Corporate Value of Enterprise Risk Management : The Next Step in Business Management

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  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2011-03-08
  • Publisher: Wiley
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The ultimate guide to maximizing shareholder value through ERMThe first book to introduce an emerging approach synthesizing ERM and value-based management, Corporate Value of Enterprise Risk Management clarifies ERM as a strategic business management approach that enhances strategic planning and other decision-making processes. A hot topic in the wake of a series of corporate scandals as well as the financial crisis Looks at ERM as a way to deliver on the promise of balancing risk and return A practical guide for corporate Chief Risk Officers (CROs) and other business professionals seeking to successfully implement ERMERM is here to stay. Sharing his unique insights and experiences as a recognized global thought leader in this field, author Sim Segal offers world-class guidance on how your business can successfully implement ERM to protect and increase shareholder value.

Author Biography

SIM SEGAL, FSA, CERA, is President and founder of SimErgy Consulting, which provides ERM consulting services and executive education seminars. With twenty-five years of experience in measuring and managing risk, Segal is a globally recognized ERM thought leader with experience in a variety of industry sectors, such as manufacturing, energy, entertainment, technology, services, telecommunications, banking, insurance, non-profit organizations, and government bodies. Prior to SimErgy, he led ERM consulting practices at Deloitte Consulting, Aon, and Towers Watson. Segal also serves as an adjunct professor at Columbia Business School, where he teaches an MBA/EMBA course on ERM. He has also led and co authored ERM research studies.

Table of Contents

Forewordp. ix
Prefacep. xi
Acknowledgmentsp. xix
Basic ERM Infrastructure
Introductionp. 3
Evolution of ERMp. 4
Basel Accordsp. 4
September 11thp. 5
Corporate Accounting Fraudp. 7
Hurricane Katrinap. 9
Rating Agency Scrutinyp. 10
Financial Crisisp. 11
Rare Eventsp. 13
Long-Term Trendsp. 14
Challenges to ERMp. 15
Summaryp. 16
Notesp. 16
Defining ERMp. 18
Definition of Riskp. 18
Definition of ERMp. 24
Summaryp. 58
Notesp. 59
ERM Frameworkp. 61
Value-Based ERM Frameworkp. 63
Challenges of Traditional ERM Frameworksp. 63
Value-Based ERM Frameworkp. 65
Overcoming the Challenges by Using a Value-Based ERM Frameworkp. 83
Summaryp. 109
Notesp. 110
ERM Process Cycle
Risk Identificationp. 113
Components of Risk Identificationp. 113
Five Keys to Successful Risk Identificationp. 114
Risk Categorization and Definitionp. 114
Qualitative Risk Assessmentp. 129
Emerging Risk Identificationp. 153
Killer Risksp. 155
Summaryp. 166
Notesp. 167
Risk Quantificationp. 168
Practical Modelingp. 169
Components of Risk Quantificationp. 174
Calculate Baseline Company Valuep. 174
Quantify Individual Risk Exposuresp. 185
Quantify Enterprise Risk Exposurep. 207
Summaryp. 223
Notesp. 224
Risk Decision Makingp. 226
Defining Risk Appetite and Risk Limitsp. 227
Integrating ERM into Decision Makingp. 239
Summaryp. 269
Notesp. 270
Risk Messagingp. 271
Internal Risk Messagingp. 271
External Risk Messagingp. 280
Summaryp. 292
Notesp. 293
Risk Governance and Other Topics
Risk Governancep. 297
Focusing on Common Themesp. 298
Components of Risk Governancep. 298
Roles and Responsibilitiesp. 298
Organizational Structurep. 319
Policies and Proceduresp. 325
Summaryp. 327
Notesp. 327
Financial Crisis Case Studyp. 329
Summary of the Financial Crisisp. 330
Evaluating Bank Risk Management Practicesp. 332
Summaryp. 342
Notesp. 343
ERM for Non-Corporate Entitiesp. 344
Generalizing the Value-Based ERM Approachp. 344
Complexities of Objectives-Based ERMp. 350
Examples of NCEsp. 351
Summaryp. 369
Conclusionp. 369
Notesp. 369
Glossaryp. 371
About the Authorp. 389
Indexp. 391
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