Index

A

  • Aabo, Tom
  • Aabo, Fraser, and Simkins (2005)
  • Ability-to-pay measures
  • Academic research on ERM
    • academic research on ERM
    • case studies on ERM
    • conclusion
    • introduction
  • Accountability
  • Accounting for Derivatives Instruments and Hedging Activities (FASB 133)
  • Acharyya and Johnson (2006)
  • Acid Test
  • Acting on the risks
  • Active management of the largest risks
  • Adaptive risk management
  • Adding ERM to company credit ratings
  • Adelphia
  • Against the Gods: The Remarkable Story of Risk (Bernstein)
  • Agenda, setting
  • Aggregating probabilities and impacts
  • AIG
  • ALARA (As Low As Reasonably Achievable)
  • Alkon, Andrew
  • Altman Z-Score
  • A.M, Best (Best)
  • Anonymous reporting
  • “Anonymous” voting
  • Anti-Money Laundering (AML) Officer
  • Antiquity, risk management in
  • Appropriate risk exposure
  • Arrow, Dr. Kenneth
  • Arthur Anderson
  • Assessing risk
  • Assessment of the SOX framework on legal and reputational risk
    • SOX shortcomings
    • subprime fiasco
  • Associate in Risk Management (ARM)
  • Association of Financial Professionals
  • Attendees
  • Attitude about risk
  • Attorneys
  • “Attributes of Enhanced Risk Management”
  • Audit committee
    • and primary oversight for risk
    • role of
  • Audit committee charters
  • Auditing Standard 5 (AS5)
  • Auditor General of Canada
  • Audit reform
  • Australian/New Zealand Risk Management Standard 4360

B

  • Backer, Larry Cata
  • Background information
  • Bair, Sheila
  • Balanced Scorecard (BSC)
  • Bank capital
  • Bank capital regulation and ERM
    • conclusion
    • evolution of bank capital requirements
    • introduction
  • Bank capital requirements, evolution of
    • Basel I
    • Basel II
    • enterprise risk management (ERM) and economic capital
    • overview of U.S. capital ratios
  • Bank for International Settlements (BIS)
  • Bank of America
  • Banziger, Hugo
  • Barclays
  • Barings PLC
  • Barlow, Douglas
  • Barton, Thomas L.
  • Basel Committee on Banking Supervision
    • Basel I Accord
    • Basel II Accord
  • BAT (Best Available Technology)
  • Bayes, Thomas
  • BCTC corporate risk matrix
  • Bear Stearns bailout
  • Beasley, Mark S.
  • Beasley, Clune, and Hermanson (2005a)
  • Beasley, Clune, and Hermanson (2005b)
  • Beasley, Pagach, Warr (2008)
  • Behavioral elements of risk-aware culture
  • Bentham, Jeremy
  • Bernanke, Ben
  • Bernoulli, Daniel
  • Bernoulli, Jacob
  • Bernstein, Peter
  • “Best’s Capital Adequacy Ratio” (BCAR)
  • Bielak, Debby
  • Bies, Susan Schmidt
  • Black, Fischer
  • “Black Monday,” October 19, 1987
  • Black-Scholes options-pricing model
  • Black Swan, The (Taleb)
  • “Black Swans,”
  • Board composition
  • Board demands for more strategic risk management
  • “Board Members on Risk,”
  • Board of directors, role of . See also Role of board of directors and senior management in ERM
  • Board risk policies
  • BOC group
  • Bonini, Sheila
  • Booz Allen Hamilton
  • Bowtie model
  • Brand risk
  • Branson, Bruce
  • British Petroleum
  • Broad Focus risk workshops
  • Brooks, Doug
  • Budgeting and ERM
  • Buffett, Warren
    • risk management lessons
  • Burn Rate
  • Bush, George W.
  • Business continuity planning and ERM
  • Business-partner roles of the CRO
  • Business Planning Framework (BPF)
  • Business Risk Management (BRM)
  • Buy-in
    • obtaining, for KRIs

C

  • Cadbury report
  • CAMEL (capital, asset quality, management, earnings, and liquidity) ratings
  • Canada Deposit Insurance Corporation (CDIC)
  • Canada Post Corporation (CPC)
  • Canadian Institute of Chartered Accountants
  • Canadian Risk Management Standard
  • Capability to manage risk
  • Capacity
  • Capacity to take risks
  • Capital
  • Capital Purchase Program (CPP)
  • Cardano, Girolamo
  • Carson, Rachel
  • Case for actively managing market risk
  • Case for not actively managing market risk
  • Case studies on ERM
  • Center of Excellence (COE)
  • Central Bank in Chile
  • Certainty factor
  • Character
  • Chicago Board of Options Exchange (CBOE)
  • Chief audit executive (CAE)
  • Chief Compliance Officer
  • Chief executive officer (CEO)
    • certification of
    • compensation
    • interviewing
    • sole representative of senior management on board
  • Chief financial officer (CFO)
  • Chief risk officer (CRO)
    • emerging roles of
    • rise and evolution of
  • Citigroup
  • City of Cleveland
  • Clarifying strategies and objectives
  • Coca-Cola Company
  • CoCo (Criteria of control model)
  • Codes of conduct
  • Collateral
  • Collateralized debt obligations (CDOs)
  • Colquitt, Hoyt, and Lee (1999)
  • Comcast Corporation
  • Committee of Sponsoring Organizations of the Treadway Committee (COSO)
    • approach to ERM
    • definition of ERM
    • using COSO model in select emerging countries
  • Committee on Oversight and Government Reform
  • Commodity price risk
  • Commodity price risk: the firm with a highly volatile input cost
  • Communications, consultation, and reporting
  • Communications risk
  • Compensation incentives
  • Compensation structures
  • Competitive Advantage (Porter)
  • Competitive intelligence
  • Competitor organizations
  • Compliance
  • Compliance champion
  • Compliance objective
  • Concept of evaluation time frames
  • Concessi, Pat
  • Conditions
  • Conference Board of Canada (CBoC)
  • Conflicts with international standards: rules versus principles
  • Consequence
  • Consequence domain
    • integration of business objectives/risk events/risk concepts
    • probability domain
  • Consequences, types of
  • Consultants
  • Context for ERM framework
  • Continuous improvement
  • Copula model
  • Corporate best practices
  • Corporate business objectives
  • Corporate culture
  • Corporate governance and ERM
  • Corporate objectives
  • Corporate risk matrix (CRM)
  • Corporate risk profile—definition and uses of
  • Corporate risk profiles—common types of
    • heat map
    • risk map
    • “top 10” list
  • Corporate risk tolerance. See How to create and use corporate risk tolerance
  • Corporate social responsibility (CSR)
  • Corporate strategy
  • Corporate sustainability risk
  • COSO. See Committee of Sponsoring Organizations of the Treadway Commission (COSO)
  • Cost/benefit of managing risk
  • Countrywide Financial
  • Coverage Ratio
  • Cox, Peter
  • Creating a strategic risk mindset and culture
    • recognizing value of strategic risk management at high-performance companies
    • strategic risk management mindset
  • Credit and market risk in an ERM framework
  • Credit crisis, analysis of
  • Credit default swap (CDS)
  • Credit derivatives
  • Credit-rating agencies
  • Credit-rating process
  • Credit ratings
  • Credit risk. See Market risk management and common elements with credit risk management
  • Credit risk analysis
    • credit risk mitigation
    • fundamental analysis of credit default risk (probability of default)
    • market-based analysis of credit default probability
    • statistical-based models of credit risk
  • Credit risk management
    • analysis of the credit crisis
    • conclusion
    • credit risk analysis
  • Credit risk mitigation
  • Credit risks
  • Credit spread
  • Crisis preparedness and ERM
  • Critical risk scenarios
  • Culture
  • Culture, importance of
    • culture can discourage good risk taking
    • defining culture
    • goals of culture
    • importance of culture
    • when the chips are down
  • Culture of risk management
  • Currency price risk: the multinational corporation
  • Currency risk
  • Current Ratio
  • Current situation
  • Customer and market risk
  • Customer credit risk
  • Customer credit risk mitigation
  • Customer information

D

  • Damodaran, Aswath
  • Darwin, Charles
  • Day, Sir Graham
  • Days Cash on Hand
  • Debt capacity
  • Debt Ratio
  • Decision-Making Discipline workshops
  • Decisions at Risk (DAR)
  • Dedicated organizational unit
  • Delaware case law on fiduciary duties
  • Delaware Chancery Court
  • Delaware courts
  • Delaware law
  • Del Bel Belluz, Diana
  • Delegation of risk oversight to board committees
  • Delphi
  • Delphi techniques
  • Delta Airlines
  • Deming paradigm
  • Denenberg, Dr. Herbert
  • Department of Labor
  • Derivative contracts
  • Derivatives
  • Desender (2007)
  • Design, decision, and implementation of ERM framework
  • Dickson, Dr. Gordon
  • Disclosure risk management. See also Financial reporting and disclosure risk management
  • Documenting the risk appraisal
  • Doherty, Neil
  • Dominators
  • Dow Chemical Company
  • Drivers of enterprise risk management
  • Dynamic Assessment of Risk and Enablers (D.A.R.E.)
  • Dynamic business environment

E

  • Early warning systems
  • Earnings at risk (EAR)
  • EBITDA (earnings before interest and taxes, with depreciation and amortization added back)
  • Economic capital
  • Economic crisis
  • Economic Development Canada
  • Economic risk
  • Economist Intelligence Unit (EIU)
  • Eleven tenets of the return driven framework
  • Emergency Economic Stabilization Act of 2008 (EESA)
  • Emerging countries. See Establishing ERM systems in emerging countries
  • Emerging global standards of business conduct
  • “Emerging Governance Practices in Enterprise Risk Management,”
  • Employee engagement risk
  • Engle, Dr. Robert
  • “Enhanced Analysis Initiative” (EAI)
  • Enhancing market and institutional resilience
  • Enlightenment
  • Enron Corporation
  • Enterprise resilience (ER): the next step?
  • Enterprise Risk Management—current initiatives and issues (roundtable discussion)
  • Enterprise risk management (ERM) and economic capital
  • Enterprise risk management (ERM)—the first step
  • Enterprise Risk Management Framework (ERMF)
  • Enterprise risk management—introduction and overview
    • defined
    • drivers of ERM
    • future of ERM and unresolved issues
    • summary of book chapters
  • Environmental Protection Agency
  • “Environmental scan,”
  • Epstein, Marc
  • Equity price risk
  • Ericsson
  • ERM. See also Enterprise risk management
  • ERM and its benefits in emerging markets
    • evolution of risk management in emerging markets
    • rationale for effective risk management in emerging markets
    • responsibility of the board in risk management and extensions to emerging markets
    • risk, reward, and risk appetite in emerging markets
  • ERM and its role in strategic planning and strategy execution
    • building a strategic risk assessment process
    • creating a strategic risk mindset and culture
    • integrating risk into strategic planning
    • rising expectations for strategic risk management
  • ERM at Indian companies
  • ERM dashboard
  • ERM frameworks
    • accountability
    • communications, consultation, and reporting
    • conclusion
    • continuous improvement
    • elements of an ERM framework
    • integration of risk management and resources for ERM
    • introduction
    • mandate and commitment to the ERM framework
    • risk management policy
    • risk management process (RMP)
  • ERM implementation strategies
    • board composition
    • compliance
    • culture
    • reporting
    • role of audit committee
    • role of the board
    • training
  • ERM literature. See Survey of ERM literature read by risk executives
  • ERM management, culture, and control
  • ERM positioned as value-adding
  • ERM tools and techniques
  • Establishing ERM in emerging countries
    • conclusion
    • COSO approach to ERM
    • ERM and its benefits in emerging markets
    • observations of ERM practices in emerging countries
  • Evaluation time frames
  • Evolution of risk management in emerging markets
  • Execution Premium model
  • Executive pay requirements under TARP
  • Exotic options
  • Expected Default Frequency (EDF)
  • Export-Import Bank
  • Exposure size
  • External audit as independent source of key risk identification
  • External context

F

  • Facilitation tips for risk workshops
  • Facilitator
  • Factor company
  • “Failure-tolerant” leaders
  • Fair Value Accounting
  • Fair Value Accounting (FASB 157)
  • Fair value accounting, reexamining (FASB 157)
  • Fayol, Henry
  • Federal Deposit Insurance Corporation (FDIC)
  • Federal Deposit Insurance Corporation Improvement Act of 1991 (FIDICIA)
  • Federal Reserve
  • Federal rules of professional responsibility for attorneys
  • Feedback from interviewees on the interview process
  • FEI Corporation
  • Fellow of the Institute of Risk Management
  • Ferguson, R. Jr.
  • Fidelity Investments
  • Final report
  • Finance risks
  • Financial Accounting Standards Board (FASB)
  • Financial crises and remedies
  • Financial distress
  • Financial hedging. See Managing financial risk and its interaction with ERM
  • Financial markets
  • Financial reporting and disclosure risk management
    • conclusion
    • disclosure and Sarbanes-Oxley
    • financial reporting challenges today
    • foundations in the United States
    • importance of disclosure management and ERM
    • important SOX sections
    • other financial reporting
    • risk identification, monitoring, and reporting
  • Financial reporting challenges today
    • adding ERM to company credit ratings
    • conflicts with international standards
    • global financial crisis and ERM
    • paring down internal control
    • reexamining fair value accounting
  • Financial reporting risk
  • Financial risk. See Managing financial risk and its interaction with ERM
  • Financial services sector and risk taking
  • Financial Stability Forum
  • Findings of survey on risk management in emerging markets
  • Firm choice for FASB 133 and disclosure risk management
  • Firm failures and disclosure management
  • Firm value
  • Firm with a highly volatile input cost
  • Fitch Rating (Fitch)
  • “Five Cs” of credit analysis
  • Five L (5L) strategy
  • “Five Whys” method
  • Flick, Friedrich
  • Fluor Corporation
  • FMEA (Failure Mode and Effects Analysis)
  • Fooled by Randomness (Taleb)
  • Ford Motor Company
  • Ford Motor Credit
  • Forward contracts
  • Forward-type products
  • Forward-type transactions
  • Franklin, Benjamin
  • Fraser, John R.S.
  • Fraser, Schoening-Thiessen, and Simkins (2008)
  • Frigo, Mark L.
  • Fundamental analysis of credit default risk (probability of default)
  • Funding risk
  • Funding risk management
  • Future of ERM and unresolved issues
  • Futures contract
  • Futures markets

G

  • Gallagher, Russell
  • Galton, Francis
  • Gap analysis for ERM
  • Gates, Nicolas, and Walker (2009)
  • Generalized Extreme Value (GEV) distribution
  • General Motors
  • General Motors Acceptance Corp. (GMAC)
  • Geneva Association
  • Geneva Papers on Risk and Insurance
  • Genuine assets at risk, focus on
  • Giarini, Orio
  • Glass-Steagall Act
  • Global Association of Risk Professionals (GARP)
  • Global Auditing Information Network (GAIN)
  • Gobal Crossing
  • Global financial crisis and ERM
  • Globalization in banking
  • Globalization in world trade
  • Goal of ERM
  • Goals
  • Goals, and effect on risk-taking behavior
  • Goldman Sachs
  • Good risk taking
  • Governance
  • Governance and oversight of market risk management
  • Governance breakdown
  • Governance expectations for board oversight
  • Governance risk
  • Government Accountability Office (GAO)
  • Graunt, John
  • Greeks
  • Grose, Dr. Vernon
  • Group of Thirty Report
  • Gumbel, Emil
  • Gup, Benton E.

H

  • Hackett, Susan
  • Hamilton, Gustav
  • Hargreaves, John
  • Harmonization
  • Harrington, Niehaus, and Risko (2002)
  • HAZOP (HAZard Analysis and OPerability study)
  • HealthSouth
  • Heat map
  • “Heavy-debt” firm
  • Hedging
  • Hedging credit risk
  • Hedging naturally
  • Hedging transaction involving derivatives
  • Henning, Professor Peter J.
  • Herodotus
  • Hicks, Sir John
  • Highly volatile input cost
  • “High/medium/low” classification of risks: the two-dimensional risk map
  • High-performance companies
  • History of risk management
    • after the Middle Ages
    • introduction
    • past 100 years
    • risk management in antiquity
  • H.J. Heinz Company
  • Hofmann, Michael
  • Holistic approach to ERM
  • How to allocate resources based on risk
    • concepts, methods, and models enabling risk identification, evaluation, mitigation, prioritization, and management
    • conclusion
    • consequence domain
    • information requirements and challenges
    • introduction
    • measures of effectiveness for continuous improvement
    • risk-based business processes and organizational considerations
    • risk policy and a center of excellence for risk management
  • How to create and use corporate risk tolerance
    • conclusion
    • how can your organization make risk tolerance useful in managing risk?
    • introduction
    • what are the factors to consider in setting risk tolerance?
    • what is risk tolerance?
    • why is setting risk tolerance important?
  • How to plan and run a risk management workshop
    • conclusion
    • execution
    • how to conduct a risk workshop
    • introduction
    • risk workshops
    • techniques for planning and facilitating effective risk workshops
    • what is a risk workshop?
    • why use workshops?
  • How to prepare a risk profile
    • advantages and disadvantages of information-gathering methodologies
    • common types of corporate risk profiles
    • conclusion
    • definition and uses of a corporate risk profile
    • how to prepare a “Top 10” risk profile—Hydro One’s experience
    • introduction
  • Hume, Susan
  • Hwang, Susan
  • Hydro One
    • benefits of ERM and outcomes at Hydro One
    • conclusion
    • corporate risk profile
    • getting started with ERM
    • processes and tools
    • quantifying the unquantifiable
  • Hydro One—processes and tools
    • business context
    • identification and assessment of risks and controls
    • monitor and review
    • tolerability of risk—and risk mitigation

I

  • Identifying and communicating key risk indicators
    • conclusion
    • design principles
    • implementation considerations
    • introduction
    • practical applications
    • value of KRIs to risk management
    • what is a key risk indicator?
  • Identifying risks
  • IG Farben
  • Impact range probability distribution
  • Incentives
  • Incentives of the firm’s management and board
  • Incorporating risk quantification in the business planning process
  • Information-gathering methodologies
  • Information requirements and challenges
    • operational risk assessment information
    • strategic risk assessments
  • Information risks
  • Innovation risk
  • Institute for Risk Management
  • Institute of Internal Auditors
  • Insurance Institute of America
  • Integrating risk into strategic planning
    • eleven tenets of the return driven framework
    • evaluating strategic business risk
    • recognizing strategic business risk
    • using a framework to build a strategic risk management mindset
  • Integration of risk management and resources for ERM
  • Interaction of financial hedging with other types of risk management
    • credit risk management
    • financial reporting and disclosure risk management
    • operational risk management
    • reputation and legal risk management
    • strategic risk management
    • Interest rate risk
    • Interest rate risk: the “heavy-debt” firm
  • Internal audit function in ERM
  • Internal context
  • International Accounting Standards Board (IASB)
  • International Air Travel Association
  • International Association for the Study of Insurance Economics
  • International Decade for Natural Disaster Reduction (IDNDR)
  • International Federation of Risk & Insurance Management Associations (IFRIMA)
  • International Financial Reporting Standards (IFRS)
  • International Monetary Fund (IMF)
  • International Organization for Standardization
  • International Strategy for Disaster Reduction (ISDR)
  • International Swaps and Derivatives Association (ISDA) Master Agreement
  • Investment proposals (IPs)
    • prioritization of
  • Involvement
  • IOSCO Principles of Security Markets Regulations
  • Isaac, William
  • ISO risk management framework
  • ISO Guide 73
  • ISO 31000 Risk Management—Principles and Guidelines
  • ISO 31000 Risk Management Standard
  • Is risk all bad?
  • Iyer, Subramanian Rama

J

  • Joint Australian/New Zealand Standard for Risk Management
  • Journal of Applied Corporate Finance
  • Journal of Applied Finance

K

  • Kahneman, Daniel
  • Kaplan, Robert
  • Keynes, John Maynard
  • Key performance indicator (KPI)
  • Key performance management and reporting system elements
  • Key Risk Indicator (KRI)
    • definition
    • differentiation from key performance indicator
    • examples of KRIs
    • value to risk management
  • Key risk indicator—design principles
    • consider relative importance of KRIs
    • consider wider set of KRIs
    • ensure clarity of what is being measured
    • focus more on objective measures
    • have a good basic understanding of the risks
    • keep the stakeholders and objectives in mind
    • leverage management insight and existing metrics
    • limit indicators to those that are most representative
    • monitor for continual usefulness
    • think longer term
  • Key risk indicator—implementation considerations
    • data and technology challenges
    • integration with business activities
    • lack of resources and skills
    • obtaining buy-in
    • sustainability of the KRI framework
  • Key risk indicator—practical applications
    • clarify risk-taking expectations
    • enhance operational efficiency and effectiveness
    • measure risk
    • monitor risk exposures
    • validate organizational planning and monitor performance
  • Key risk indicators (KRIs). See Identifying and communicating key risk indicators
  • Kleffner, Lee, and McGannon (2003)
  • Kloman, Felix
  • Knight, Frank
  • Kolb, Robert (Bob)
  • Kroszner, Randall S.
  • Krup, Alfried

L

  • Lagerfeld, Stephen
  • Lam, James
  • Large Complex Banking Organizations (LDBOs)
  • Large groups
  • Lattimore, Joshua
  • Law of Large Numbers
  • Lawrence, Mark
  • Learning Discipline workshops
  • Leeson, Nick
  • Legal compliance programs
  • Legal framework of legal and reputational risk management
    • audit reform
    • codes of conduct
    • federal rules of professional responsibility for attorneys
    • whistle-blower protection under SOX
  • Legal risk management
  • Legal risk post-SOX and the subprime fiasco
    • assessment of the SOX framework on legal and reputational risk
    • conclusion
    • introduction
    • legal framework of legal and reputational risk management
    • toward optimal reputational and legal risk management
  • Lehman Brothers
  • Leitner, Friedrich
  • Leonardo da Vinci
  • Less-developed countries (LDC)
  • Lessons from integrating ERM with ongoing management initiatives
    • balanced scorecard and ERM
    • budgeting and ERM
    • business continuity planning, crisis preparedness, and ERM
    • corporate governance and ERM
    • internal auditing and ERM
    • strategic planning and ERM
  • Lessons from the ERM process
    • acting on the risks
    • assessing risk
    • clarifying strategies and objectives
    • identifying risks
    • monitoring risks
  • Lessons from the field
    • conclusion
    • introduction
    • lessons from integrating ERM with ongoing management initiatives
    • lessons from the ERM process
    • some key value lessons from ERM
  • Liebenberg and Hoyt (2003)
  • Liquidity
  • Liquidity risk
  • Long-Term Capital Management (LTCM)
    • collapse
  • Loss event information
  • Loss Given Default

M

  • Making Sustainability Work (Epstein)
  • Management of the portfolio of preferred investment proposals
  • Managing financial risk and its interaction with ERM
    • interaction of financial hedging with other types of risk management
    • introduction
    • theoretical underpinnings of financial hedging and empirical findings
    • what can we learn about ERM given our knowledge of financial hedging
    • what is financial risk and how is it managed?
  • Managing Risk: Systematic Loss Prevention for Executives (Grose)
  • Mandate and commitment to the ERM framework
    • context for ERM framework
    • design, decision, and implementation of ERM framework
    • gap analysis for ERM
    • rationale for commitment to ERM
  • Mankins and Steele survey
  • Market-based analysis of credit default probability
  • Market risk. See Market risk management and common elements with credit risk management
  • Market-risk hedging strategy
  • Market risk management and common elements with credit risk management
    • conclusion
    • introduction to credit risk and market risk
    • market risk management with forward-type products
    • measuring market risk
    • responding to credit and market risk
  • Market risk management with forward-type products
    • governance and oversight of market risk management
    • market risk management with option-type products
    • operational issues of using derivatives
    • trade-offs between option strategies and forward strategies
  • Market risk management with option-type products
  • Market risks
  • Markowitz, Dr. Harry
  • McCarran-Ferguson Act
  • McKinsey consulting firm
  • Measuring market risk
    • earnings at risk
    • markets as risk indicators
    • measuring potential impact
  • Mercer Management Consulting
  • Merck
  • Merrill Lynch
  • Merton, R.C.
  • Metallgesellschaft AG
  • Methods and models to quantify the impact of risk events
  • Mittelstaedt, Robert
  • Middle Ages, risk management after
  • Mikes, Anette
  • Mitigants
  • Modeling expert
  • Model Rules of Professional Responsibility
  • Moivre, Abraham de
  • Moltke, Helmuth von
  • Monitoring risks
  • Monte Carlo methods
  • Moody, Mike
  • Moody’s Investment Service (Moody’s)
  • Moody’s KMV model
  • Morgenstern, Oskar
  • Mortgage-backed securities (MBS)
  • Most frequently read literature on ERM
  • Multinational corporation
  • Mylrea, Ken

N

  • Nader, Ralph
  • Narrow Focus risk workshops
  • Nasdaq
  • Nason, Rick
  • National Association of Corporate Directors (NACD)
  • Natural Disaster Management
  • Natural market risk management
  • Nehru, Jawalarlal
  • Net present value (NPV)
  • Neumann, John von
  • New directions
    • enterprise risk management (ERM): the first step
    • enterprise resilience (ER), the next step?
  • New York Mercantile Exchange (NYMEX)
  • New York Stock Exchange (NYSE)
    • Corporate Governance Rules
    • listing requirements/standards
  • New York Yankees
  • Nocco and Stulz (2006)
  • Nokia
  • Nonparticipation

O

  • Objectives of the workshop
  • OECD (Organisation for Economic Co-operation and Development)
    • Principles of Corporate Governance)
  • Openness
  • Operational issues of using derivatives
  • Operational objective
  • Operational risk assessment information
  • Operational risk management (ORM)
    • conclusion
    • how do you align operational risk management with ERM?
    • how do you assess operational risks, particularly in a dynamic business environment?
    • how do you encourage a culture of risk management at the operational level?
    • introduction
    • what can you do to effectively manage operational risk?
    • what is operational risk and why should you care about it? Is risk all bad?
    • why you need to define risk tolerance for aligned decision making
  • Operational risks
  • Operations risk
  • Oppenheim, Jeremy
  • Option Adjusted Spread (OAS)
  • Option contracts
  • Option-type products
  • Option-type strategies
  • Oracle of Omaha (Warren Buffett)
  • Orange County, California
  • Organizational objectives
  • Other comprehensive income (OCI)
  • Over-the-counter (OTC) contracts

P

  • Paccioli, Luca
  • Pagach and Warr (2007)
  • Pagach and Warr (2008a)
  • Pagach and Warr (2008b)
  • Paring down internal control: Auditing Standard 5 (AS5)
  • Parmalat
  • Partnering risk
  • Pascal, Blaise
  • Performance incentives
  • Performance management system
  • Perkins, Todd
  • Philips
  • PIM Framework
  • Pisano, Leonardo
  • Pitt, Harvey
  • Plan-Do-Check-Act (PDCA)
  • Planning indicators (PIs)
  • Plaster, Gary
  • PMI (Project Management Institute)
  • Porter, Michael
  • Potential impact, measuring
  • Potential risks list
  • Prediction markets
  • Preferred investment proposals
  • Preparation for risk workshop
  • Principles of Corporate Governance
  • Prioritization index
  • Prioritization of investment proposals
  • Prior list of top risks
  • Privacy Officer
  • Private sector organization versus public-sector organization
  • Proactive risk culture
  • Probability Scale
  • Process elements of risk-aware culture
  • Professional Risk Managers’ International Association (PRMIA)
  • Prompt Correct Action (PCA) rules
  • Public Company Accounting Oversight Board (PCAOB)

Q

  • Quail, Rob
  • Qualified Legal Compliance Committee (QLCC)
  • Quantitative enthusiasm
  • Quantitative Impact Studies (QIS)
  • Quantitative risk assessment in ERM
    • aggregating probabilities and impacts
    • conclusion
    • incorporating risk quantification in the business planning process
    • introduction
    • risk assessment: four alternative approaches
    • sensitivities and scenarios
    • total corporate risk: an illustration
  • Quantitative skepticism
  • Quick Ratio

R

  • R&D risk
  • Raju, B. Ramalinga
  • Ramirez, Professor Mary
  • Ramirez, Steven
  • Randolph, Willie
  • Raskind, Peter
  • Rating agencies’ impact on ERM
    • banking
    • conclusion
    • fly in the ointment
    • insurance
    • nonfinancial companies
    • U.S. energy companies
  • Rating Reform Act of 2006,
  • Rationale for commitment to ERM
  • Rationale for effective risk management in emerging markets
  • Recording the risk management process
  • Record keeper
  • Reference materials
  • Regulators
  • Regulatory compliance
  • Relationship between a risk factor, risk event, and consequence
  • Renaissance
  • Reporting
  • Reporting objective
  • Reputation, as a company asset
  • Reputational risk. See Legal risk post-SOX and the subprime fiasco
  • Reputation and legal risk management
  • “Residual risks,”
  • Resources, allocating. See How to allocate resources based on risk
  • Responding to credit and market risk
    • case for actively managing market risk
    • case for not actively managing market risk
    • natural market risk management
  • Responsibility of the board in risk management and extensions to emerging markets
  • Responsible risk taking
  • Return Driven Strategy framework
    • eleven tenets of
  • Return on Risk Capital (RORC)
  • Reward
  • Rising expectations for strategic risk management
    • board demands for more strategic risk management
    • ERM positioned as value-adding
  • Risk
    • types of
  • Risk-adjusted business decisions
  • Risk-adjusted performance measurement
  • Risk-adjusted planning process
  • Risk analysis
  • Risk Analysis
  • Risk and control self-assessments (RCSAs)
  • Risk & Insurance Management Society (RIMS)
  • Risk anticipation
  • Risk appetite
  • Risk assessment: four alternative approaches
    • Method 1: Active management of the largest risks
    • Method 2: “High/medium/low” classification of risks: the two-dimensional risk map
    • Method 3: Risk assessment using refined classifications: refining the classification
    • Method 4: Statistical analysis
  • Risk assessment using refined classifications: refining the classification
  • Risk assessments
  • Risk attitude
  • Risk-aware culture—creating
    • conclusion
    • elements of risk-aware culture
    • how to create risk-aware culture
    • importance of culture
    • what does risk management have to do?
  • Risk-aware culture—elements of
    • behavioral
    • process
  • Risk-aware culture—how to create
    • alignment of incentives and rewards
    • defining the elements
    • involvement and buy-in
    • measuring and monitoring
    • openness
    • tone from the top
  • Risk-based business processes and organizational considerations
    • organizational considerations
    • risk-based business processes
  • Risk-based concepts
  • Risk categories
  • Risk communication and consultation
  • Risk-conscious controller
  • Risk criteria
  • Risk culture
  • Risk databases
  • Risk evaluation
  • Risk events
  • Risk exposures
  • Risk factor
  • Risk Focused Resource Allocation Framework (RFRAF)
  • Risk identification
  • Risk identification, monitoring and reporting
  • Risk identification techniques
  • Risk intolerance trap
  • Risk magnitudes
  • Risk Magnitude Scale
  • “Risk Management Assessments” (Moody’s)
  • Risk Management Association
  • Risk Management Committee
  • Risk management in banks
  • Risk management context
  • Risk management during past 100 years
    • list of significant people and events
  • Risk management framework—ISO definition
  • “Risk Management: A New Phase of Cost Control,”
  • Risk management, principles of
  • Risk management policy
    • policies for ERM framework
    • policies for risk management decisions
    • review of policies
  • Risk management process (RMP)
    • communication and consultation
    • context
    • monitoring and review
    • recording the RMP
    • risk assessment
    • risk treatment
    • schematic
  • Risk management processes, formalizing
  • “Risk Management Revolution, The,”
  • Risk management: techniques in search of a strategy
    • conclusion
    • current situation
    • governance
    • introduction
    • new directions
    • risk strategy framework
  • Risk management workshop. See How to plan and run a risk management workshop
  • Risk management workshop—benefits of
    • continuous improvement
    • efficient use of time
    • learning opportunity
    • risk management education
    • team building
  • Risk map
  • Risk matrix
  • Risk measurement
  • Risk mitigation
  • Risk models
  • Risk preparation biases
  • Risk policy and a center of excellence for risk management
    • center of excellence
    • key policy elements
    • translating strategic objectives into risk-based concepts
  • Risk policy framework
  • Risk profile. See How to prepare a risk profile
  • Risk quantification
  • Risk ratings and trends
  • Risk reporting
  • Risk Retention Act of 1982,
  • Risk, reward, and risk appetite in emerging markets
  • Risk strategy framework
  • Risks that can have large impacts
  • Risk tolerance
    • defined
    • setting
    • using to manage risk
  • Risk tolerance—factors to consider in setting
    • attitude about risk
    • capability to manage risk
    • capacity to take risk
    • cost/benefit of managing risk
    • goals
  • Risk tolerances (RTs)
  • Risk transfer and retention strategies
  • Risk treatments
    • mitigation activities
    • prevention activities
  • Risk, Uncertainty and Profit (Knight)
  • Risk universe
  • Risk versus controls chart
  • Risk workshop
    • “anonymous” voting
    • defined
    • tough spots
    • useful facilitation tips
  • Risk workshop—execution
    • facilitate the workshop
    • prepare the final report
    • record the results
  • Risk workshop—how to conduct
    • arrange venue
    • assemble reference materials
    • decide on attendees
    • identify the sponsor
    • preparation
    • set the agenda
    • set the objectives of the workshop
    • set the scope
  • Risk workshop—why use?
  • Risky sovereign nations
  • Rizzi, Joseph V.
  • Robert Morris Associates
  • Rogers, Daniel A.
  • Rogers, Will
  • Role of board of directors and senior management in ERM
    • delegation of risk oversight to board committees
    • ERM implementation strategies
    • external audit
    • formalizing risk management processes
    • governance expectations for board oversight
    • introduction
    • role of internal audit function
    • senior executive leadership in risk management
  • Romans
  • Rosen, Professor Robert Eli
  • Rubin, Robert
  • Ruckelshaus, William
  • Rumsfeld, Donald

S

  • Salomon Brothers
  • Samsung
  • Sanford, Charles
  • Sarbanes-Oxley Act of 2002 (SOX)
  • Satyam Computer Services
  • Scale graduations
  • Scenario analyses
  • Schoening-Thiessen, Karen
  • Scholes, Myron
  • Scope, setting
    • organizational objectives
    • risk universe
    • time horizon
  • Securities and Exchange Commission (SEC)
  • Securitization
  • Security rating agencies
  • Senior executive leadership in risk management
  • Senior management. See Role of board of directors and senior management in ERM
  • Senior Supervisors Group
  • Sensitivities and scenarios
  • September 2008 collapse of independent investment banks
  • Seven steps used to assess operational risks
  • Shareholder value
  • Shareholder value risk
  • Shenkir, William G.
  • Shortreed, John
  • “Signature clause,”
  • Simkins, Betty
  • Sir Graham Day Award for Excellence in Culture Changes
  • Slovic, Paul
  • Smith, Clifford
  • Snider, Dr. Wayne
  • Snyder, Betsy
  • Social Science Research Network
  • Société Générale
  • Society for Risk Analysis (SRA)
  • Solvency
  • Southwest Airlines
  • Sovereign credit risk mitigation
  • Sovereign risk
  • Sovereign risk events
  • SOX shortcomings
  • Special purpose vehicle (SPV)
  • Special topics and case studies
  • Sponsor, identifying the
  • Standard & Poor’s (S&P)
  • Strategic advisor
  • Strategic business objectives (SBOs)
  • Strategic business risk
    • evaluating
    • recognizing
  • Strategic controller
  • Strategic Finance
  • Strategic objectives
  • Strategic planning and ERM
  • Strategic risks
  • Strategic risk assessment process, building
    • critical steps for value-added strategic risk management
    • focus on genuine assets at risk
    • strategic risk management and performance measurement
    • strategic risk management processes
  • Strategic risk assessments
  • Strategic Risk Council (SRC)
  • Strategic risk management
  • Strategic risk management and performance measurement
  • Strategic Risk Management Lab at DePaul University
  • Strategic risk management mindset
  • Strategic risk management processes
  • Strategic risk mindset and culture
  • Strategic Risk Taking: A Framework for Risk Management (Damodaran)
  • Strategy Execution Systems
  • Strategy maps
  • Statistical analysis
  • Statistical-based models of credit risk
  • Stock market
  • Strength of Mitigants Scale
  • Stroh (2005)
  • Structured Investment Vehicles (SIVs)
  • Stulz, Rene
  • Supbrime crisis
  • Subprime mortgage fiasco
  • Subprime mortgage lending crisis
  • Sulzer Medica
  • Summary of book chapters
    • ERM management, culture, and control
    • ERM tools and techniques
    • overview
    • special topics and case studies
    • survey evidence and academic research
    • types of risks
  • Supply chain risk
  • Survey evidence and academic research
  • Survey of ERM literature read by risk executives
    • conclusion
    • introduction
    • publications included in the survey
    • survey methodology
    • survey respondents who gave permission to be identified
    • survey results
  • Survey results on ERM literature
    • critical areas of need
    • ERM tools and techniques used by respondents
    • key findings of survey
    • most frequently read literature on ERM
    • survey respondent profile
  • Surveys
  • Swap contracts

T

  • Taleb, Nassim Nicolas
  • Target Corporation
  • TARP rescue plan
  • Taxonomy of market and credit risk
  • Terrorism of September 11, 2001
  • Thales
  • Thucydides
  • Theoretical underpinnings of financial hedging and empirical findings
    • does hedging affect firm value?
    • hedging creates more debt capacity
    • hedging reduces expected costs of financial distress and underinvestment
    • hedging reflects the incentives of the firm’s management and board
  • Three pillars of Basel II,
  • Time horizon
  • Tolerability
  • Tone from the top
  • Toneguzzo, Joe
  • To-Big-To-Fail doctrine
  • Top eleven research reports on ERM
  • Top ten articles on ERM
  • Top ten books on ERM
  • “Top 10” list
  • “Top 10” risk profile—how to prepare
    • step 1: schedule interviews and gather background information
    • step 2: prepare the interview tools
    • step 3: summarize the interview findings
    • step 4: summarize the risk ratings and trends
    • step 5: draft the Top 10 risk profile
    • step 6: review the draft risk profile
    • step 7: communicate the risk profile with the board or board committee
    • step 8: track the results
  • Toronto General Hospital/Universal Health Network
  • Toronto Stock Exchange (TSE)
  • Toronto Stock Exchange Dey Report
  • Total corporate risk: an illustration
  • Total return swaps (TRS)
  • Total Shareholder Return (TSR)
  • Tough spots in risk workshops
    • dominators
    • large groups
    • nonparticipation
  • Trade Confirmation
  • Trade-offs between option strategies and forward strategies
  • Traditional risk management approach
  • Tragedy of the commons (TOTC)
  • Training, director
  • Treatise on Probability, A (Keynes)
  • Trends
  • Troubled Asset Relief Program (TARP)
  • Turkish Airlines
  • Tversky, Amos
  • Twelve key standards for sound financial systems
  • Two-dimensional risk map
  • Tyco

U

  • UBS
  • Underinvestment
  • United Grain Growers (UGG)
  • UnitedHealth Group
  • U.S. capital ratios, overview of
  • U.S. Conference Board
  • Useful literature for the implementation of ERM
  • U.S. Federal Banking Agencies
  • Using a framework to build a strategic risk management mindset

V

  • Value
  • Value-added strategic risk management
  • Value at Risk (VAR)
  • Venue
  • VIX (volatility index)
  • Volatility of market prices
  • Voluntary Retirement Package (VRP)

W

  • Wachovia
  • Walker, Paul L.
  • Wal-Mart
  • Washington Mutual
  • Wellink, Nout
  • West Texas Intermediate Oil versus Brent Crude Oil
  • Whistle-blower protection under SOX
  • Whitecotton, Connie
  • William of Ockham’s razor
  • WIlliams, Professor Cynthia
  • Wood, D.
  • World Bank
  • WorldCom
  • Worldscope
  • Written notes of interviews

Y

  • Y2K bug
  • Yener, Demir
  • Yield to maturity
  • Yule, David
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