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Enterprise Risk Management: Today's Leading Research and Best Practices for Tomorrow's Executives Hardcover – January 7, 2010


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Product Details

  • Hardcover: 600 pages
  • Publisher: Wiley; 1 edition (January 7, 2010)
  • Language: English
  • ISBN-10: 0470499087
  • ISBN-13: 978-0470499085
  • Product Dimensions: 7.5 x 1.8 x 10.2 inches
  • Shipping Weight: 2.6 pounds (View shipping rates and policies)
  • Average Customer Review: 4.9 out of 5 stars  See all reviews (12 customer reviews)
  • Amazon Best Sellers Rank: #371,354 in Books (See Top 100 in Books)

Editorial Reviews

From the Inside Flap

If you want to understand enterprise risk management (ERM) from some of the leading academics and practitioners of this exciting new methodology, Enterprise Risk Management—part of the Robert W. Kolb Series in Finance—is the book for you. Through in-depth insights into what practitioners of this evolving business practice are actually doing as well as anticipating what needs to be taught on the topic, John Fraser and Betty Simkins have sought out the leading experts in this field to clearly explain what enterprise risk management is and how you can teach, learn, and implement these leading practices within the context of your business activities. With this book, the authors take a broad view of risk management, or what is generally called a holistic approach to ERM.

Enterprise Risk Management introduces you to a wide range of concepts and techniques for managing risk in a holistic way that correctly identifies risks and prioritizes the appropriate responses. This invaluable guide offers a broad overview of the different techniques: the role of the board, risk tolerances, risk profiles, risk workshops, and allocation of resources, while focusing on the principles that determine business success.

This comprehensive resource also provides a thorough introduction to enterprise risk management as it relates to credit, market, and operational risk, as well as the evolving requirements of the rating agencies and their importance to overall risk management in a corporate setting. Filled with helpful exhibits and examples, Enterprise Risk Management offers a wealth of knowledge on the drivers, techniques, and benefits involved in successfully implementing enterprise risk management. Chapter by chapter, this book:

  • Discusses the history of risk management and more recently developed enterprise risk management practices, and how you can prudently implement these techniques within the context of your underlying business activities

  • Provides coverage of topics such as the role of the chief risk officer, the use of anonymous voting technology, and risk indicators and their role in risk management

  • Explores the culture and practices of enterprise risk management without getting bogged down by the mathematics surrounding the more conventional approaches to financial risk management

This informative guide will put the evolving methodology of enterprise risk management—which has been described as a proxy for good management—in perspective and help you unlock its incredible potential.

From the Back Cover

Enterprise Risk Management

The Robert W. Kolb Series in Finance is an unparalleled source of information dedicated to the most important issues in modern finance. Each book focuses on a specific topic in the field of finance and contains contributed chapters from both respected academics and experienced financial professionals. As part of the Robert W. Kolb Series in Finance, Enterprise Risk Management introduces you to the essential concepts and techniques associated with this dynamic field. It provides a blend of academic and practical experience in order to educate both professionals and students alike.

Filled with in-depth insights and expert advice, this reliable resource offers holistic coverage of ERM and, in the process, addresses the what, why, and how of ERM to assist firms with its successful implementation.

Divided into six comprehensive parts, Enterprise Risk Management:

  • Offers a broad overview of risk tolerance, risk profiles, and allocation of resources

  • Provides a thorough introduction to ERM as it relates to credit, market, and operational risk

  • Examines the evolving requirements of the rating agencies and their importance to overall risk management in a corporate setting

  • Discusses the drivers, techniques, and benefits involved in successfully implementing enterprise risk management

  • And much more

With this book as your guide, you'll gain a firm understanding of the issues surrounding ERM and what it will take to make it work for you.


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Customer Reviews

4.9 out of 5 stars
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It is well written and easy to read and navigate.
A. Henderson
This book authored by John Fraser and Betty Simkins is simply fantastic and what a wonderful contribution to the discipline of enterprise risk management.
Arnold Schanfield
I bought this book for a course on ERM when I was a master student in Finance.
Seyed Mohammad Hossein

Most Helpful Customer Reviews

17 of 17 people found the following review helpful By Michael F. Murphy on July 12, 2010
Format: Hardcover Verified Purchase
A new book on Enterprise Risk Management (ERM) has arrived in a rapidly filling field. What should we make of it? Is it a threat (i.e. does it only muddy the already turbulent waters after putting a charge on our wallets and bookshelves) or is it an opportunity (i.e. something that is good for the growth of the discipline and its practitioners)? Is it minor league, major league or world champion?

Quantitatively, it has two editors, Betty J. Simkins, a US business and finance academic, and John Fraser, a Canadian senior executive practitioner. It runs 577 pages which includes a comprehensive index and contains 26 chapters, written by 30 contributors and several panellists. It is divided into six parts (Overview; ERM Management, Culture and Control; ERM Tools and Techniques; Types of Risk; Survey Evidence and Academic Research; Special Topics and Case Studies) and features a convenient chapter format comprising of an argument, conclusions, notes and references.

According to the book's subtitle: Today's Leading Research and Best Practices for Tomorrow's Executives, it is intended to be read by up-and-coming managers with their sights set on the C-Suite. I would broaden that audience to experienced practitioners, curious students of all organizations, and academics who have an interest in this fascinating and often misunderstood discipline.

Qualitatively, it is honest, unpretentious and well written and edited, qualities that are not always honoured in the field of managing risk. Moreover, with almost three dozen perspectives (including the panellists) you can be assured that you are not being inflicted with only one person's opinion.
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9 of 9 people found the following review helpful By Arnold Schanfield on July 7, 2010
Format: Hardcover Verified Purchase
This book authored by John Fraser and Betty Simkins is simply fantastic and what a wonderful contribution to the discipline of enterprise risk management.
The two prime authors- Fraser and Simkins have attracted an all star cast of leading academics/practitioners, each whom wrote one chapter in this book.

This book has special importance because it is my belief that there is complete chaos/bedlam in this country especially as far as having succinct risk management practices in place. We are all over the map in terms of existing practices and the 30 or so professional organizations out there all touting their expertise in risk management have created confusion.

This book addresses this dilemma head on as it provides a plethora of best in class guidance from a discussion of the new ISO framework on Risk Management by John Shortreed- Chapter 7, to the chapter authored by Felix Kloman on the History of Risk Management/Evolution of the profession to the Chapters authored by John Fraser himself on how to prepare a risk profile and what to read in the world of risk management. There is even a Chapter on a topic called Key Risk Indicators which is a relatively new concept (not to be confused with Key Performance Indicators)

Overall I rate this book as excellent and believe that it represents the single most important contribution to the field of risk management over the past several years and will be a valuable addition to anyone's library. Buy it and read it for yourself!!!
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11 of 12 people found the following review helpful By lekuchos on July 1, 2010
Format: Hardcover
If you REALLY want to understand the evolution of ERM and where we need to get to, then this is the book for you. WARNING! It's NOT a guide to implementation. What you can take away most from this book is a comprehensive understanding of the culture and nature of risk and how it needs to be managed in today's economic climate. The contributing authors are all experts and the editors do a masterful job of synthesizing the knowledge into an easy read. Parts of the book might be too sophisticated for the novice but there are still many chapters that will appeal to them. Chapters 1 through 7 come to mind and I view chapters 6 and 7 as being real standouts. What's useful is that none of the material is too simplistic even for the experts among us. Whether you are deep into risk or just recognize the need to be part of a current risk management culture in your organization this is a definite winner.
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4 of 4 people found the following review helpful By Seyed Mohammad Hossein on February 21, 2011
Format: Hardcover
I bought this book for a course on ERM when I was a master student in Finance. I did not know anything about Risk Management before reading this book. After I completed the course and finished reading the selective chapters of the book, I found a very broad and general understanding of the field thanks to the great book by Betty Simkins.
Before any positive feature, this book is practical. Reading a practical book is what you need in the most of Managerial science branches, and this book is one of them. Unlike this book, there are number of books in the area of Management that you don't feel you are able to do anything after reading them. The reason that the book is so useful is that most of the authors have been deeply involved with the real business environment and have implemented Risk management systems throughout their business entities. I had the chance to talk directly with one of the authors. He was the chief risk officer in his company in which he had implemented a complete risk management system from the beginning to the very end. He had a wide and great experience and knowledge of establishing the system which he also brought to us with presenting this book.
The book is also written by other authors that are like the one I mentioned earlier. Having different authors made this book very comprehensive, which covers different aspects of Risk Management. They have had different roles in the real business. Therefore, they have shared their knowledge and views on various dimensions with us.
You should not forget that it's a very hard task to make a collective and comprehensive book out of different authors. It needs a very skillful editor, and I found that Betty Simkins and John Fraser have done their job the best. You would love how they organize different chapters of the book which cover the whole area of ERM.
I strongly recommend this book for those who are not familiar with ERM and want not only the knowledge but also the knowhow to implement ERM.
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