UID:
almahu_9949385701102882
Format:
1 online resource (213 p.)
ISBN:
9781000574555
,
1000574555
,
9781003225157
,
1003225152
,
9781000574579
,
1000574571
Content:
Recent decades have seen much greater attention paid to risk management at an organizational level, as evidenced by the proliferation of legislation, regulation, international standards and good practice guidance. The recent experience of Covid-19 has only served to heighten this attention. Growing interest in the discipline has been accompanied by significant growth in the risk management profession; but practitioners are not well served with suitable books to guide them in their work or challenge them in their professional development. This book attempts to place the practice of risk management within organizations into a broader context, looking as much at why we try to manage risk as how we try to manage risk. In doing so, it challenges two significant trends in the practice of risk management: The treatment of risk management primarily as a compliance issue within an overall corporate governance narrative; and The very widespread use of qualitative risk assessment tools (heat maps etc.) which have absolutely no proven effectiveness. Taken together, these trends have resulted in much attention being devoted to developing formalized systems for identifying and analyzing risks; but there is little evidence that this is driving practical, cost-effective efforts to actually manage risk. There appears to be a preoccupation with the risks themselves, rather than a focus on the positive actions that can (and should) be taken to benefit stakeholders. This book outlines a simple, quantitative approach to risk management which refocuses attention on treating risks; and presents choices about risk treatment as normal business decisions.
Note:
Description based upon print version of record.
,
Summary.
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Cover -- Half Title -- Endorsement Page -- Title Page -- Copyright Page -- Dedication -- Table of Contents -- Acknowledgements -- About the Author -- Introduction -- List of Figures and Tables -- Testimonials -- Chapter 1 What Do We Mean by Risk? -- Upside and Downside Risk -- Risk versus Uncertainty -- Risk to Whom? -- Owners -- Senior Management -- Lenders, Staff and Other Stakeholders -- Reconciling Conflicting Interests -- Risk Measures -- Likelihood of Financial Distress -- Variability in Outcomes -- Counting Events -- Value at Risk -- Categorisation of Risks -- Summary -- References
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Chapter 2 Why Do We Try to Manage Risk? -- Improving Expected Outcomes -- Reducing the Likelihood of Extreme Events -- Crises and Black-Swans -- Reducing Variability in Outcomes -- Demonstrating Good Corporate Governance -- Compulsion -- Why Do We Not Manage Risk? -- Empirical Evidence -- How Many Organisations Manage Risk? -- Which Organisations Manage Risk? -- The Incidence of Catastrophic Events and Crises -- Summary -- References -- Chapter 3 Risk Management Systems -- Integrated Risk Management -- The Aims of Integrated Risk Management
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Implementation of Integrated Risk Management Systems -- ISO 31000 -- The Risk Management Framework -- Leadership and Commitment -- Integration -- Design -- Implementation, Evaluation and Improvement -- The Risk Management Process -- Communication and Consultation -- Scope, Context and Criteria -- Risk Assessment -- Risk Treatment -- Monitoring and Review -- Recording and Reporting -- Risk Displacement and Risk Compensation -- Summary -- References -- Chapter 4 Scope, Context and Criteria -- Agreeing Risk Criteria -- Reducing the Probability of an Extreme Event -- Reducing Variability of Outcomes
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Ownership and Delegated Authority -- Justifying Resources -- Summary -- References -- Chapter 5 Risk Assessment -- Risk Identification -- Granularity of Risks -- Risk Categorisations -- Recording and Reporting -- Risk Analysis -- Distributions Based on Events -- Frequency Distributions -- Impact Distributions -- Monte-Carlo Modelling -- Distributions Based on Continuous Variation -- Aggregating Profit and Loss Distributions -- Recording and Reporting -- Summary -- References -- Chapter 6 Risk Treatment -- Modelling the Risk Treatment -- Improving Expected Outcomes
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Reducing the Likelihood of Extreme Events -- Reducing the Variability in Outcomes -- Entrepreneurial Firms -- Corporations -- Public Sector and Not-for-Profit Organisations -- Some Parting Observations -- Combining Risk Treatments -- Recording and Reporting -- Summary -- Chapter 7 Measuring the Effectiveness of Risk Management -- Measuring the Effectiveness of Individual Risk Treatments -- Estimating the Mitigating Effect on Major Disruptions -- Evaluating the Success of Implementation -- Quantifying the Overall Impact of Risk Management Programmes -- Taking a Pragmatic Approach to Measurement
Additional Edition:
Print version: Roberts, Patrick Simplifying Risk Management Milton : Productivity Press,c2022 ISBN 9781032125626
Language:
English
Keywords:
Electronic books.
DOI:
10.4324/9781003225157
URL:
https://www.taylorfrancis.com/books/9781003225157
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