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9780470617472

Surviving and Thriving in Uncertainty : Creating the Risk Intelligent Enterprise

by ;
  • ISBN13:

    9780470617472

  • ISBN10:

    0470617470

  • Format: eBook
  • Copyright: 2010-06-01
  • Publisher: Wiley
  • Purchase Benefits
List Price: $34.95
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Summary

A new book to help senior executives and boards get smart about risk managementThe ability of businesses to survive and thrive often requires unconventional thinking and calculated risk taking. The key is to make the right decisions-even under the most risky, uncertain, and turbulent conditions.In the new book, Surviving and Thriving in Uncertainty: Creating the Risk Intelligent Enterprise, authors Rick Funston and Steve Wagner suggest that effective risk taking is needed in order to innovate, stay competitive, and drive value creation.Based on their combined decades of experience as practitioners, consultants, and advisors to numerous business professionals throughout the world, Funston and Wagner discuss the adoption of 10 essential and practical skills, which will improve agility, resilience, and realize benefits:Challenging basic business assumptions can help identify "Black Swans" and provide first-mover advantageDefining the corporate risk appetite and risk tolerances can help reduce the risk of ruin. Anticipating potential causes of failure can improve chances of survival and success through improved preparedness. Factoring in velocity and momentum can improve speed of response and recovery. Verifying sources and the reliability of information can improve insights for decision making and thus decision quality. Taking a longer-term perspective can aid in identifying the potential unintended consequences of short-term decisions.

Table of Contents

Acknowledgments
Foreword
Preface
Introduction
Conventional Risk Management
A Risk Intelligent Approach
The Approach of This Book
The Structure of This Book
When Risks Become Brutal Realities
To Survive and Thrive: A Matter of Judgment
The Revolving Door to the Corner Office
Barriers to Board Effectiveness
The Imperatives of the Enterprise
Conventional Risk Management Has Failed
What Goes Up Must Come Down
The Evolution of Finance, Market, and Risk Management Theory
Taking a (Random) Walk
An Unconventional Approach to Risk Management
Calculated Risk Taking Creates Value
Calculated Risk Taking and Risk Aversion
Risk Intelligence: An Unconventional Approach
Ten Essential Risk Intelligence Skills
Check Your Assumptions at the Door
Failing to Challenge Your Assumptions
Check Your Assumptions at the Door
Maintain Constant Vigilance
Lack of Vigilance
Maintain Constant Vigilance
Factor in Velocity and Momentum
Failure to Consider Velocity and Momentum
Factor in Velocity and Momentum
Manage the Key Connections
Failure to Make Key Connections and Manage Complexity
Manage Your Key Connections
Anticipate Causes of Failure
Failure to Anticipate Failure
Anticipate Causes of Failure
Verify Sources and Corroborate Information
Failure to Verify Sources and Corroborate Information
Verify Sources and Corroborate Information
Maintain a Margin of Safety
Failing to Maintain a Margin of Safety
Maintain a Margin of Safety
Set Your Enterprise Time Horizons
Short-Termism
Set Your Enterprise Time Horizons
Take Enough of the Right Risks
Failure to Take Enough of the Right Risks
Taking Enough of the Right Risks
Sustain Operational Discipline
Case Example: The U.S. Submarine Force
Lack of Operational Discipline
Develop and Sustain Operational Discipline
Creating The Risk Intelligent Enterprise
Risk Intelligence Is Free
A Closer Look at Costs
The Rewards of Risk Intelligence
Risk Intelligent Governance
The Risk Intelligent Board
Committees of the Board and Risk Intelligence
Where Does Risk Oversight End and Risk Management Begin?
Risk Intelligent Enterprise Management
ERM and Risk Intelligence
Developing Risk Intelligent Enterprise Management
Act as One
A New Way of Doing Business
The Way Forward: Creating the Risk Intelligent Enterprise
The Benefits of Improved Risk Intelligence
What's Your Enterprise Risk IQ?
Making the Transformation
Conclusion
Notes
About the Authors
Index
Table of Contents provided by Publisher. All Rights Reserved.

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