Enterprise Risk Management in Today's World Enterprise-Wide Risk Management and Strategy

• Main Authors: Louisot, Jean-Paul, Grima, Simon
• Format: eBook
• Language: English
• Published: Leeds Emerald Publishing Limited 2024
• Edition: 1
• Subjects: Risk management

Enterprise Risk Management in Today's Worldexamines enterprise risk management in its past, present and future, exploring the role that directors and leaders in organizations have in devising risk management strategies, analysing values such as trust, resilience, CSR and governance within organ...

Table of Contents:

• 8.5.1. How to Capitalise on Synergies Between RM, Security, and Economic Intelligence? -- 8.5.2. Uncertainty and Risk Revisited -- 8.6. Risk Universe and the Regulatory Turmoil -- 8.7. Constantly Evolving Risk Universe and the Need to Anticipate -- 8.8. Change Fatigue - A Risk to Be Managed -- Chapter 9: Risk Management Projects and Change -- 9.1. The GRC Triangle (Governance/Risk Management/Compliance) -- 9.2. The Contribution of the ISO 31000:2018 Standard and Its Implications for ERM -- 9.3. Strategy and Risk Management in a Complex and Fast-Evolving World -- 9.4. EI as an Engine to Bridge Security and Risk Management -- 9.5. A Market to Meet Actors' Expectations -- 9.6. Security Management, Risk Management, Compliance, and Value Creation -- 9.7. From GRC to SRC: Strategy, Risk Management, and Change -- 9.8. Putting the Fun Back into Risk -- 9.8.1. A Rapidly Changing World -- 9.8.2. Beyond a Tick-Box Exercise -- Chapter 10: Conclusion and Perspectives -- Appendix 1: Exposure Identification and Risk Assessment -- Introduction -- How Can One Effectively Navigate and Address Uncertainties in Order to Effectively Manage in a Dynamic and Evolving World, Considering Both Potential Risks and Potential Advantages? -- A Definition of the Term 'Risk' -- Which Resources are Under Jeopardy? -- The Space of Exposures -- How to Manage Risks Caused by Partners' Resources? -- Are There 'Free' Resources? -- What Are the Perils? -- Defining an Efficient Taxonomy for Perils and Hazards -- Why Must Risk-Management Objectives Be Defined? -- Post-Event Objectives (Continuity of Operations) -- Pre-Event Objectives -- Other Possible Secondary Objectives -- Managing Risks or Containing the Cost of Risk: Is It the Same Objective? -- How to Conduct a Diagnosis of Exposures? -- How to Analyse and Assess Risks? -- Of Risk Centres and How to Use Them for Risk Assessment?
• 5.4. Analysing and Evaluating Risks to Prioritise Critical Risks (Exposure Diagnostic or Risk Assessment) -- 5.5. Treating Critical Risk Integrating Priorities (Risk Treatment) -- 5.6. Monitoring Critical Risk (Monitoring and Review) -- 5.7. Emerging Legal and Regulatory Issues Concerning ERM -- Chapter 6: Contrasting Traditional Risk Management (TRM) and Enterprise-wide Risk Management (ERM) -- 6.1. Considering Risk Taxonomy -- 6.2. Integration in the Strategy Development Process -- 6.3. Metrics to Measure Performances -- 6.4. Organisational Framework -- 6.5. Risk Management and the Management of Change -- 6.6. Managing Risk to Reputation and the Case of the Insurance Sector -- 6.6.1. Is There a Consensus on What Constitutes Reputation? -- 6.6.2. Is Reputation Essential in the Financial Sector? -- 6.6.3. The Findings of a Survey on Reputation and ERM -- 6.6.4. Reputation Essential to Sustainable Development -- 6.6.5. Insured Search for Reputation Loss Coverage Presents Innovative Insurers With an Opportunity -- 6.6.6. Innovation Needed to Boost Insurers' Profits -- Chapter 7: The Management of Risk and the Management of Change -- 7.1. Contrasting RM Objectives and Change Management Objectives -- 7.2. RM Evolution and Explosion and Change Management -- 7.3. Differing Visions of Resilience: The Substance of the Debate -- 7.3.1. Resilience and Standards -- 7.3.2. Engineering Versus Ecological Resilience -- 7.3.3. Risks and Resilience -- 7.4. The Appropriate Response to Disturbance Levels -- Chapter 8: Emerging Risk Management Issues -- 8.1. Economic Crisis and RM -- 8.2. Structural Issue for RM? -- 8.3. From Three Lines of Defence to Five Lines of Assurance -- 8.4. Integrating Quantitative Risk Analysis (QRA) in All the Organisation's Processes -- 8.5. Optimising the Organisation's Performance in an Uncertain Future
• Risk Map or Risk Matrix: What For? -- Risk Matrix, a Permanent Process -- Why Does It Make Sense to Invest in Business Analytics? -- Assistance to Decision-Making -- Reducing Uncertainties -- Improving Management Efficiency -- Enhancing Communication -- Appendix 2: ERM and Complexity -- Recognising Complexity in Risk Management: The Challenge of the Improbable -- Limitations of the Current Paradigm -- The Total Predetermination Fallacy -- Increasing Complexity Creates Challenges for Risk Management -- Reduce - and Redirect - Complexity -- Project Complexity and Risk Management -- The Cost of Complexity -- Complexity Learning Process -- The Challenges of Complexity Learning -- Ways to Meet the Challenges of Complexity Learning -- Coping with Complexity, Uncertainty and Ambiguity in Risk Governance: A Synthesis -- Appendix 3: Managing Cognitive Risk -- A Contextual Model of a Cognitive Risk Management Framework Within ERM Is Required -- The Contextual Model of a Cognitive Risk Management Framework with Five Pillars -- Cognitive Risk Detection, Cognitive Ability, and Risk Aversion -- Fuzzy Logic Cognitive Maps in Systems Risk Analysis -- Where Does Risk Management Go in the Age of Cognitive Science and Cindynics? -- Appendix 4: Brief Overview of the Cindynics -- 1. Basic Concepts -- 2. Dysfunctions -- 3. General Principles and Axioms -- 4. Perspectives -- 5. Applying the Cindynic Approach to the COVID-19 Pandemic -- Glossary (Essential Concepts in Risk Management) -- Bibliography -- Further Reading -- Index
• Intro -- Half Title Page -- Series Editor Page -- Title Page -- Copyright Page -- Epigraph -- Contents -- List of Figures and Tables -- About the Author -- About the Editor -- Preface: Context for Linking ERM and Strategy -- Introduction: Risk-Management in a Pandemic and Post-Pandemic World -- Domino Effect -- A Global Impact -- Chapter 1: Risk Management and Uncertainty -- 1.1. Survey of the Literature on Managing Uncertainty -- 1.2. Managing Uncertainty Through a Continuous Strategic Process -- 1.3. Decision-Making in an Uncertain Future -- Chapter 2: Managing Strategic Risk or Strategic Management of Risk -- 2.1. Risk Perception and Risk Appetite -- 2.2. A Short History of RM -- 2.3. ESG -- Chapter 3: The Fundamentals in Risk Management -- 3.1. RM Strategy: Setting Objectives for the Management of Risk -- 3.2. The RM Process Revisited -- 3.3. The Role and Importance of Business Intelligence -- 3.4. Local Authorities' Specificity: From RM to Good Governance -- Chapter 4: ERM: An Efficient Approach to the Management of Uncertainties -- 4.1. Improving the Decision-Making Process -- 4.1.1. Improving Performance (Maximising Profits or Economic Efficiency) -- 4.1.2. Reducing Volatility -- 4.1.3. Enhancing the Capacity to Meet Strategic Goals and Objectives -- 4.1.4. Strengthening the Leaders' and All Managers' Accountability -- 4.2. Improving Communication on Risk -- 4.3. The Managerial Consensus and the Risk Committee -- 4.4. The Definition and Function of Key Risk Indicators (KRIs) -- 4.5. Stakeholders' Involvement and Consent -- Chapter 5: Improving Risk Management Processes Through ERM -- 5.1. Improving Strategic Decision-Making Processes -- 5.2. Integrating ERM into the Strategy Development Process -- 5.3. Developing ERM Objectives (Establish Internal and External Context)