Implementing Enterprise Risk Management Case Studies and Best Practices 2nd Edition by John Fraser, Betty Simkins, Kristina Narvaez ISBN 1118691962 9781118691960

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ISBN 10: 1118691962 
ISBN 13: 9781118691960
Author: John Fraser, Betty Simkins, Kristina Narvaez

Implementing Enterprise Risk Management Case Studies and Best Practices 2nd Table of contents:

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 1 Overview and Insights for Teaching ERM
2 An Innovative Method to Teaching Enterprise Risk Management: A Learner-Centered Teaching Approach
Learner-Centered Teaching: The WHY
Learner-Centered Teaching
Why LCT?
Five Key Changes to Practice the WHAT
The Balance of Power
The Function of Content
The Role of the Teacher
The Responsibility for Learning
Evaluation Purpose and Process
Conclusion
Questions
Appendix: LCT ERM Examples from the HOW
Example #1. Chapter : A Brief History of Risk Management
Example #2. Chapter : ERM and Its Role in Strategic Planning and Strategy Execution
Example #3. Chapter : Becoming the Lamp Bearer—The Emerging Roles of the Chief Risk Officer
Example #4. Chapter : Identifying and Communicating Key Risk Indicators
Example #5. Chapter : How to Prepare a Risk Profile
Example #6. Chapter : Quantitative Risk Assessment in ERM
Example #7. Chapter : Market Risk Management/Credit Risk Management
Example #8. Chapter : Operational Risk Management
Example #9. Chapter : Types of Risk
Example #10. Chapter : Managing Financial Risk
Example #11. Chapter : Bank Capital Regulation and Enterprise Risk Management
Example #12. Chapter : Legal Risk Post-SOX and the Subprime Fiasco
Example #13. Chapter : Academic Research on Enterprise Risk Management
Example #14. Chapter : How to Plan and Run a Risk Management Workshop; Chapter: Who Reads What Most
References
About the Contributors
PART 2 ERM Implementation at Leading Organizations
3 ERM at Mars, Incorporated: ERM for Strategy and Operations
Mars ERM History
Failure and Retrenchment
Phase 2—Success
Global Rollout
Reporting
2007 Operating Plan Workshops
Technology
Aggregation
Template Evolution
Special Situations
Major Acquisition
Conclusion
Questions
Note
About the Contributor
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
5 ERM in Practice at the University of California Health System:
The Enterprise Risk Management Program
Leveraging Technology to Support ERM
Creating a Risk-Aware Culture
Health System Specialized Programs
Premium Rebate Program
ERM and the Center for Health Quality and Innovation
Protected Health Information Value Estimator (PHIve)
Reputational Repercussions
Financial Repercussions
Legal and Regulatory Repercussions
Operational Repercussions
Clinical Repercussions
Total the Impacts
ERM and Strategy
Questions
Notes
About the Contributor
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
Strategic Risk Management Lab Commentary
Enterprise Risk Management (Step 1)
Strategic Risk Management Lab Commentary
Monte Carlo Simulation (Step 2)
Risk Tolerance
Strategic Risk Management Lab Commentary
AROP: Active Risk Assessment of Business Projects (Step 3)
Common Language and Common Framework
Strategic Risk Management Lab Commentary
Preparing for Uncertainty: Defining and Testing Strategies (Step 4)
Four Strategic Scenarios
The PAPA Model
Strategic Risk Management Lab Commentary
Stategic Risk Management Return on Investment
Strategic Risk Management Lab Commentary
Conclusion
Questions
Notes
References
About the Contributors
7 Turning the Organizational Pyramid Upside Down: Ten Years of Evolution in Enterprise Risk Manageme
Background—Operating Environment
Governance
Leadership
ERM/Integrated Risk Outcomes
ERM Credit Financing Outcomes
Agricore United
Harvesting Value
Conclusion
Questions
Acknowledgments
Notes
About the Contributor
8 Housing Association Case Study of ERM in a Changing Marketplace
Background
Sector Issues
Charitable Status
Sector Risks
Some Useful Methodology
Risk Appetite Determination
Risk Assessment Methodology
Four Associations
Association A: London & Quadrant
Mission Statement
Perceived Risks
Choices Made in 2012/2013
Association B: RCT Homes
The RCT Subsidiaries
Perceived Risks
Association C: Ability Housing Association
Perceived Risks
Association D: GreenSquare
Objectives and Strategy
Questions
Notes
References
About the Contributor
9 Lessons from the Academy: ERM Implementation in the University Setting
The Higher Education Environment
Organizational Type Impacts Institutional Culture
Risks Affecting Higher Education
Emergence of ERM in Higher Education
Adopting and Implementing ERM in Colleges and Universities
The University of Washington: A Journey of Discovery
Institutional Profile
Culture at UW
Implementation History at UW
Leadership from the Top: President Outlines the Charge
Advisory Committee Recommendations: Create a Culture-Specific ERM Program
Scope of the Risk Framework
Organizational Structure
Philosophy of the Program
Evolution of ERM at UW
ERM Structure at UW
UW Units
ERM Program Staff
Compliance, Operations, and Finance Council (COFi)
Presidents Advisory Committee on ERM (PACERM)
Internal Audit
UW President and Provost
UWs ERM Model
Adopting and Adapting the COSO Model
Tools and Techniques
Outcomes and Lessons Learned
What Next?: Current Priorities and Future Direction
Conclusion
Questions
Notes
References
About the Contributor
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
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
12 Measuring Performance at Intuit: A Value-Added Component in ERM Programs
Intuits ERM Journey
ERM Maturity Model
Benefits of Measuring Performance in ERM Programs
Using Key Performance Indicators to Measure Risk Management Effectiveness
Analyzing Performance Data
Using Key Risk Indicators to Understand Potential New Risks or Changing Risks
ERM Performance Measurement and Reporting at Intuit
First Evolution: ERM Process Adoption
Second Evolution: Risk Mitigation Progress Measurement
Third Evolution: Multidimensional Risk Management Performance Measurement
Conclusion
Questions
About the Contributor
13 TD Bank’s Approach to an Enterprise Risk Management Program
Background
ERM at TD Bank
Understanding an Organizations Risks Helps Reinforce the Risk Culture
Risk Governance Structure
Risk Identification, Assessment, and Reporting
Risk Measurement
Risk Control
Risk Monitoring and Reporting
Conclusion
Questions
References
About the Contributors
PART 3 Linking ERM to Strategy and Strategic Risk Management
14 A Strategic Approach to Enterprise Risk Management at Zurich Insurance Group
Enterprise Risk Management at Zurich
Tangible Results
Optimizing the Risk and Reward Balance at Zurich
Risk Culture at Zurich
Zurich Groups Enterprise Risk Management Framework
Risk Governance Approach at Zurich with Three Lines of Defense
Integrated Assessment and Assurance
Internal Control Framework
Role of the Chief Risk Officer and Group Risk Management at Zurich
Board-Level Risk Committee and Executive Risk Committee Responsibilities
Emerging Risk Group
Working with External Stakeholders
Zurichs Proprietary Tools Used in ERM Framework
Total Risk Profiling Tool
Zurich Hazard Analysis Tool
Zurichs Risk Room
Categorizing Various Risks at Zurich
Strategic Risks
Insurance Risks
Market Risks
Credit Risks
Liquidity Risks
Operational Risks
Reputation Risks
Capital Management
Zurich Economic Capital Model
Analysis of Capital Adequacy
Zurichs Business Resilience Tools
How Zurich Uses Its ERM Tools to Create New Value
Conclusion
Appendix
Questions
References
About the Contributors
15 Embedding ERM into Strategic Planning at the City of Edmonton
Context—City of Edmonton
City Government
ERM Development in the Past
City Auditors Report
Current Overall ERM Development
Links to Strategic Plan and to Other Strategic Tools
Results-Based Budgeting
Capital Budgeting Models
Selecting and Testing a Strategic Risk Management Model
Pilot pm2 Risk Scorecard Methodology
Initial Planning
Step 1: Identify Strategy
Step 2: Identify Key Risk Elements
Step 3: Score Risk Elements
Step 4: Link Programs, Initiatives, and Risks
Step 5: Determine Indicators and Mitigation Actions
Selecting an ERM Framework
Comparison of pm2 and ISO 31000 Frameworks
Recommended Strategic ERM Model
Lessons Learned
Key Success Factors
Findings on the Process of Selecting and Implementing a Framework
Conclusion
Appendix: Summary of THE WAY AHEAD, Edmontons Strategic Plan
Questions
Notes
About the Contributor
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 4 Specialized Aspects of Risk Management
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
Chief Administrative Officer of the City
Chair of Police Service Board
Interviews within the Police Service
President of the Police Association
Chair of Hope City Chamber of Commerce
Editor of the Hope City Telegraph
Citizens against Racism Community Group
East End Residents Association
Hope City Citizens for Responsible Government
Other Input
Community Views on Police Issues
Questions
Notes
About the Contributor
18 Blue Wood Chocolates
Background
The Company
Market Overview
Major Competitive Factors
Cocoa Markets Overview
Sugar Markets Overview
Milk Markets 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
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
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
Information Technology
Project Management
Finance
Environmental Protection Department
Law
Corporate Risk Exercise
Risk Management Information Gathering Exercise (January 2010 to June 2011)
Consolidation
Risk Framework
Risk Management Approach
Management Committee Meeting, December 2011
Operational Excellence, June 2012 to December 2012
Risk Management Move to Corporate Planning, December 2012 to Present
Conclusion
Questions
Notes
About the Contributor
21 The Role of Root Cause Analysis in Public Safety ERM Programs
Policing and Risk
Getting to the Root of the Problem
Five Whys Analysis
Cause and Effect Analysis
Example: Cause and Effect Analysis on Homelessness and the Criminal Justice System
Failure Mode, Effects, and Criticality Analysis
FMECA Example 1: Engineering Process
FMECA Example 2: Operational Tactics Review Process
Force Field Analysis
Influence Diagrams
Comparing RCA Tools
Concept Fans
Case Study Example: Tackling Violent Crime
Case Facts: General Background
Specific Issue
Developing the Approach
Understanding the Issues
The FMECA Process
Bringing It All Together
Conclusion
Questions
Notes
References
About the Contributor
22 JAA Inc.—A Case Study in Creating Value from Uncertainty: Best Practices in Managing Risk
Setting the Context
Business Background
Initial Steps: Strategic Planning and Business Objectives
Establishing the Governance System
Business Operations
External Auditors
Evolution of Risk Management
Introduction of ISO 31000 and HB 436 to the Company
Defining the Context of JAA
Defining Risk Criteria
Bringing Everything Together
Moving Forward: Overseeing Strategy and Risks
Looking to the Future: JAAs Management of Uncertainty
Appendix A: JAA Inc. Financial Statements
Appendix B: Risk Management Policy
Purpose
Scope
Objectives of Risk Management
Terminology
Risk Oversight Principles
Roles and Responsibilities
Risk Management Methodology
General Risk Management Policies
Part A – Questions
Part B – Questions
Notes
References
About the Contributors
23 Control Complacency: Rogue Trading at Société Générale
Part One: Kerviels Trial—A Media Circus
Société Générale—The Rise of Trading
From Business to Retail to Investment Banking, from Private to Public to State Ownership
CIB Gets a Boost from Trading Talent
Société Générale Group Snapshot, December 2006
Jérôme Kerviel, an Ambitious Outsider
At First a Few Side Bets, Then Massive Speculation
Discovery, Damage Control, and Retribution
Postmortem
Managerial Supervision
Control Environment
System Reliability
Risk-Sensitive Culture
Who Was to Blame?
Exercise
Part Two: Outcome and Lessons Learned
What Actually Happened
Questions
References
About the Contributor
24 The Role of VaR in Enterprise Risk Management: Calculating Value at Risk for Portfolios Held by t
Risk and Value at Risk Overview
Value at Risk
History, Characteristics, and Assumptions of VaR
Advantages and Criticisms of VaR
Calculating Value at Risk
Your Task: Calculating Portfolio VaR for Vane Mallory
Portfolio 1: Energy Commodities
Portfolio 2: Equities
Conclusion
Questions
Notes
References
About the Contributors
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
Modern Portfolio Theory (MPT)
Efficient Frontier Insurance Framework
Sample Case Study
Case Study General Findings
Intended Uses for Our Approach
Modern Portfolio Concerns Contained in the Framework
Consideration of Behavioral Concerns inStructure
Questions
Acknowledgments
Notes
References
About the Contributors
PART 5 Mini-Cases on ERM and Risk
26 Bim Consultants Inc.
Questions
About the Contributor
27 Nerds Galore
Questions
About the Contributor
28 The Reluctant General Counsel
Questions
About the Contributor
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
30 Alleged Corruption at Chessfield: Corporate Governance and the Risk Oversight Role of the Board o
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
Document Review
Interview Data
CEO Compensation Issue
Risk Management
Self-Dealing Issue
Board Composition
Preparation of the Authors Report and Communication with the Regulator
Chessfield Board Meeting to Discuss the Authors Recommendations
Two Contentious Recommendations
Recommending a Woman to Serve on the Board
Conclusion
Questions
Notes
References
About the Contributor
31 Operational Risk Management Case Study: Bon Boulangerie
Question
About the Contributor
PART 6 Other Case Studies
32 Constructive Dialogue and ERM: Lessons from the Financial Crisis
Constructive Dialogue: The Essential Difference between Firms That Navigated the Crisis and Those Th
Successful Firms: JPMorgan Chase, Goldman Sachs, Wells Fargo, and TD Bank
JPMorgan Chase
Goldman Sachs
Wells Fargo
Toronto Dominion Bank (TD Bank)
Firms That Failed to Navigate the Crisis
JPMorgan Chase after the Crisis: The Perils of Hubris
Conclusion
Questions
Notes
About the Contributor
33 Challenges and Obstacles of ERM Implementation in Poland
Methodology to Diagnose the Status of ERM Implementation
Main Issues in Polands ERM Implementation
Board Perception of ERM: “We Have to Change the Way We Run the Business, Because Lack of ERM Creat
Who Is Getting Management Buy-In for ERM?
Specific Challenges and Obstacles Observed in Risk Management
Terminology
Principles
Risk Management Frameworks
Risk Owners
Organizational Placement of ERM
The Influence of the Size of Organizations
Risk Management Process
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
34 Turning Crisis into Opportunity: Building an ERM Program at General Motors
Background and Implementation
General Motors’ Approach to Enterprise Risk Management
Lessons Learned: Identifying Risks
Lessons Learned: Developing Top Risks Lists and Reporting to Senior Management
Lessons Learned: Understanding Corporate Culture
Lessons Learned: Strategic Risk Mitigation and Decision Support
Game Theory
War Gaming and Scenario Planning
Looking Forward
Conclusion
Questions
Notes
About the Contributors
35 ERM at Malaysia’s Media Company Astro: Quickly Implementing ERM and Using It to Assess the Risk-A
Malaysia
The Astro Group
Corporate Governance in Malaysia
Enterprise Risk Management at Astro
Astro Overseas Limited
Evolution of ERM at AOL
Role of ERM in the Acquisition Process
The Monitor and Review Step—Focus of AOLs ERM
Risk Profile: Risk Map and Action Plans
The Investment Performance Dashboard
Helping the Board Make Investment Decisions

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Tags: John Fraser, Betty Simkins, Kristina Narvaez, Enterprise Risk, Best Practices