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Lam James. Implementing Enterprise Risk Management
Preface
OVERVIEW OF THE BOOK
SUGGESTED CHAPTERS BY AUDIENCE
Acknowledgments
Part One. ERM in Context
CHAPTER 1. Fundamental Concepts and Current State
INTRODUCTION
WHAT IS RISK?
WHAT DOES RISK LOOK LIKE?
ENTERPRISE RISK MANAGEMENT (ERM)
THE CASE FOR ERM
WHERE ERM IS NOW
WHERE ERM IS HEADED
CHAPTER 2. Key Trends and Developments
INTRODUCTION
LESSONS LEARNED FROM THE FINANCIAL CRISIS
THE WHEEL OF MISFORTUNE REVISITED
GLOBAL ADOPTION
CHAPTER 3. Performance-Based Continuous ERM
INTRODUCTION
PHASE THREE: CREATING SHAREHOLDER VALUE
PERFORMANCE-BASED CONTINUOUS ERM
CASE STUDY: LEGACY TECHNOLOGY
CHAPTER 4. Stakeholder Requirements
INTRODUCTION
STAKEHOLDERS DEFINED
MANAGING STAKEHOLDER VALUE WITH ERM
IMPLEMENTING A STAKEHOLDER MANAGEMENT PROGRAM
APPENDIX A: REPUTATIONAL RISK POLICY
Part Two. Implementing an ERM Program
CHAPTER 5. The ERM Project
INTRODUCTION
BARRIERS TO CHANGE
ESTABLISH THE VISION
OBTAIN BUY-IN FROM INTERNAL STAKEHOLDERS
ASSESS CURRENT CAPABILITIES AGAINST BEST PRACTICES
DEVELOP A ROADMAP
APPENDIX A: ERM MATURITY MODEL
APPENDIX B: PRACTICAL PLAN FOR ERM PROGRAM IMPLEMENTATION
CHAPTER 6. Risk Culture
INTRODUCTION
RISK CULTURE SUCCESS FACTORS
BEST PRACTICE: RISK ESCALATION
CONCLUSION
CHAPTER 7. The ERM Framework
INTRODUCTION
THE NEED FOR AN ERM FRAMEWORK
ERM FRAMEWORK CRITERIA
CURRENT ERM FRAMEWORKS
AN UPDATE: THE CONTINUOUS ERM MODEL
DEVELOPING A FRAMEWORK
CONCLUSION
Part Three. Governance Structure and Policies
CHAPTER 8. The Three Lines of Defense
INTRODUCTION
COSO'S THREE LINES OF DEFENSE
PROBLEMS WITH THIS STRUCTURE
THE THREE LINES OF DEFENSE REVISITED
BRINGING IT ALL TOGETHER: HOW THE THREE LINES WORK IN CONCERT
CONCLUSION
CHAPTER 9. Role of the Board
INTRODUCTION
REGULATORY REQUIREMENTS
CURRENT BOARD PRACTICES
CASE STUDY: SATYAM
THREE LEVERS FOR ERM OVERSIGHT
CONCLUSION
CHAPTER 10. The View from the Risk Chair*
INTRODUCTION
TURNAROUND STORY
THE GPA MODEL IN ACTION
TOP PRIORITIES FOR THE RISK OVERSIGHT COMMITTEE
CONCLUSION
CHAPTER 11. Rise of the CRO
INTRODUCTION
HISTORY AND RISE OF THE CRO
A CRO'S CAREER PATH
THE CRO'S ROLE
HIRING A CRO
A CRO'S PROGRESS
CHIEF RISK OFFICER PROFILES
CHAPTER 12. Risk Appetite Statement
INTRODUCTION
REQUIREMENTS OF A RISK APPETITE STATEMENT
DEVELOPING A RISK APPETITE STATEMENT
ROLES AND RESPONSIBILITIES
MONITORING AND REPORTING
Examples of Risk Appetite Statements and Metrics
Part Four. Risk Assessment and Quantification
CHAPTER 13. Risk Control Self-Assessments
INTRODUCTION
RISK ASSESSMENT: AN OVERVIEW
RCSA METHODOLOGY
PHASE 1: SETTING THE FOUNDATION
PHASE 2: RISK IDENTIFICATION, ASSESSMENT, AND PRIORITIZATION
PHASE 3: DEEP DIVES, RISK QUANTIFICATION, AND MANAGEMENT
PHASE 4: BUSINESS AND ERM INTEGRATION
ERM AND INTERNAL AUDIT COLLABORATION
CHAPTER 14. Risk Quantification Models
INTRODUCTION
MARKET RISK MODELS
CREDIT RISK MODELS
OPERATIONAL RISK MODELS
MODEL RISK MANAGEMENT
THE LOSS/EVENT DATABASE
EARLY WARNING INDICATORS
MODEL RISK CASE STUDY: AIG
Part Five. Risk Management
CHAPTER 15. Strategic Risk Management
INTRODUCTION
THE IMPORTANCE OF STRATEGIC RISK
MEASURING STRATEGIC RISK
MANAGING STRATEGIC RISK
APPENDIX A: STRATEGIC RISK MODELS
CHAPTER 16. Risk-Based Performance Management
INTRODUCTION
PERFORMANCE MANAGEMENT AND RISK
PERFORMANCE MANAGEMENT AND CAPITAL
PERFORMANCE MANAGEMENT AND VALUE CREATION
SUMMARY
Part Six. Risk Monitoring and Reporting
CHAPTER 17. Integration of KPIs and KRIs
INTRODUCTION
WHAT IS AN INDICATOR?
USING KEY PERFORMANCE INDICATORS
BUILDING KEY RISK INDICATORS
KPI AND KRI PROGRAM IMPLEMENTATION
BEST PRACTICES
CONCLUSION
CHAPTER 18. ERM Dashboard Reporting
INTRODUCTION
TRADITIONAL RISK REPORTING VS. ERM DASHBOARD REPORTING
GENERAL DASHBOARD REQUIREMENTS
IMPLEMENTING ERM DASHBOARDS
AVOID COMMON MISTAKES
BEST PRACTICES
CHAPTER 19. Feedback Loops
INTRODUCTION
WHAT IS A FEEDBACK LOOP?
EXAMPLES OF FEEDBACK LOOPS
ERM PERFORMANCE FEEDBACK LOOP
MEASURING SUCCESS WITH THE ERM SCORECARD
Part Seven. Other ERM Resources
CHAPTER 20. Additional ERM Templates and Outlines
INTRODUCTION
STRATEGIC RISK ASSESSMENT
CRO REPORT TO THE RISK COMMITTEE
CYBERSECURITY RISK APPETITE AND METRICS
MODEL RISK POLICY
RISK ESCALATION POLICY
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