Part III: Linking ERM to Strategy and Strategic Risk Management
by Kristina Narvaez, Betty Simkins, John Fraser
Implementing Enterprise Risk Management: Case Studies and Best Practices
- 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
- Part II: ERM Implementation at Leading Organizations
- Chapter 3: ERM at Mars, Incorporated: ERM for Strategy and Operations
- Chapter 4: Value and Risk: Enterprise Risk Management at Statoil
- Chapter 5: ERM in Practice at the University of California Health System
- 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
- Chapter 8: Housing Association Case Study of ERM in a Changing Marketplace
- 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
- Chapter 12: Measuring Performance at Intuit: A Value-Added Component in ERM Programs
- Chapter 13: TD Bank's Approach to an Enterprise Risk Management Program
- 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
- Chapter 14: A Strategic Approach to Enterprise Risk Management at Zurich Insurance Group
- Part IV: Specialized Aspects of Risk Management
- Chapter 17: Developing a Strategic Risk Plan for the Hope City Police Service
- Chapter 18: Blue Wood Chocolates
- Chapter 19: Kilgore Custom Milling
- Chapter 20: Implementing Risk Management within Middle Eastern Oil and Gas Companies
- Chapter 21: The Role of Root Cause Analysis in Public Safety ERM Programs
- Chapter 22: JAA Inc.—A Case Study in Creating Value from Uncertainty: Best Practices in Managing Risk
- Chapter 23: Control Complacency: Rogue Trading at Société Générale
- Chapter 24: The Role of VaR in Enterprise Risk Management: Calculating Value at Risk for Portfolios Held by the Vane Mallory Investment Bank
- 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.
- Chapter 27: Nerds Galore
- Chapter 28: The Reluctant General Counsel
- Chapter 29: Transforming Risk Management at Akawini Copper
- 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
- 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
- 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
- Chapter 32: Constructive Dialogue and ERM: Lessons from the Financial Crisis
- About the Editors
- Index
- End User License Agreement
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