Enterprise Risk Management: From Incentives to Controls (Anglais) Relié – 25 mars 2014
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Description du produit
Présentation de l'éditeur
Since the first edition of Enterprise Risk Management: From Incentives to Controls was published a decade ago, much has changed in the worlds of business and finance. That′s why James Lam has returned with a new edition of this essential guide. Written to reflect today′s dynamic market conditions, the Second Edition of Enterprise Risk Management: From Incentives to Controls clearly puts this discipline in perspective.
Engaging and informative, it skillfully examines both the art as well as the science of effective enterprise risk management practices. Along the way, it addresses the key concepts, processes, and tools underlying risk management, and lays out clear strategies to manage what is often a highly complex issue.
- Offers in–depth insights, practical advice, and real–world case studies that explore the various aspects of ERM
- Based on risk management expert James Lam′s thirty years of experience in this field
- Discusses how a company should strive for balance between risk and return
Failure to properly manage risk continues to plague corporations around the world. Don′t let it hurt your organization. Pick up the Second Edition of Enterprise Risk Management: From Incentives to Controls and learn how to meet the enterprise–wide risk management challenge head on, and succeed.
Quatrième de couverture
Praise for Enterprise Risk Management, Second Edition
The concept that it takes a lifetime to build a company but that it takes moments to destroy it is a very valuable mantra for business leaders. The impact of the recent financial crisis brought that perspective into sharp and, for some, painful relief. Companies, however, need to innovate and grow and to take appropriate risks to do so. The joy of James Lam s new book is that it recognizes the need for innovation and growth but also acknowledges in a very practical way the role of the ever–evolving risk framework around that growth. The book offers a credible and implementable nexus between growth and risk control, and as such, will be a highly valued tool for boards and management everywhere.
Rodger A. Lawson, Chairman of the Board of Directors, E∗TRADE Financial, Member of the Board of Directors, UnitedHealth Group, Retired President, Fidelity Investments
All too often, organizations focus on the process of risk management at the expense of incorporating risk management principles into the governance, leadership, and management of their enterprises. James Lam is a long–time leader in risk management and his substantial experience has enabled him to produce a comprehensive and practical guide for anyone committed to creating an organization capable of effectively evaluating risks versus returns.
Matthew R. Feldman, President and Chief Executive Officer, Federal Home Loan Bank of Chicago
A key success factor in any ERM program is practical and effective implementation. In order to provide sustainable, long–term enterprise value, risk management must be integrated into an organization s governance model, business analytics, strategic and tactical decisions, and dashboard reporting. Based on his hands–on experience, James Lam has very clearly outlined and articulated the best practices and implementation requirements for ERM. I highly recommend this book to anyone who is engaged in ERM oversight and implementation.
Paymon Aliabadi, Executive Vice President and Chief Risk Officer, Exelon Corporation
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Commentaires client les plus utiles sur Amazon.com
It had gotten to the point that even if board members and management might have been inclined to continue to hand off their risk-oversight responsibilities, the Sarbanes Oxley Act of 2002 wasn’t going to let them; and their outside auditors, the ones surviving after the vaporization of Arthur Andersen, were insisting that management take accountability so that no more scandals would crop up on their watches. Management was facing a risk-management learning curve and they needed guidance if they were to begin to make informed risk decisions across their organizations.
It was into this environment that James Lam published his book, “Enterprise Risk Management; from Incentives to Controls” and it was a business best seller. It introduced the background and concepts that were wanting for most managers and the boards they answered to. In his book, Lam gave risk a business context, advanced a risk-management framework applied to business and then drilled down into the three principal forms of business risk: credit risk, market risk, and operational risk - all the while supporting his approach with references to real-life examples and case studies.
Among the many valuable insights the author delivered in that first edition was the concept of the risk portfolio in which risks are treated like investments or assets. He showed how a portfolio of risks can recast the perspective and thus the approaches available to management. Grouped into a portfolio, some risks will likely offset each other and minimize aggregate risk, while others will correlate and amplify aggregate risk, and still others will offer opportunities for increased return on investment. The message was simple. Risks can be managed. And further, not all risks are bad because, in business, without risk there is no reward.
In the second edition of his book, James Lam has built on the first edition starting with an expanded index, a bibliography, and an entirely new section, “ERM Implementation”. In the new section he addresses the practical implications of establishing an ERM program, from implementation to management to decision making to reporting, and includes a Risk Assessment Self-Evaluation List to help direct the effort. The new section rounds out the ERM story. Now all the most compelling questions, what should we do and how should we do it, are addressed in a single volume.
But there are numerous other updates in this second edition to consider as well. They include the expansion of chapters, notably those on Line Management, Stakeholder Management, and Operational Risk Management, and the addition of new case studies including Ford and Airbus and Boeing. Furthermore, I can’t think of anywhere else you will find a better explanation of risk appetite, a term frequently employed by ERM practitioners but rarely if ever adequately explained. And that is not to overlook the inclusion of one of the best explanatory definitions of risk and enterprise risk management that you will find (see page 53).
To my mind, “Enterprise Risk Management; from Incentives to Controls” remains the single best source of information for managers on every level and for board members contemplating risk management on an enterprise-wide scale. Up until the 21st century, risk might have been left to the finance department or managed heuristically, but the collapse in 2001 and 2002 of high-profile businesses that stood at the time for a new age of innovation led to demands for new accountability.
The first edition of James Lam’s book arrived with impeccable timing and helped to lay the groundwork for risk management as a business practice, and the second edition has improved on the first. It is not a theoretical book. With its timely updates and additions and a new section on implementation, this book has made risk and risk management something that can be assimilated and practiced in any business in any industry worldwide.
As a risk management executive in the finance industry with 10+ years of experience, I truly appreciate the accessibleness, depth, and comprehensiveness of this book. James Lam is the renowned first ever Chief Risk Officer and a visionary leader in the industry. After reading the book several times, I really appreciate the insightfulness and the wisdom distilled from life-long experiences of one of the best practitioners in the field.
I started my career on “science” side of enterprise risk management, such as pricing financial derivatives, modeling consumer behavior, etc. As I rose from silo-based quantitative risk management to general enterprise-wide risk management, this book (1st Edition) offered a priceless introduction to the area of risk integration and aggregation, the impact of corporate risk management culture, etc. Over the last few years, I’ve become more appreciative of the “art” side of risk management discussed in the book. Even extremely experienced executives in the risk management field can still receive great benefit and insights by reading it.
In summary, this is a must read for anyone who is interested in enterprise risk management, from MBA students to quantitative analysts to experienced corporate executives.