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Cover Page
by Ron Rael
Strategy and Risk Management
Cover Page
Title Page
Copyright Page
Dedication and Acknowledgements
Contents
Introduction
Chapter 1: Introduction to Enterprise Risk Management
Who This Book Is for
Success Requires Commitment to Risk Management
Risk Management Defined
Stewardship and Risk Management
Cost and Risk Management
The Cost of Success
The Cost of Failure
Summary of Risk Management-Watching for the Potholes
Your Action Plan
Chapter 2: The WHAT of Risk Management
What Risk Management Is
The Born (Entrepreneur) Incident
What Risk Management Is Not
Risk Taking Versus Risk Management
Risk Taking Is Necessary for Survival
Risk Management Is Necessary for Success and Growth
What Risk Is
Risk Can Be Seen from Two Views
Risk Can Be Unpredictable
Your Personal Risk Appetite
Risk Management Tool One-Personal Risk Spectrum
What a Risk Management Programme Is
You Already Manage Risk
Preview of a Risk Management Structure
Cost of a Risk Management Programme
Cost-Awareness That Risk Exists
Cost-Finding Appropriate Balance
Cost-Measuring Your Exposure
Cost-Setting Appropriate Goals
Cost-Willingness to Alter Your Plans
Cost-Embracing the Pains of Change
The Catch-22 Syndrome of Risk Management
Catch 1
Catch 2
Risk Taking Is a Paradox
Back to PJI
Onward
Your Action Plan
Chapter 3: WHY Is Risk Management Important to Us?
Reasons Why Formal Risk Management Is Vital to Success
Reason 1
Reason 2
Reasons to Care about Formal Risk Management
Not Just Risk Avoidance
It’s a Small (Appliance) World
Why Peril Awareness Is a Group Effort
Why Risk Management Is a Leadership Responsibility
Desire for Innovation and Creativity
Need for Fraud Prevention and Detection or Proper Governance
Need Adequate Checks and Balances
Desire to Maximise Profits
Need for Good Stewardship of Corporate Assets
Ten Ways ERM Can Make an Impact
Onward
Your Action Plan
Chapter 4: WHICH Risks Do We Need to Be Concerned about?
Enterprise Risk Management Step One-Obtain Consensus on Allowable Risk
Risk Management Tool Two: Process for Gaining Consensus on What Risk Looks Like
Why Defining Risk Is Necessary in Enterprise Risk Management
Evaluating Risk
Immediacy of Risk
Size of Risk
Impact of Risk
Scope of Risk
Back to PJI
How to Make an Internal Strategic Risk Assessment
Risk Management Tool Three-Strategic Risk Assessment
What Strategic Risk Management Is
Three Examples of Tools to Assess Risk
Risk Management Tool Four-Risk Tolerance Questionnaire
Risk Management Tool Five-Critical Risk Questionnaire
Risk Management Tool Six-Critical Risk Path
Three Case Studies
Case Study: The Risk in Giving Incentives to Certain Employees
Case Study: The Risk of Doing Business in a Third-World Country
Case Study: The Risk of New Technology
Onward
Your Action Plan
Chapter 5: WHEN Is It Appropriate to Plan for Risk?
Plan for Risk before It Happens
Mark’s Failure to Anticipate Risk
Mark’s Pitfall
Back to PJI
ERM Step Two-Seek Out the Global Sources of Risk
Strategic Objectives and ERM
Relationship of Strategic Planning and Risk Management
Assessing Your Strategic Risk
Operational Objectives and ERM
Operational Risk
Mitigating Operational Risk
When to Apply Risk Management
Daily, Monthly and Annual Goals
New Initiatives
Everyday Business Decisions
Opportunities and Threats
Risk Assessing When Scenario Planning
Tool for Measuring Risk
Risk Management Tool Seven-Risk and Opportunity Measurement and Management Strategy Grid...
Case Study: The Opportunity to Invest
Case Study: The Risk of Losing Qualified Talent
Case Study : Avoiding Termination Blowback
Lessons from the Case Studies
Onward
Action Plan
Chapter 6: WHERE Do Our Efforts Need to Be?
Sources of Jeopardy
Harry
Holistic Approach
ERM Step Three-Analyse the Ability of Your Organisation to Handle Risk
Risk Management Tool Eight-Culture Assessment
Embedded in the Cultural Fabric
What Is Culture?
How a Culture Story Is Developed
Visible Clues about Risk in Your Cultural Norms
Culture Must Never Be Downplayed
Determining Your Culture’s View of Risk Taking
Risk Management Tool Nine-Assessment of a Balanced Culture
Barriers to ERM Implementation
Obstacle One: Perceived Cost in Dollars and Time
Obstacle Two: Denial That ERM Is Necessary
Obstacle Three: Leaders’ Resistance
Obstacle Four: Employee Attitudes
Ways to Integrate ERM into Your Culture
Bring Your People Resources Together
Ensure Employee Acceptance through Training
Build Enthusiasm
Make it a Bottom-Line Issue
Risk Management Tool Ten-Responsibility Statement
Teach Managers about Risk Management
Five ERM Actions for Immediate Implementation
Risk Management Tool Eleven-SLOT Analysis
SLOT Versus SWOT.
Your External Threats and Risk Management
Your Opportunities and Risk Management
Onward
Your Action Plan
Chapter 7: WHO Needs to Be Involved?
Risk Management Is a Team Effort
CRO
Risk Management Team
Board of Directors
Oversight Group in Small Organisations
Finance’s Role in ERM
Insurance’s Role in Risk Management
Insurance Does Not Always Reduce Exposure
Insurance’s Inadequacy
ERM Step Four: Minimise Exposure to Risk
Look for Risk during Times of Success
Look for Risk in Your Vulnerable and Hidden Areas
Look for Risk in Your Timelines
Integrate ERM Goals into Existing Infrastructure
Budgeting Process
Reporting and Feedback Process
Goals and Measurements System
Prioritisation Process
Project Development and Funding Process
Minimise Internal Risk of Unethical Employee Behaviour
Risk and POLR
Setting the Expectation for Ethical Behaviours
Unreasonable Policies Increase Ethics Risk
Unreasonable Expectations Increase Ethics Risk
Incentives Increase Ethics Risk
Internal Pressures Increase Ethics Risk
Risk from Fraud and Employee Abuses
Two Tools to Analyse and Reduce Exposure to Ethics Risk
Risk Management Tool Twelve-The Five Whys
Risk Management Tool Thirteen-Establish Contingency Funds
Back to PJI
Onward
Your Action Plan
Chapter 8: HOW Do We Conduct Enterprise Risk Management?
Process for the Leadership Body to Implement Risk Management
Checklist for Implementing Risk Management
Minimum Elements to Establish Risk Awareness
Starting to Implement ERM
ERM Step Five: Recover Quickly from the Negative Impacts of the Risk
Empower Employees to Act
Match Authority with Responsibility
Five Tools to Help Clarify Accountability and Empower Employees to Act
Risk Management Tool Fourteen-Risk Authority and Responsibility Chart
Risk Management Tool Fifteen-Formalised Action Plan
Risk Management Tool Sixteen-Formalised Action Plan Summary
Risk Management Tool Seventeen-Pitfall Analysis
Risk Management Tool Eighteen-Controllable, Negotiable and Given Analysis
Onward
Your Action Plan
Chapter 9: What Happens NEXT?
Reconciling Different Views of Risk
Teri and Kris
Risk Management Tool Nineteen-Criteria Checkerboard
ERM Step Five and One-Half: Learn Something (So You Can Accept Even More Risk with Confidence)
Evaluating Your ERM Efforts
Interpreting Results
Tracking Process Output Versus Reality
Scenario Planning Again
Learning Lessons
Risk Management Tool Twenty-Plus/Delta Analysis
The Risk Audit
Ongoing Protection
Lessons Learned
Onward
End of the Line
Five and One-Half Myths of ERM
ERM Tool Kit
Your Action Plan
Chapter 10: Epilogue
Justin
Paul
PJI International
The Future Is Bright
You and Your Organisation
Case Study: The Hornet’s Nest
Onward
Appendix A: High Road Institute’s Process for Implementing an Effective Risk Management Programme
Appendix B: What Happened in 2007?
Appendix C: Enterprise Risk Management
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