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Implementing Enterprise Risk Management
Case Studies and Best Practices
John R. S. Fraser (Author), Betty Simkins (Author), Kristina Narvaez (Author)
9781118691960, Wiley
Hardback, published 23 December 2014
688 pages
25.9 x 18.5 x 4.1 cm, 1.383 kg
Overcome ERM implementation challenges by taking cues from leading global organizations Implementing Enterprise Risk Management is a practical guide to establishing an effective ERM system by applying best practices at a granular level. Case studies of leading organizations including Mars, Statoil, LEGO, British Columbia Lottery Corporation, and Astro illustrate the real-world implementation of ERM on a macro level, while also addressing how ERM informs the response to specific incidents. Readers will learn how top companies are effectively constructing ERM systems to positively drive financial growth and manage operational and outside risk factors. By addressing the challenges of adopting ERM in large organizations with different functioning silos and well-established processes, this guide provides expert insight into fitting the new framework into cultures resistant to change. Enterprise risk management covers accidental losses as well as financial, strategic, operational, and other risks. Recent economic and financial market volatility has fueled a heightened interest in ERM, and regulators and investors have begun to scrutinize companies' risk-management policies and procedures. Implementing Enterprise Risk Management provides clear, demonstrative instruction on establishing a strong, effective system. Readers will learn to: ERM is a complex endeavor, requiring expert planning, organization, and leadership, with the goal of steering a company's activities in a direction that minimizes the effects of risk on financial value and performance. Corporate boards are increasingly required to review and report on the adequacy of ERM in the organizations they administer, and Implementing Enterprise Risk Management offers operative guidance for creating a program that will pass muster.
Foreword xiii 1 Enterprise Risk Management Case Studies: An Introduction and Overview 1 Part I Overview and Insights for Teaching ERM 17 2 An Innovative Method to Teaching Enterprise Risk Management: A Learner-Centered Teaching Approach 19 Part II ERM Implementation at Leading Organizations 37 3 ERM at Mars, Incorporated: ERM for Strategy and Operations 39 4 Value and Risk: Enterprise Risk Management at Statoil 59 5 ERM in Practice at the University of California Health System 75 6 Strategic Risk Management at the LEGO Group: Integrating Strategy and Risk Management 93 7 Turning the Organizational Pyramid Upside Down: Ten Years of Evolution in Enterprise Risk Management at United Grain Growers 107 8 Housing Association Case Study of ERM in a Changing Marketplace 119 9 Lessons from the Academy: ERM Implementation in the University Setting 143 10 Developing Accountability in Risk Management: The British Columbia Lottery Corporation Case Study 179 11 Starting from Scratch: The Evolution of ERM at the Workers’ Compensation Fund 207 12 Measuring Performance at Intuit: A Value-Added Component in ERM Programs 227 13 TD Bank’s Approach to an Enterprise Risk Management Program 241 Part III Linking ERM to Strategy and Strategic Risk Management 251 14 A Strategic Approach to Enterprise Risk Management at Zurich Insurance Group 253 15 Embedding ERM into Strategic Planning at the City of Edmonton 281 16 Leveraging ERM to Practice Strategic Risk Management 305 Part IV Specialized Aspects of Risk Management 319 17 Developing a Strategic Risk Plan for the Hope City Police Service 321 18 Blue Wood Chocolates 335 19 Kilgore Custom Milling 363 20 Implementing Risk Management within Middle Eastern Oil and Gas Companies 377 21 The Role of Root Cause Analysis in Public Safety ERM Programs 397 22 JAA Inc.—A Case Study in Creating Value from Uncertainty: Best Practices in Managing Risk 427 23 Control Complacency: Rogue Trading at Société Générale 461 24 The Role of VaR in Enterprise Risk Management: Calculating Value at Risk for Portfolios Held by the Vane Mallory Investment Bank 489 25 Uses of Efficient Frontier Analysis in Strategic Risk Management: A Technical Examination 501 Part V Mini-Cases on ERM and Risk 523 26 Bim Consultants Inc. 525 27 Nerds Galore 529 28 The Reluctant General Counsel 535 29 Transforming Risk Management at Akawini Copper 539 30 Alleged Corruption at Chessfield: Corporate Governance and the Risk Oversight Role of the Board of Directors 547 31 Operational Risk Management Case Study: Bon Boulangerie 555 Part VI Other Case Studies 559 32 Constructive Dialogue and ERM: Lessons from the Financial Crisis 561 33 Challenges and Obstacles of ERM Implementation in Poland 577 34 Turning Crisis into Opportunity: Building an ERM Program at GeneralMotors 607 35 ERM at Malaysia’s Media Company Astro: Quickly Implementing ERM and Using It to Assess the Risk-Adjusted Performance of a Portfolio of Acquired Foreign Companies 623 About the Editors 649 Index 651
John R.S. Fraser, Betty J. Simkins, and Kristina Narvaez
David R. Lange and Betty J. Simkins
Larry Warner
Alf Alviniussen and Håkan Jankensgård
Grace Crickette
Mark L. Frigo and Hans Læssøe
John Bugalla
John Hargreaves
Anne E. Lundquist
Jacquetta C. M. Goy
Dan M. Hair
Janet Nasburg
Paul Cunha and Kristina Narvaez
Linda Conrad and Kristina Narvaez
Ken Baker
John Bugalla and James Kallman
Andrew Graham
Stephen McPhie and Rick Nason
Rick Nason and Stephen McPhie
Alexander Larsen
Andrew Bent
Julian du Plessis, Arnold Schanfield, and Alpaslan Menevse
Steve Lindo
Allissa A. Lee and Betty J. Simkins
Ward Ching and Loren Nickel
John R.S. Fraser
Rob Quail
Norman D. Marks
Grant Purdy
Richard Leblanc
Diana Del Bel Belluz
Thomas H. Stanton
Zbigniew Krysiak and Stawomir Pijanowski
Marc S. Robinson, Lisa M. Smith, and Brian D. Thelen
Patrick Adam K. Abdullah and Ghislain Giroux Dufort
Subject Areas: Finance & accounting [KF]
