Strategic Risk Leadership: Engaging a World of Risk, Uncertainty, and the Unknown

Description

Modern risk management as practiced today faces significant obstacles—we argue—primarily due to the fundamental premise of the concept itself. It asserts that we are mainly dealing with measurable, quantifiable risks and that we can manage the uncontrollable by relying on formal control-based systems, which has produced a general view that (enterprise) risk management is a technical-scientific discipline. Strategic Risk Leadership offers a critique of the status quo, and encourages leaders, executives, and chief risk officers to find fresh approaches that can help them deal more proactively with what the future may hold. The book provides an overview of the history of risk management and current risk governance approaches as prescribed by leading risk management standards, such as COSO and ISO31000. This enables practitioners to challenge the frameworks and improve their adoption in practice introducing sustainable resilience as a (more) meaningful response to uncertain and unknowable conditions. The book shows how traditional thinking downplays the significance of human behavior and judgmental biases as key elements of major organizational exposures illustrated and explained through numerous case examples and studies. This book is essential reading for strategic risk managers to understand the requirements for effective risk governance practices in the contemporary and rapidly changing global risk landscape. Indeed, it is a valuable resource for all risk executives, leaders, and chief risk officers, as well as advanced students of risk management. Cover Half Title Title Page Copyright Page Table of Contents Acknowledgements Foreword 1. Is this a risk management book? Uncertainty is the name of the game The curent risk management scene A changing risk landscape Where does this all take us? Notes 2. The story of risk management The risk management story Some reflections on the story Something to think about Notes 3. Standards and practices Risk leaders, risk leadership The wider ERM scene Carlsberg General Mils Wel then, does ERM actually pay off? A post-script … something to think about Notes 4. Thinking about (thinking about) risk management Setting the stage A restatement Getting back to some detail on human behavior and perception Even more to think about … Notes 5. What, then, is risk management? A hopeful story Some initial insights arising from SDSTA/SURF (and our book) A few other things to consider Extended summary Notes Index