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PART IV: Types of Risk
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PART IV: Types of Risk
by Betty Simkins, John Fraser
Enterprise Risk Management
Cover
Series
Title
Copyright
Foreword
PART I: Overview
CHAPTER 1: Enterprise Risk Management: An Introduction and Overview
WHAT IS ENTERPRISE RISK MANAGEMENT?
DRIVERS OF ENTERPRISE RISK MANAGEMENT
SUMMARY OF THE BOOK CHAPTERS
FUTURE OF ERM AND UNRESOLVED ISSUES
NOTES
ABOUT THE EDITORS
CHAPTER 2: A Brief History of Risk Management
INTRODUCTION
RISK MANAGEMENT IN ANTIQUITY
AFTER THE MIDDLE AGES
THE PAST 100 YEARS
NOTES
ABOUT THE AUTHOR
CHAPTER 3: ERM and Its Role in Strategic Planning and Strategy Execution
RISING EXPECTATIONS FOR STRATEGIC RISK MANAGEMENT
INTEGRATING RISK INTO STRATEGIC PLANNING
CREATING A STRATEGIC RISK MINDSET AND CULTURE
BUILDING A STRATEGIC RISK ASSESSMENT PROCESS
CONCLUSION
NOTES
ABOUT THE AUTHORS
CHAPTER 4: The Role of the Board of Directors and Senior Management in Enterprise Risk Management
INTRODUCTION
GOVERNANCE EXPECTATIONS FOR BOARD OVERSIGHT OF RISK MANAGEMENT
DELEGATION OF RISK OVERSIGHT TO BOARD COMMITTEES
FORMALIZING RISK MANAGEMENT PROCESSES
SENIOR EXECUTIVE LEADERSHIP IN RISK MANAGEMENT
THE ROLE OF THE INTERNAL AUDIT FUNCTION IN ERM
EXTERNAL AUDIT AS AN INDEPENDENT SOURCE OF KEY RISK IDENTIFICATION
ERM IMPLEMENTATION STRATEGIES
CONCLUSION
NOTES
PART II: ERM Management, Culture, and Control
CHAPTER 5: Becoming the Lamp Bearer: The Emerging Roles of the Chief Risk Officer
THE ORIGINS OF THE CRO
THE CRO AS COMPLIANCE CHAMPION
THE CRO AS MODELING EXPERT
THE CRO AS STRATEGIC CONTROLLER
THE CRO AS STRATEGIC ADVISOR
WHICH CRO ROLE TO PLAY?
CONCLUSION
NOTES
REFERENCES
ACKNOWLEDGMENTS
ABOUT THE AUTHOR
CHAPTER 6: Creating a Risk-Aware Culture
THE IMPORTANCE OF CULTURE
ELEMENTS OF A RISK-AWARE CULTURE
HOW TO CREATE A RISK-AWARE CULTURE
WHAT DOES RISK MANAGEMENT HAVE TO DO?
CONCLUSION
REFERENCES
ABOUT THE AUTHOR
CHAPTER 7: ERM Frameworks
INTRODUCTION
ELEMENTS OF AN ERM FRAMEWORK
RISK MANAGEMENT PROCESS (RMP)
MANDATE AND COMMITMENT TO THE ERM FRAMEWORK
RISK MANAGEMENT POLICY
INTEGRATION OF RISK MANAGEMENT AND RESOURCES FOR ERM
COMMUNICATIONS, CONSULTATION, AND REPORTING
ACCOUNTABILITY
CONTINUOUS IMPROVEMENT
CONCLUSION
REFERENCES
ABOUT THE AUTHOR
CHAPTER 8: Identifying and Communicating Key Risk Indicators
INTRODUCTION
WHAT IS A KEY RISK INDICATOR?
PRACTICAL APPLICATIONS
VALUE OF KRIs TO RISK MANAGEMENT
DESIGN PRINCIPLES
IMPLEMENTATION CONSIDERATIONS
CONCLUSION
NOTE
ACKNOWLEDGMENT
ABOUT THE AUTHOR
PART III: ERM Tools and Techniques
CHAPTER 9: How to Create and Use Corporate Risk Tolerance
INTRODUCTION
WHAT IS RISK TOLERANCE?
WHY IS SETTING RISK TOLERANCE IMPORTANT?
WHAT ARE THE FACTORS TO CONSIDER IN SETTING RISK TOLERANCE?
HOW CAN YOUR ORGANIZATION MAKE RISK TOLERANCE USEFUL IN MANAGING RISK?
CONCLUSION
NOTES
ABOUT THE AUTHORS
CHAPTER 10: How to Plan and Run a Risk Management Workshop
INTRODUCTION
WHAT IS A RISK WORKSHOP?
WHY USE WORKSHOPS?
HOW TO CONDUCT A RISK WORKSHOP
PREPARATION
EXECUTION
TECHNIQUES FOR PLANNING AND FACILITATING EFFECTIVE RISK WORKSHOPS
CONCLUSION
ABOUT THE AUTHOR
CHAPTER 11: How to Prepare a Risk Profile
INTRODUCTION
DEFINITION AND USES OF A CORPORATE RISK PROFILE
COMMON TYPES OF CORPORATE RISK PROFILES
ADVANTAGES AND DISADVANTAGES OF INFORMATION-GATHERING METHODOLOGIES
HOW TO PREPARE A “TOP 10” RISK PROFILE—HYDRO ONE’S EXPERIENCE
CONCLUSION
NOTES
REFERENCES
ABOUT THE AUTHOR
CHAPTER 12: How to Allocate Resources Based on Risk
INTRODUCTION
RISK POLICY AND A CENTER OF EXCELLENCE FOR RISK MANAGEMENT
THE CONSEQUENCE DOMAIN
RISK-BASED BUSINESS PROCESSES AND ORGANIZATIONAL CONSIDERATIONS
CONCEPTS, METHODS, AND MODELS ENABLING RISK IDENTIFICATION, EVALUATION, MITIGATION, PRIORITIZATION, AND MANAGEMENT
INFORMATION REQUIREMENTS AND CHALLENGES
MEASURES OF EFFECTIVENESS FOR CONTINUOUS IMPROVEMENT
CONCLUSION
NOTES
ABOUT THE AUTHOR
CHAPTER 13: Quantitative Risk Assessment in ERM
INTRODUCTION
RISK ASSESSMENT: FOUR ALTERNATIVE APPROACHES
AGGREGATING PROBABILITIES AND IMPACTS
TOTAL CORPORATE RISK: AN ILLUSTRATION
INCORPORATING RISK QUANTIFICATION IN THE BUSINESS PLANNING PROCESS
SENSITIVITIES AND SCENARIOS
CONCLUSION
NOTES
REFERENCES
ABOUT THE AUTHOR
PART IV: Types of Risk
CHAPTER 14: Market Risk Management and Common Elements with Credit Risk Management
INTRODUCTION TO CREDIT RISK AND MARKET RISK
RESPONDING TO CREDIT AND MARKET RISK
MEASURING MARKET RISK
MARKET RISK MANAGEMENT WITH FORWARD-TYPE PRODUCTS
CONCLUSION
NOTES
REFERENCES
ABOUT THE AUTHOR
CHAPTER 15: Credit Risk Management
CREDIT RISK ANALYSIS
AN ANALYSIS OF THE CREDIT CRISIS
CONCLUSION
NOTES
REFERENCES
ABOUT THE AUTHOR
CHAPTER 16: Operational Risk Management
INTRODUCTION
WHAT IS OPERATIONAL RISK AND WHY SHOULD YOU CARE ABOUT IT?
IS RISK ALL BAD?
HOW DO YOU ASSESS OPERATIONAL RISKS, PARTICULARLY IN A DYNAMIC BUSINESS ENVIRONMENT?
WHY YOU NEED TO DEFINE RISK TOLERANCE FOR ALIGNED DECISION MAKING
WHAT CAN YOU DO TO EFFECTIVELY MANAGE OPERATIONAL RISK?
HOW DO YOU ENCOURAGE A CULTURE OF RISK MANAGEMENT AT THE OPERATIONAL LEVEL?
HOW DO YOU ALIGN OPERATIONAL RISK MANAGEMENT WITH ENTERPRISE RISK MANAGEMENT?
CONCLUSION
NOTES
ABOUT THE AUTHOR
CHAPTER 17: Risk Management: Techniques in Search of a Strategy
INTRODUCTION
CURRENT SITUATION
RISK STRATEGY FRAMEWORK
GOVERNANCE
NEW DIRECTIONS
CONCLUSION
NOTES
REFERENCES
ABOUT THE AUTHOR
CHAPTER 18: Managing Financial Risk and Its Interaction with Enterprise Risk Management
INTRODUCTION
WHAT IS FINANCIAL RISK AND HOW IS IT MANAGED?
THEORETICAL UNDERPINNINGS OF FINANCIAL HEDGING AND EMPIRICAL FINDINGS
INTERACTION OF FINANCIAL HEDGING WITH OTHER TYPES OF RISK MANAGEMENT
WHAT CAN WE LEARN ABOUT ERM GIVEN OUR KNOWLEDGE OF FINANCIAL HEDGING?
NOTES
REFERENCES
ABOUT THE AUTHOR
CHAPTER 19: Bank Capital Regulation and Enterprise Risk Management
INTRODUCTION
THE EVOLUTION OF BANK CAPITAL REQUIREMENTS
CONCLUSION
NOTES
REFERENCES
ABOUT THE AUTHOR
CHAPTER 20: Legal Risk Post-SOX and the Subprime Fiasco: Back to the Drawing Board
INTRODUCTION
THE LEGAL FRAMEWORK OF LEGAL AND REPUTATIONAL RISK MANAGEMENT
AN ASSESSMENT OF THE SOX FRAMEWORK ON LEGAL AND REPUTATIONAL RISK
TOWARD OPTIMAL REPUTATIONAL AND LEGAL RISK MANAGEMENT
CONCLUSION
NOTE
REFERENCES
ABOUT THE AUTHOR
CHAPTER 21: Financial Reporting and Disclosure Risk Management
THE IMPORTANCE OF DISCLOSURE MANAGEMENT AND ERM
FOUNDATIONS IN THE UNITED STATES
DISCLOSURE AND SARBANES-OXLEY
IMPORTANT SOX SECTIONS
OTHER FINANCIAL REPORTING
RISK IDENTIFICATION, MONITORING, AND REPORTING
FINANCIAL REPORTING CHALLENGES TODAY
CONCLUSION
NOTES
REFERENCES
ABOUT THE AUTHOR
PART V: Survey Evidence and Academic Research
CHAPTER 22: Who Reads What Most Often?: A Survey of Enterprise Risk Management Literature Read by Risk Executives
INTRODUCTION
SURVEY METHODOLOGY
SURVEY RESULTS
CONCLUSION
APPENDIX 22.A: PUBLICATIONS INCLUDED IN THE SURVEY
APPENDIX 22.B: SURVEY RESPONDENTS WHO GAVE PERMISSION TO BE IDENTIFIED
NOTES
REFERENCES
ABOUT THE AUTHORS
CHAPTER 23: Academic Research on Enterprise Risk Management
INTRODUCTION
ACADEMIC RESEARCH ON ENTERPRISE RISK MANAGEMENT
CASE STUDIES ON ERM
CONCLUSION
NOTES
REFERENCES
ABOUT THE AUTHORS
CHAPTER 24: Enterprise Risk Management Lessons from the Field
INTRODUCTION
LESSONS FROM THE ERM PROCESS
LESSONS FROM INTEGRATING ERM WITH ONGOING MANAGEMENT INITIATIVES
SOME KEY VALUE LESSONS FROM ERM
CONCLUSION
NOTES
REFERENCES
FURTHER READING
ABOUT THE AUTHORS
PART VI: Special Topics and Case Studies
CHAPTER 25: Rating Agencies’ Impact on Enterprise Risk Management
INTRODUCTION
BANKING: GENERAL
INSURANCE: S&P
INSURANCE: MOODY’S
INSURANCE: FITCH
INSURANCE: A.M. BEST
U.S. ENERGY COMPANIES: S&P
NONFINANCIAL COMPANIES: S&P
A FLY IN THE OINTMENT
CONCLUSION
NOTES
FURTHER READING
ABOUT THE AUTHOR
CHAPTER 26: Enterprise Risk Management: Current Initiatives and Issues
QUESTION 1
QUESTION 2
QUESTION 3
QUESTION 4
QUESTION 5
QUESTION 6
QUESTION 7
QUESTION 8
NOTES
CHAPTER 27: Establishing ERM Systems in Emerging Countries
INTRODUCTION
ENTERPRISE RISK MANAGEMENT AND ITS BENEFITS IN EMERGING MARKETS
OBSERVATIONS OF ERM PRACTICES IN EMERGING COUNTRIES
CONCLUSION
APPENDIX: COSO APPROACH TO ENTERPRISE RISK MANAGEMENT
NOTES
REFERENCES
ABOUT THE AUTHOR
CHAPTER 28: The Rise and Evolution of the Chief Risk Officer: Enterprise Risk Management at Hydro One
HYDRO ONE
GETTING STARTED WITH ERM
PROCESSES AND TOOLS
CORPORATE RISK PROFILE
QUANTIFYING THE UNQUANTIFIABLE
BENEFITS OF ERM AND OUTCOMES AT HYDRO ONE
CONCLUSION
NOTES
ABOUT THE AUTHORS
Index
End User License Agreement
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CHAPTER 13: Quantitative Risk Assessment in ERM
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CHAPTER 14: Market Risk Management and Common Elements with Credit Risk Management
PART IV
Types of Risk
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