of the Board of Directors and Senior Management in Enterprise Risk Management
      1. INTRODUCTION
      2. GOVERNANCE EXPECTATIONS FOR BOARD OVERSIGHT OF RISK MANAGEMENT
      3. DELEGATION OF RISK OVERSIGHT TO BOARD COMMITTEES
      4. FORMALIZING RISK MANAGEMENT PROCESSES
      5. SENIOR EXECUTIVE LEADERSHIP IN RISK MANAGEMENT
      6. THE ROLE OF THE INTERNAL AUDIT FUNCTION IN ERM
      7. EXTERNAL AUDIT AS AN INDEPENDENT SOURCE OF KEY RISK IDENTIFICATION
      8. ERM IMPLEMENTATION STRATEGIES
      9. ROLE OF THE AUDIT COMMITTEE
      10. ROLE OF THE BOARD
      11. TRAINING
      12. BOARD COMPOSITION
      13. REPORTING
      14. COMPLIANCE
      15. CULTURE
      16. CONCLUSION
      17. ABOUT THE AUTHOR
      18. NOTES
    5. CHAPTER 5: How to Teach Enterprise Risk Management
      1. INTRODUCTION
      2. PEDAGOGIC APPROACHES: INTRODUCING COURSE CONTENT
      3. TRADITIONAL LECTURE
      4. LEARNER-CENTERED TEACHING ( LCT ) FLIPPED-CLASSROOM
      5. LEARNER-CENTERED ACTIVITIES (LCAS)
      6. APPLYING LCA: APPLICATIONS AND ANALYSES
      7. CONCLUSION
      8. APPENDIX 5.A: LEARNER-CENTERED ACTIVITIES (LCAS)
      9. REFERENCES
      10. ABOUT THE AUTHORS
      11. NOTES
    6. CHAPTER 6: The Role of the Board in Risk Management Oversight
      1. THE CHALLENGES
      2. RISK MANAGEMENT METHODOLOGIES
      3. ISO 31000
      4. COSO ERM 2004
      5. WHAT IS ENTERPRISE RISK MANAGEMENT?
      6. ACCOUNTABILITY FOR BOARD OVERSIGHT
      7. OVERVIEW OF THE BOARD'S ROLE
      8. THE BOARD AND INTERNAL AUDIT
      9. CONCLUSION
      10. REFERENCES
      11. ABOUT THE AUTHOR
      12. NOTES
  7. PART II: Enterprise Risk Management, Culture, and Control
    1. CHAPTER 7: ERM Frameworks
      1. INTRODUCTION
      2. FRAMEWORKS AND THEIR IMPORTANCE
      3. COSO ENTERPRISE RISK MANAGEMENT—INTEGRATING STRATEGY WITH PERFORMANCE (COSO ERM)
      4. ISO 31000:2018, RISK MANAGEMENT—GUIDELINES (ISO 31000)
      5. SIMILARITIES AND DIFFERENCES
      6. THE INFLUENCE OF THESE FRAMEWORKS
      7. ADVICE AND CLOSING REMARKS
      8. REFERENCES
      9. ABOUT THE AUTHORS
    2. CHAPTER 8: Becoming the Lamp Bearer
      1. THE ORIGINS OF THE CRO
      2. THE CRO AS COMPLIANCE CHAMPION
      3. THE CRO AS MODELING EXPERT
      4. THE CRO AS STRATEGIC CONTROLLER
      5. THE CRO AS STRATEGIC ADVISOR
      6. WHICH CRO ROLE TO PLAY?
      7. CONCLUSION
      8. ACKNOWLEDGMENTS
      9. REFERENCES
      10. ABOUT THE AUTHOR
      11. NOTES
    3. CHAPTER 9: Creating a Risk-Aware Culture
      1. INTRODUCTION
      2. WHAT IS RISK CULTURE?
      3. HOW TO CREATE A RISK-AWARE CULTURE
      4. LEVERAGING THE POWER OF RISK CULTURE IN A CHANGING ENVIRONMENT
      5. CONCLUSION
      6. REFERENCES
      7. ABOUT THE AUTHORS
      8. NOTE
    4. CHAPTER 10: Key Risk Indicators
      1. INTRODUCTION
      2. WHAT IS A KRI?
      3. HOW ARE KRIs DEVELOPED?
      4. HOW AND WHEN SHOULD KRIS BE USED?
      5. CONCLUSION
      6. REFERENCE
      7. ABOUT THE AUTHORS
    5. CHAPTER 11: Decision Risk Management
      1. INTRODUCTION
      2. THE PROCESS OF DECISION MAKING
      3. THE DANGER OF RELYING ON HUMAN PERCEPTIONS
      4. TWO INTERLINKED PARTS OF A DECISION
      5. IDENTIFYING DECISION UNCERTAINTIES
      6. ANALYZING UNCERTAINTIES AND PRIORITIZING/BALANCING EFFORTS
      7. REPORTING AND LEVERAGING RISK MANAGEMENT
      8. FOLLOW THROUGH AND DRIVE INTELLIGENT RISK TAKING
      9. REFERENCES
      10. ABOUT THE AUTHOR
      11. NOTES
    6. CHAPTER 12: Increasing Adoption of Enterprise Risk Management in the U.S. Federal Government
      1. INTRODUCTION
      2. ORIGINS OF ERM IN THE U.S. FEDERAL GOVERNMENT
      3. IMPLEMENTING ERM AT A FEDERAL AGENCY: THE IMPORTANCE OF CULTURAL ACCEPTANCE
      4. DIFFERENCES BETWEEN ERM IN GOVERNMENT AND ERM IN A PRIVATE COMPANY
      5. UNUSUAL CHARACTERISTICS OF THE GOVERNANCE FRAMEWORK OF THE UNITED STATES
      6. NEXT STEPS FOR ERM IN THE U.S. FEDERAL GOVERNMENT
      7. REFERENCES
      8. ABOUT THE AUTHOR
      9. NOTES
    7. CHAPTER 13: Toolmaking in Risk Management
      1. SUMMARY
      2. INTRODUCTION
      3. FORMALIZING RISK APPETITE—CAN IT WORK?
      4. FROM FATAL REMEDIES TO FORMALITY THAT WORKS—AND HOW NEW ACCOUNTING BEGINS
      5. CONSTRUCTING RISK APPETITE: CASE STUDIES
      6. DISCUSSION
      7. CONCLUSION
      8. APPENDIX 13.A: CONSULTING REPORTS: DEFINITIONS OF RISK APPETITE
      9. REFERENCES
      10. ABOUT THE AUTHOR
      11. NOTES
    8. CHAPTER 14: Incorporating Risk Acumen and Enterprise Risk Management into Innovation Approaches
      1. INTRODUCTION
      2. LEARNING TO LOOK AROUND THE CORNER
      3. ENTERPRISE RISK MANAGEMENT SHOULD BE INVOLVED
      4. TWO STAPLE TOPICS—CHANGE AND INNOVATION
      5. USING TOOLS TO HELP IDENTIFY THE RISK AND UNCERTAINTY
      6. EMBRACING RISK AND ENCOURAGING INNOVATION
      7. INNOVATION PROCESSES
      8. INNOVATION ESSENTIALS
      9. A PORTFOLIO APPROACH TO INNOVATION
      10. STAGES OF INNOVATION
      11. TEST, NOT BET?
      12. BUSINESS MODEL INNOVATION
      13. THE IMPORTANCE OF RISK ASSESSMENTS IN INNOVATION
      14. CHANGING THE THINKING AND CONCLUSION
      15. REFERENCES
      16. ABOUT THE AUTHOR
      17. NOTES
    9. CHAPTER 15: Scenario Planning as an Enrichment of Enterprise Risk Management
      1. PURPOSE, SCOPE, AND PRACTICE OF SCENARIO PLANNING
      2. METHODS FOR SCENARIO DEVELOPMENT
      3. SCENARIO PLANNING, STRATEGIES, AND DECISIONS
      4. EMBEDDING SCENARIO PLANNING PRACTICE
      5. REFERENCES
      6. WEBSITES
      7. ABOUT THE AUTHOR
      8. NOTES
    10. CHAPTER 16: Unconscious Bias and Risk Management
      1. INTRODUCTION
      2. BIASES: CONSCIOUS VERSUS UNCONSCIOUS
      3. BIASES EXIST AT ALL LEVELS OF AN ORGANIZATION
      4. WHAT CAUSES COGNITIVE BIASES AND DECISION-MAKING ERRORS IN RISK MANAGEMENT?
      5. EVIDENTIARY BIASES
      6. DECISION-MAKING BIASES
      7. PROBABILITY BIASES
      8. REDUCING BIAS
      9. CONCLUSION
      10. REFERENCES
      11. ABOUT THE AUTHOR
    11. CHAPTER 17: Cognitive Bias
      1. INTRODUCTION
      2. STRATEGY 1: SLOW DOWN THINKING AND USE DETAILED RISK CRITERIA
      3. STRATEGY 2: BROADEN THE CONTEXT
      4. STRATEGY 3: USE PROBABILITY ESTIMATES CAUTIOUSLY
      5. STRATEGY 4: ENGINEERED INTERACTION
      6. CONCLUSION
      7. REFERENCES AND FURTHER READING
      8. ABOUT THE AUTHOR
  8. PART III: ERM Tools and Techniques
    1. CHAPTER 18: Risk Appetite and Tolerance in Competitive Strategy
      1. INTRODUCTION
      2. CONSIDERING RISK APPETITE AND TOLERANCE
      3. ABILITY TO TAKE RISK
      4. STRATEGY AND GOVERNANCE
      5. WILLINGNESS TO TAKE RISKS
      6. WHICH RISKS TO KEEP
      7. KEY ELEMENTS IN THE ARTICULATION OF THE RISK APPETITE AND TOLERANCE
      8. SUMMARY OF KEY ELEMENTS
      9. ABOUT THE AUTHORS
      10. NOTES
    2. CHAPTER 19: How to Plan and Run a Risk Management Workshop
      1. INTRODUCTION
      2. WHAT IS A RISK WORKSHOP?
      3. WHY USE WORKSHOPS?
      4. HOW TO CONDUCT A RISK WORKSHOP
      5. EXECUTION
      6. TECHNIQUES FOR PLANNING AND FACILITATING EFFECTIVE RISK WORKSHOPS
      7. CONCLUSION
      8. APPENDIX 19.A: FACILITATING ONLINE WORKSHOPS
      9. APPENDIX 19.B: “BLACK SWAN” WORKSHOPS
      10. REFERENCE
      11. ABOUT THE AUTHOR
    3. CHAPTER 20: How to Prepare a Risk Profile
      1. INTRODUCTION
      2. DEFINITION AND USES OF A CORPORATE RISK PROFILE
      3. HOW TO PREPARE A RISK PROFILE
      4. ADVANTAGES AND DISADVANTAGES OF INFORMATION-GATHERING METHODOLOGIES
      5. CONCLUSION
      6. REFERENCES
      7. ABOUT THE AUTHORS
      8. NOTES
    4. CHAPTER 21: How to Allocate Resources Based on Risk
      1. INTRODUCTION
      2. RISK POLICY AND A CENTER OF EXCELLENCE FOR RISK MANAGEMENT
      3. THE CONSEQUENCE DOMAIN
      4. RISK-BASED BUSINESS PROCESSES AND ORGANIZATIONAL CONSIDERATIONS
      5. CONCEPTS, METHODS, AND MODELS ENABLING RISK IDENTIFICATION, EVALUATION, MITIGATION, PRIORITIZATION, AND MANAGEMENT
      6. INFORMATION REQUIREMENTS AND CHALLENGES
      7. MEASURES OF EFFECTIVENESS FOR CONTINUOUS IMPROVEMENT
      8. CONCLUSION
      9. ABOUT THE AUTHOR
      10. NOTES
    5. CHAPTER 22: Quantitative Risk Assessment in ERM
      1. INTRODUCTION
      2. RISK ASSESSMENT: FOUR ALTERNATIVE APPROACHES
      3. AGGREGATING PROBABILITIES AND IMPACTS
      4. TOTAL CORPORATE RISK: AN ILLUSTRATION
      5. INCORPORATING RISK QUANTIFICATION IN THE BUSINESS PLANNING PROCESS
      6. SENSITIVITIES AND SCENARIOS
      7. CONCLUSION
      8. REFERENCES
      9. ABOUT THE AUTHOR
      10. NOTES
    6. CHAPTER 23: Risk Appetite
      1. INTRODUCTION
      2. CONTEXT AND PRINCIPLES
      3. METHODOLOGY
      4. DISCUSSION
      5. CONCLUSION
      6. REFERENCES
      7. ABOUT THE AUTHOR
    7. CHAPTER 24: Organizational Decision Making
      1. INTRODUCTION
      2. WHAT'S AT RISK?
      3. EVOLVING RISK DEFINITIONS
      4. THE BALANCING ACT
      5. DEFINING THE RISK APPETITE
      6. TARGET RISK APPETITE
      7. INTERPRETING THE RISK APPETITE
      8. OBJECTIVE DECISION-MAKING MODEL
      9. EMBEDDING THE RISK APPETITE INTO THE BENEFIT SCORE
      10. CONCLUSION
      11. REFERENCES
      12. ACKNOWLEDGMENTS
      13. ABOUT THE AUTHOR
      14. NOTES
    8. CHAPTER 25: The Challenges of and Solutions for Implementing Enterprise Risk Management*
      1. 1. THE IMPORTANCE OF ENTERPRISE RISK MANAGEMENT
      2. 2. THE CHALLENGES
      3. 3. THE SOLUTIONS
      4. 4. CONCLUSION
      5. REFERENCES
      6. ABOUT THE AUTHORS
      7. NOTE
  9. PART IV: Types of Risk
    1. CHAPTER 26: Market Risk Management and Common Elements with Credit Risk Management
      1. INTRODUCTION TO CREDIT RISK AND MARKET RISK
      2. RESPONDING TO CREDIT AND MARKET RISK
      3. MEASURING MARKET RISK
      4. MARKET RISK MANAGEMENT WITH FORWARD-TYPE PRODUCTS
      5. CONCLUSION
      6. REFERENCES
      7. ABOUT THE AUTHOR
      8. NOTES
    2. CHAPTER 27: Credit Risk Management
      1. CREDIT RISK ANALYSIS
      2. AN ANALYSIS OF THE 2007–2009 CREDIT CRISIS
      3. CONCLUSION
      4. REFERENCES
      5. ABOUT THE AUTHOR
      6. NOTES
    3. CHAPTER 28: Operational Risk Management
      1. INTRODUCTION
      2. WHAT IS OPERATIONAL RISK AND WHY SHOULD YOU CARE ABOUT IT?
      3. IS RISK ALL BAD?
      4. HOW DO YOU ASSESS OPERATIONAL RISKS, PARTICULARLY IN A DYNAMIC BUSINESS ENVIRONMENT?
      5. WHY YOU NEED TO DEFINE RISK TOLERANCE FOR ALIGNED DECISION MAKING
      6. WHAT CAN YOU DO TO EFFECTIVELY MANAGE OPERATIONAL RISK?
      7. HOW DO YOU ENCOURAGE A CULTURE OF RISK MANAGEMENT AT THE OPERATIONAL LEVEL?
      8. HOW DO YOU ALIGN OPERATIONAL RISK MANAGEMENT WITH ENTERPRISE RISK MANAGEMENT?
      9. CONCLUSION
      10. ABOUT THE AUTHOR
      11. NOTES
    4. CHAPTER 29: Managing Financial Risk and Its Interaction with Enterprise Risk Management
      1. INTRODUCTION
      2. WHAT IS FINANCIAL RISK AND HOW IS IT MANAGED?
      3. THEORETICAL UNDERPINNINGS OF FINANCIAL HEDGING AND EMPIRICAL FINDINGS
      4. INTERACTION OF FINANCIAL HEDGING WITH OTHER TYPES OF RISK MANAGEMENT
      5. WHAT CAN WE LEARN ABOUT ERM GIVEN OUR KNOWLEDGE OF FINANCIAL HEDGING?
      6. CONCLUSION
      7. REFERENCES
      8. ABOUT THE AUTHOR
      9. NOTES
    5. CHAPTER 30: Climate Change Risk
      1. INTRODUCTION
      2. THE CAUSES OF CLIMATE CHANGE
      3. THE EFFECTS OF CLIMATE CHANGE
      4. POSSIBLE GLOBAL SOLUTIONS
      5. IMPLICATIONS FOR ENTERPRISE RISK MANAGEMENT
      6. CONCLUSION
      7. APPENDIX
      8. REFERENCES
      9. ABOUT THE AUTHORS
      10. NOTES
    6. CHAPTER 31: Cybersecurity
      1. INTRODUCTION
      2. CYBERSECURITY IN THE ENTERPRISE: WHAT CAN GO WRONG?
      3. HOW TO PROTECT YOURSELF: A BEST EFFORTS APPROACH TO SECURING YOUR CRITICAL CYBER ASSETS
      4. CONCLUSION
      5. REFERENCES
      6. ABOUT THE AUTHORS
      7. NOTES
    7. CHAPTER 32: Foreign Exchange Risk Management
      1. INTRODUCTION
      2. CONCLUSION
      3. REFERENCES
      4. ABOUT THE AUTHORS
      5. NOTES
    8. CHAPTER 33: Risk Management and Outsourcing
      1. INTRODUCTION
      2. OBJECTIVES OF OUTSOURCING
      3. OUTSOURCING-RELATED RISKS
      4. MITIGATION APPROACHES
      5. CONCLUSION
      6. REFERENCES
      7. ABOUT THE AUTHOR
      8. NOTES
    9. CHAPTER 34: Leveraging ERM for Growth
      1. INTRODUCTION
      2. RETHINKING RISK THROUGH A GROWTH LENS
      3. THE UNREALIZED POTENTIAL OF ERM
      4. COMPONENTS OF INTEGRATING ERM INTO STRATEGIC DECISIONS
      5. CONCLUSION
      6. ACKNOWLEDGMENTS
      7. ABOUT THE AUTHOR
      8. NOTES
    10. CHAPTER 35: Commercial and D&O Insurance for Large Corporations
      1. INTRODUCTION
      2. THE KEY ORGANIZATIONAL RISKS (INSURED AND NOT INSURED)
      3. DIRECTORS AND OFFICERS INSURANCE
      4. SUMMARIZING INSURANCE DETAILS AND CLAIMS FOR BOARD OVERSIGHT PURPOSES
      5. ROLES AND RESPONSIBILITIES
      6. THE INSURANCE MARKETING PROCESS
      7. CONCLUSION
      8. APPENDIX 35.A: CHECKLIST OF KEY D&O INSURANCE POLICY EXTENSIONS
      9. APPENDIX 35.B: BROKER RESPONSIBILITIES, SAMPLE BROKER SERVICE AGREEMENT
      10. SUMMARY OF SERVICE
      11. APPENDIX 35.C: CHECKLIST—THE PROCESS FOR MARKETING LARGE INSURANCE PROGRAMS
      12. APPENDIX 35.D: DIRECTOR'S QUESTIONS
      13. ABOUT THE AUTHOR
      14. NOTES
    11. CHAPTER 36: Managing Risk Associated with Project Delivery
      1. INTRODUCTION
      2. THE MANY FACES OF RISK—BEFORE, DURING, AND AFTER
      3. MANAGING PROJECT RISK—IT'S A TEAM SPORT
      4. SOAR WITH THE EAGLES AND PECK WITH THE CHICKENS
      5. SCOPE, QUALITY, EFFORT, RISK, AND TIME (SQERT)
      6. DON'T FORGET ABOUT THE HUMANS
      7. FOLLOW THE LEADER
      8. DO A RISK WORKSHOP EARLY AND REVISIT
      9. APPROACHING THE FINISH LINE
      10. RISK DOES NOT DISAPPEAR AT GO-LIVE
      11. CONCLUSION
      12. REFERENCES
      13. ABOUT THE AUTHOR
  10. PART V: Special Topics and Case Studies
    1. CHAPTER 37: The Rise and Evolution of the Chief Risk Officer
      1. INTRODUCTION
      2. HYDRO ONE
      3. GETTING STARTED WITH ERM
      4. PROCESSES AND TOOLS
      5. CORPORATE RISK PROFILE
      6. QUANTIFYING THE UNQUANTIFIABLE
      7. BENEFITS OF ERM AND OUTCOMES AT HYDRO ONE
      8. CONCLUSION
      9. ABOUT THE AUTHORS
      10. NOTES
    2. CHAPTER 38: Enterprise Risk Management in the Public Sector
      1. INTRODUCTION
      2. FUNCTION OF THE DEPARTMENT'S RISK MANAGEMENT ORGANIZATION1
      3. ENTERPRISE RISK MANAGEMENT AT THE DEPARTMENT OF COMMERCE
      4. ATTRIBUTES OF AN ERM PROGRAM: USING THE SMART GOAL SYSTEM
      5. THE DEPARTMENT OF COMMERCE ERM AS A BEST PRACTICE
      6. CONCLUSION
      7. ABOUT THE AUTHOR
      8. NOTES
    3. CHAPTER 39: A Review of Academic Research on Enterprise Risk Management
      1. INTRODUCTION
      2. IDENTIFICATION OF FIRMS IMPLEMENTING ERM
      3. FIRM CHARACTERISTICS ASSOCIATED WITH ERM IMPLEMENTATION
      4. ERM AND FIRM PERFORMANCE
      5. CASE STUDIES ON ERM
      6. CONCLUSION
      7. REFERENCES
      8. ABOUT THE AUTHORS
      9. NOTES
    4. CHAPTER 40: Lessons from the Academy
      1. THE HIGHER EDUCATION ENVIRONMENT
      2. EMERGENCE OF ERM IN HIGHER EDUCATION
      3. ADOPTING AND IMPLEMENTING ERM IN COLLEGES AND UNIVERSITIES
      4. THE UNIVERSITY OF WASHINGTON: A JOURNEY OF DISCOVERY
      5. EVOLUTION OF ERM AT UW
      6. ERM STRUCTURE AT UW
      7. PRESIDENT'S ADVISORY COMMITTEE ON ERM (PACERM)
      8. UW'S ERM MODEL
      9. OUTCOMES AND LESSONS LEARNED
      10. WHAT NEXT? CURRENT PRIORITIES AND FUTURE DIRECTION
      11. CONCLUSION
      12. REFERENCES
      13. ABOUT THE AUTHOR
      14. NOTES
    5. CHAPTER 41: Enterprise Risk Management
      1. INTRODUCTION
      2. LESSONS FROM THE ERM PROCESS
      3. LESSONS FROM INTEGRATING ERM WITH ONGOING MANAGEMENT INITIATIVES
      4. SOME KEY VALUE LESSONS FROM ERM
      5. CONCLUSION
      6. REFERENCES
      7. FURTHER READING
      8. ABOUT THE AUTHORS
      9. NOTES
    6. CHAPTER 42: Financial Reporting and Disclosure Risk Management
      1. THE IMPORTANCE OF DISCLOSURE MANAGEMENT AND ERM
      2. FOUNDATIONS IN THE UNITED STATES
      3. DISCLOSURE AND SARBANES-OXLEY
      4. IMPORTANT SOX SECTIONS
      5. OTHER FINANCIAL REPORTING
      6. RE-EXAMINING FAIR VALUE ACCOUNTING (ASC 820): THE DEBATE RETURNS
      7. RISK IDENTIFICATION, MONITORING, AND REPORTING
      8. FINANCIAL REPORTING CHALLENGES TODAY
      9. CONCLUSION
      10. REFERENCES
      11. ABOUT THE AUTHOR
      12. NOTES
    7. CHAPTER 43: Directors and Risk
      1. INTRODUCTION
      2. ROLE OF THE BOARD OF DIRECTORS AND DIRECTORS IN GENERAL
      3. RISK MANAGEMENT
      4. METHODOLOGY
      5. RESULTS
      6. DISCUSSION
      7. CONCLUSION
      8. APPENDIX 43.A
      9. REFERENCES
      10. ABOUT THE AUTHORS
  11. Index
  12. End User License Agreement

Product information

  • Title: Enterprise Risk Management, 2nd Edition
  • Author(s): John R. S. Fraser, Rob Quail, Betty Simkins
  • Release date: July 2021
  • Publisher(s): Wiley
  • ISBN: 9781119741480