Implementing Enterprise Risk Management by Fraser, John -- Read -- Imperial Library of Trantor

Index

Cover Implementing Enterprise Risk Management Series Title Page Copyright Dedication Foreword Chapter 1: Enterprise Risk Management Case Studies: An Introduction and Overview

The Evolution of Enterprise Risk Management Why the Need for a Book with ERM Case Studies? Summary of the Book Chapters Part I: Overview and Insights for Teaching ERM Part II: ERM Implementation at Leading Organizations Part III: Linking ERM to Strategy and Strategic Risk Management Part IV: Specialized Aspects of Risk Management Part V: Mini-Cases on ERM and Risk Part VI: Other Case Studies Conclusion Notes References About the Editors

Part I: Overview and Insights for Teaching ERM

Chapter 2: An Innovative Method to Teaching Enterprise Risk Management: A Learner-Centered Teaching Approach

Learner-Centered Teaching: The WHY Five Key Changes to Practice the WHAT Conclusion Questions Appendix: LCT ERM Examples from the HOW References About the Contributors

Part II: ERM Implementation at Leading Organizations

Chapter 3: ERM at Mars, Incorporated: ERM for Strategy and Operations

Mars' ERM History Phase 2—Success Global Rollout Reporting 2007 Operating Plan Workshops Technology Aggregation Template Evolution Special Situations Major Acquisition Conclusion Questions Note About the Contributor

Chapter 4: Value and Risk: Enterprise Risk Management at Statoil

ERM at Statoil: A Brief History ERM Foundations ERM Processes in Statoil Today Optimizing Total Risk Total Risk Optimization: Lessons Learned Risk Aggregation The Frontiers Conclusion Questions Notes References About the Contributors

Chapter 5: ERM in Practice at the University of California Health System

The Enterprise Risk Management Program Premium Rebate Program Erm and the Center for Health Quality and Innovation Protected Health Information Value Estimator (PHIve) Questions Notes About the Contributor

Chapter 6: Strategic Risk Management at the LEGO Group: Integrating Strategy and Risk Management

About the LEGO Group The LEGO Group Strategy LEGO Strategic Risk Management Enterprise Risk Management (Step 1) Monte Carlo Simulation (Step 2) AROP: Active Risk Assessment of Business Projects (Step 3) Preparing for Uncertainty: Defining and Testing Strategies (Step 4) The PAPA Model Stategic Risk Management Return on Investment Conclusion Questions Notes References About the Contributors

Chapter 7: Turning the Organizational Pyramid Upside Down: Ten Years of Evolution in Enterprise Risk Management at United Grain Growers

Background—Operating Environment Governance ERM Credit Financing Outcomes Agricore United Harvesting Value Conclusion Questions Acknowledgments Notes About the Contributor

Chapter 8: Housing Association Case Study of ERM in a Changing Marketplace

Background Sector Issues Charitable Status Some Useful Methodology Four Associations Association A: London & Quadrant Association B: RCT Homes Association C: Ability Housing Association Association D: GreenSquare Questions Notes References About the Contributor

Chapter 9: Lessons from the Academy: ERM Implementation in the University Setting

The Higher Education Environment Emergence of ERM in Higher Education Adopting and Implementing ERM in Colleges and Universities The University of Washington: A Journey of Discovery Evolution of ERM at UW ERM Structure at UW UW's ERM Model Outcomes and Lessons Learned What Next?: Current Priorities and Future Direction Conclusion Questions Notes References About the Contributor

Chapter 10: Developing Accountability in Risk Management: The British Columbia Lottery Corporation Case Study

Background The Beginnings of the Risk Management Journey Learning from the First ERM Initiative Restarting the Program―2006–2008 Key Steps in the Development of the ERM Program Revitalizing the ERM Program—2009–2010 Strengthening the Program—2010–2013 Building the Risk Profile The Role of Risk Managers, Champions, and Committees Developing a More Sophisticated Approach to Risk Analysis and Evaluation Conclusion Questions Notes References About the Contributor

Chapter 11: Starting from Scratch: The Evolution of ERM at the Workers' Compensation Fund

Toward ERM Program Initiation Initial Actions Maturing: Years 1 and 2 The Future Questions Notes About the Contributor

Chapter 12: Measuring Performance at Intuit: A Value-Added Component in ERM Programs

Intuit's ERM Journey ERM Maturity Model Benefits of Measuring Performance in ERM Programs ERM Performance Measurement and Reporting at Intuit Conclusion Questions About the Contributor

Chapter 13: TD Bank's Approach to an Enterprise Risk Management Program

Background Conclusion Questions References About the Contributors

Part III: Linking ERM to Strategy and Strategic Risk Management

Chapter 14: A Strategic Approach to Enterprise Risk Management at Zurich Insurance Group

Enterprise Risk Management at Zurich Zurich Group's Enterprise Risk Management Framework Role of the Chief Risk Officer and Group Risk Management at Zurich Working with External Stakeholders Zurich's Proprietary Tools Used in ERM Framework Categorizing Various Risks at Zurich Capital Management Zurich's Business Resilience Tools How Zurich Uses Its ERM Tools to Create New Value Conclusion Appendix About the Contributors Questions References

Chapter 15: Embedding ERM into Strategic Planning at the City of Edmonton

Context—City of Edmonton ERM Development in the Past Current Overall ERM Development Links to Strategic Plan and to Other Strategic Tools Selecting and Testing a Strategic Risk Management Model Selecting an ERM Framework Recommended Strategic ERM Model Lessons Learned Conclusion Appendix: Summary of THE WAY AHEAD, Edmonton's Strategic Plan Questions Notes About the Contributor

Chapter 16: Leveraging ERM to Practice Strategic Risk Management

ERM: A Reexamination of Purpose Regulatory Environment Leveraging ERM to Practice Strategic Risk Management Managing and Measuring Value Creation Risk Management Fault Line Value Maps Additional Tools and Techniques Conclusion Questions Notes About the Contributors

Part IV: Specialized Aspects of Risk Management

Chapter 17: Developing a Strategic Risk Plan for the Hope City Police Service

The Context Some Background on the Hope City Police Service What the Consultant Heard Community Views on Police Issues Questions Notes About the Contributor

Chapter 18: Blue Wood Chocolates

Background The Company Market Overview Blue Wood Financial Performance Conclusion Appendix I: Blue Wood Chocolates Appendix II: The Hershey Company Appendix III: Rocky Mountain Chocolate Factory, Inc. Questions Notes About the Contributors

Chapter 19: Kilgore Custom Milling

Background Kilgore Custom Milling The Management Team The Company The New Contract The Financial Risk Management Meeting Questions About the Contributors

Chapter 20: Implementing Risk Management within Middle Eastern Oil and Gas Companies

Company Background Organization Culture Local Culture MECO Structure MECO Risk Management Background Risk Management Practices within MECO Corporate Risk Exercise Conclusion Notes Questions Notes About the Contributor

Chapter 21: The Role of Root Cause Analysis in Public Safety ERM Programs

Policing and Risk Five Whys Analysis Cause and Effect Analysis Failure Mode, Effects, and Criticality Analysis Force Field Analysis Influence Diagrams Concept Fans Case Study Example: Tackling Violent Crime The FMECA Process Conclusion Questions Notes References About the Contributor

Chapter 22: JAA Inc.—A Case Study in Creating Value from Uncertainty: Best Practices in Managing Risk

Setting the Context Introduction of ISO 31000 and HB 436 to the Company Appendix A: JAA Inc. Financial Statements Appendix B: Risk Management Policy Part A – Questions Part B – Questions Notes References About the Contributors

Chapter 23: Control Complacency: Rogue Trading at Société Générale

Part One: Kerviel's Trial—A Media Circus Part Two: Outcome and Lessons Learned Questions References About the Contributor

Chapter 24: The Role of VaR in Enterprise Risk Management: Calculating Value at Risk for Portfolios Held by the Vane Mallory Investment Bank

Risk and Value at Risk Overview Your Task: Calculating Portfolio VAR for Vane Mallory Conclusion Questions Notes References About the Contributors

Chapter 25: Uses of Efficient Frontier Analysis in Strategic Risk Management: A Technical Examination

Strategic Risk Management Framework Examined Modern Portfolio Theory as a Foundation for Efficient Frontier Analysis Practical Applications of Risk Measurement for Insurance Sample Case Study Intended Uses for Our Approach Modern Portfolio Concerns Contained in the Framework Consideration of Behavioral Concerns in Structure Questions Acknowledgments Notes References About the Contributors

Part V: Mini-Cases on ERM and Risk

Chapter 26: Bim Consultants Inc.

Questions About the Contributor

Chapter 27: Nerds Galore

Questions About the Contributor

Chapter 28: The Reluctant General Counsel

Questions About the Contributor

Chapter 29: Transforming Risk Management at Akawini Copper

The Acquisition and Due Diligence The Transformation Process Gaining Senior Management Ownership for Transformation The Transformation Plan Questions Notes Reference About the Contributor

Chapter 30: Alleged Corruption at Chessfield: Corporate Governance and the Risk Oversight Role of the Board of Directors

Chessfield Inc. and Its Board of Directors Whistle-Blower Complaint Message from the CEO Requesting to Meet the Author Governance Documents, Interviews, and On-Site Observation Requested by the Author CEO Compensation Issue Risk Management Self-Dealing Issue Chessfield Board Meeting to Discuss the Author's Recommendations Two Contentious Recommendations Conclusion Questions Notes References About the Contributor

Chapter 31: Operational Risk Management Case Study: Bon Boulangerie

QUESTIONS About the Contributor

Part VI: Other Case Studies

Chapter 32: Constructive Dialogue and ERM: Lessons from the Financial Crisis

Constructive Dialogue: The Essential Difference between Firms That Navigated the Crisis and Those That Failed Successful Firms: JPMorgan Chase, Goldman Sachs, Wells Fargo, and TD Bank Firms That Failed to Navigate the Crisis JPMorgan Chase after the Crisis: The Perils of Hubris Conclusion Questions Notes About the Contributor

Chapter 33: Challenges and Obstacles of ERM Implementation in Poland

Methodology to Diagnose the Status of ERM Implementation Main Issues in Poland's ERM Implementation Board Perception of ERM: “We Have to Change the Way We Run the Business, Because Lack of ERM Creates Inefficient Management” Who Is Getting Management Buy-In for ERM? Specific Challenges and Obstacles Observed in Risk Management We Have to Build the Chief Risk Officer/Risk Manager Profession from Scratch What Numbers Say about ERM Maturity Risk Management Framework—Accountability Impact of the Risk Assessment Tools on the Performance of the Companies Capital Allocation: A Frequently Missed Part of the ERM Framework and Risk Treatment Conclusion Questions Notes References About the Contributors

Chapter 34: Turning Crisis into Opportunity: Building an ERM Program at General Motors

Background and Implementation General Motors' Approach to Enterprise Risk Management Game Theory Looking Forward Conclusion Questions Notes About the Contributors

Chapter 35: ERM at Malaysia's Media Company Astro: Quickly Implementing ERM and Using It to Assess the Risk-Adjusted Performance of a Portfolio of Acquired Foreign Companies

Malaysia Corporate Governance in Malaysia Enterprise Risk Management at Astro Astro Overseas Limited Evolution of ERM at AOL Role of ERM in the Acquisition Process Risk Profile: Risk Map and Action Plans The Investment Performance Dashboard Helping the Board Make Investment Decisions Conclusion Questions Notes References About the Contributors

About the Editors Index End User License Agreement

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