Enterprise Risk Management

DedicationAuthor Biographies 1: Philip E. J. Green2: John Roberts, M.Eng., P.Eng., and Dr. Frank Frantisak3: Gaston Lafontaine, P.Eng.4: Mike Fontaine5: Steve Osselton and Emily Heuts6: Nick Wildgoose, B.A. (Hons), FCA, FCIPS7: Kevvie Fowler8: Jonathan Copulsky and Chuck Saia9: Mitch Albinski10: Steven Miller, Ph.D., CPCU, ARM11: Sibt-ul-Hasnain Kazmi, M.A., FRM12: Greg Niehaus13: Oliver Davidson, Patricia Mackenzie, Mike Wilkinson, and Ron Burke14: Peter Whyntie15: Elizabeth Stephens16: Michael E. Raynor1. Introduction to Risk Management Principles What is Risk?Risk ContextRisk AssessmentRisk TreatmentRisk Monitoring and ReviewReasoning about Probability, Uncertainty, and LikelihoodStructure of this BookPart I: Physical Risk Management 2. Environmental Risk Environmental Risks—the Social DimensionEnvironmental Risk—the Legal DimensionTypes of Environmental RisksIdentifying Environmental RisksEnvironmental Risk Management: The Noranda Model—and BeyondApprovals for Large Industrial Projects: The Environmental RisksWho Does What?3. Health and Safety Risk Management: Perspective of a Petroleum Refinery Manager Effects of Health and Safety on OrganizationsSafety CultureRisk Assessment—Cornerstone of the ProgramRisk TreatmentRisk Monitoring and ReviewCurrent Trends in Health and Safety Risk Management4. Project Risk Management BackgroundTypes of Risks in ProjectsManaging Risks during the Project Life CycleManaging the Risk of Being Late and Exceeding Budget5. Operational Risk: Building a Resilient Organization Operational Risk—ContextAlignment Around Risk CommunicationThe Elements of Operational Risk ResilienceOperational Risk Resilience Model6. Supply Chain Risk Management Supply Chain Risk Management for the Business Line ManagerRisk AssessmentRisk Monitoring and ReviewEmerging Risks in Supply ChainsThe Benefits of Improving Supply Chain Risk ManagementPart II: Intangible Risk 7. Cybersecurity Cyber Risk Management OverviewRisk AssessmentRisk TreatmentRisk Monitoring and Review8. Brand Risk Why Brands MatterThe Importance of TrustWho Owns Brand Risk Management?The High-Speed Landscape of Brand RiskHow Counterinsurgency Theory May Help Us Manage Brand RiskKey Takeaways9. Human Capital Risk: The Threat from Inside Nasty Events Can Happen: Source of Human Capital RiskManaging Human Capital RiskConclusion: An Integrated Approach to Managing Malicious Human Capital RisksFurther ReadingPart III: Financial Risk Management 10. An Aggregated Approach to Risk Analysis: Risk Portfolios The Challenges of the Traditional “Siloed” Approach to Risk AnalysisThe Benefits of an Aggregated (Risk Portfolio) Approach to Risk AnalysisOperationalizing a Risk PortfolioRisks Associated with Implementing a Risk PortfolioMaking a Decision to Implement a Risk Portfolio11. Managing Common Financial Risks Types of Financial RiskFinancial Risk Mitigation Strategies12. The Role of Insurance in Enterprise Risk Management Risk and ValueThe Supply of InsuranceDemand for Insurance by Public CompaniesInteraction between Mitigation and InsuranceSummary Questions to AskPart IV: Global and Strategic Risk 13. Risk Culture Risk Culture and Organizational CultureRisk Culture in Financial ServicesSafety CultureMeasuring Risk CultureManaging Risk CultureRewards and Performance ManagementIncentives Create Rather than Control RiskRisk IdentificationRisk AnalysisRisk PrioritizationActions to Treat Incentive RiskConclusions14. The Role of the Board of Directors in Risk Management Directors Govern, Managers ManageProviding Leadership and Affecting Risk CultureStructuring Boards to Govern Risk ManagementThe Information on Which Boards RelyDemands on Directors from Stakeholders and LitigationConclusion15. Political Risk The Arab SpringIdentifying Sources of Political RiskPolitical Risk AssessmentMitigating Political Risk16. Strategic Risk: The Risks “of” and “to” a Strategy: The Case of Blockbuster and the Need for Strategic Flexibility Tradeoffs and the Risks of a StrategyInnovation and the Risks to a StrategyAssessing Strategic RisksStrategy, Innovation, and FlexibilityIndex