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Fundamentals of risk management : understanding, evaluating, and implementing effective risk management

Author: Paul Hopkin
Publisher: London ; Philadelphia : Kogan Page, ©2010.
Edition/Format:   Print book : EnglishView all editions and formats
Summary:
This text provides a comprehensive introduction to the subject of commercial and business risk. Suitable for a broad range of risk professionals, the book examines the key principles of risk management and how to apply them.
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Document Type: Book
All Authors / Contributors: Paul Hopkin
ISBN: 9780749459420 0749459425 9780749459437 0749459433
OCLC Number: 461896779
Notes: Includes indexes.
Description: xxv, 357 pages : illustrations ; 25 cm
Contents: Machine generated contents note: pt. 1 Introduction to risk management --
Learning outcomes for Part 1 --
pt. 1 Further reading --
1. Approaches to defining risk --
Definitions of risk --
Types of risks --
Risk description --
Inherent level of risk --
Risk classification systems --
Risk likelihood and magnitude --
2. Impact of risk on organizations --
Risk importance --
Impact of hazard risks --
Attachment of risks --
Risk and reward --
Risk and uncertainty --
Attitudes to risk --
3. Types of risks --
Timescale of risk impact --
Hazard, control and opportunity risks --
Hazard tolerance --
Management of hazard risks --
Uncertainty acceptance --
Opportunity investment --
4. Development of risk management --
Origins of risk management --
Insurance origins of risk management --
Specialist areas of risk management --
Enterprise risk management --
Levels of risk management sophistication --
Risk maturity models --
5. Principles and aims of risk management --
Principles of risk management --
Importance of risk management --
Risk management activities --
Efficient, effective and efficacious --
Perspectives of risk management --
Implementing risk management --
6. Risk management standards --
Scope of risk management standards --
Risk management process --
Risk management framework --
COSO ERM cube --
Features of RM standards --
Control environment approach --
Case study: Barclays Bank --
risk management objectives --
pt. 2 Risk strategy --
Learning outcomes for Part 2 --
pt. 2 Further reading --
7. Risk management policy --
Risk architecture, strategy and protocols --
Risk management policy --
Risk management architecture --
Risk management strategy --
Risk management protocols --
Risk management guidelines --
8. Risk management documentation --
Record of risk management activities --
Risk response and improvement plans --
Event reports and recommendations --
Risk performance and certification reports --
Designing a risk register --
Using a risk register --
9. Risk management responsibilities --
Allocation of responsibilities --
Risk management and internal audit --
Range of responsibilities --
Statutory responsibilities of management --
Role of the risk manager --
Chief risk officer (CRO) --
10. Risk architecture and structure --
Risk architecture --
Corporate structure --
Risk committees --
Risk communications --
Risk maturity --
Alignment of activities --
11. Risk-aware culture --
Styles of risk management --
Defining risk culture --
Components of a risk-aware culture --
Measuring risk culture --
Risk culture and risk strategy --
Establishing the context --
12. Risk training and communication --
Risk training and risk culture --
Risk information and communication --
Shared risk vocabulary --
Risk information on an intranet --
Risk management information systems (RMIS) --
Consistent response to risk --
Case study: Tesco --
risk management responsibilities --
pt. 3 Risk assessment --
Learning outcomes for Part 3 --
pt. 3 Further reading --
13. Risk assessment considerations --
Importance of risk assessment --
Approaches to risk assessment --
Risk assessment techniques --
Risk matrix --
Risk perception --
Risk appetite --
14. Risk classification systems --
Short, medium and long-term risks --
Purpose of risk classification systems --
Examples of risk classification systems --
Firm risk scorecard --
Pestle risk classification system --
Hazard, control and opportunity risks --
15. Risk likelihood and impact --
Application of a risk matrix --
Inherent and current level of risk --
Control confidence --
4Ts of risk response --
Risk significance --
Risk capacity --
16. Loss control --
Risk likelihood --
Risk magnitude --
Hazard risks --
Loss prevention --
Damage limitation --
Cost containment --
17. Defining the upside of risk --
Upside of risk --
Opportunity assessment --
Riskiness index --
Upside in strategy --
Upside in projects --
Upside in operations --
18. Business continuity planning --
Importance of BCP and DRP --
Business continuity standards --
Successful BCP and DRP --
Business impact analysis (BIA) --
BCP and ERM --
Civil emergencies --
Case study: Invensys --
risks and uncertainties --
pt. 4 Risk and organizations --
Learning outcomes for Part 4 --
pt. 4 Further reading --
19. Corporate governance model --
Corporate governance --
OECD principles of corporate governance --
LSE corporate governance framework --
Corporate governance for a bank --
Corporate governance for a government agency --
Evaluation of board performance --
20. Stakeholder expectations --
Range of stakeholders --
Stakeholder dialogue --
Stakeholders and core processes --
Stakeholders and strategy --
Stakeholders and tactics --
Stakeholders and operations --
21. Analysis of the business model --
Simplified business model --
Core business processes --
Efficacious strategy --
Effective processes --
Efficient operations --
Reporting performance --
22. Project risk management --
Introduction to project risk management --
Development of project risk management --
Uncertainty in projects --
Project life cycle --
Opportunity in projects --
Project risk analysis and management --
23. Operational risk management --
Operational risk --
Definition of operational risk --
Basel II --
Measurement of operational risk --
Difficulties of measurement --
Developments in operational risk --
24. Supply chain management --
Importance of the supply chain --
Scope of the supply chain --
Strategic partnerships --
Joint ventures --
Outsourcing of operations --
Risk and contracts --
Case study. Hercules Incorporated --
outsourcing logistics --
pt. 5 Risk response --
Learning outcomes for Part 5 --
pt. 5 Further reading --
25. Enterprise risk management --
Enterprise-wide approach --
Definitions of ERM --
ERM in practice --
ERM and business continuity --
ERM in energy and finance --
Future development of ERM --
26. Importance of risk appetite --
Risk capacity --
Risk exposure --
Nature of risk appetite --
Cost of risk controls --
Risk management and uncertainty --
Risk appetite and lifestyle decisions --
27. Tolerate, treat, transfer and terminate --
4Ts of hazard response --
Risk tolerance --
Risk treatment --
Risk transfer --
Risk termination --
Project and strategic risk response --
28. Risk control techniques --
Hazard risk zones --
Types of controls --
Preventive controls --
Corrective controls --
Directive controls --
Detective controls --
29. Control of selected hazard risks --
Risk control --
Control of financial risks --
Control of infrastructure risks --
Control of reputational risks --
Control of marketplace risks --
Learning from controls --
30. Insurance and risk transfer --
Importance of insurance --
History of insurance --
Types of insurance cover --
Evaluation of insurance needs --
Purchase of insurance --
Captive insurance companies --
Case study: Intercontinental Hotels Group --
loss-control strategy --
pt. 6 Risk assurance and reporting --
Learning outcomes for Part 6 --
pt. 6 Further reading --
31. Evaluation of the control environment --
Nature of internal control --
Purpose of internal control --
Control environment --
Features of the control environment --
CoCo framework of internal control --
Risk-aware culture --
32. Activities of the internal audit function --
Scope of internal audit --
Financial assertions --
Risk management and internal audit --
Risk management outputs --
Role of internal audit --
Management responsibilities --
33. Risk assurance techniques --
Audit committees --
Role of risk management --
Risk assurance --
Hazard, control and opportunity risks --
Control risk self-assessment --
Benefits of risk assurance --
34. Reporting on risk management --
Risk documentation --
Sarbanes-Oxley Act of 2002 --
Risk reports by US companies --
Charities risk reporting --
Public sector risk reporting --
Government Report on National Security --
35. Corporate social responsibility --
CSR and corporate governance --
CSR and risk management --
CSR and reputational risk --
CSR and stakeholder expectations --
Supply chain and ethical trading --
CSR reporting --
36. Future of risk management --
Review of benefits of risk management --
Steps to successful risk management --
Changing race of risk management --
Concept of risk appetite --
Concept of upside of risk --
Future developments --
Case study: BP-risk reporting.
Responsibility: Paul Hopkin.

Abstract:

Fundamentals of Risk Management is a comprehensive introduction to the theory and application of commercial and business risk. It includes guidance on hazard, uncertainly and opportunity risk.  Read more...

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"This is the first edition of what will no doubt become a seminal text for anyone involved in the role of corporate risk management. It is truly comprehensive, with a careful explanation of risk Read more...

 
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