Operational Risk Management: A Case Study Approach to Effective Planning and Response [Hardcover]

Mark D. Abkowitz (Author)

Book Description

ISBN-10: 0470256982 | ISBN-13: 978-0470256985 | Publication Date: April 4, 2008 | Edition: 1

Operational Risk Management offers peace of mind to business and government leaders who want their organizations to be ready for any contingency, no matter how extreme. This invaluable book is a preparatory resource for when times are good, and an emergency reference when times are bad. Operational Risk Management is destined to become every risk manager?s ultimate weapon to help his or her organization survive ? no matter what.

Editorial Reviews

From the Inside Flap

Operational Risk Management

In the world we live in today, disasters occur on a daily basis. Could they have been prevented from occurring? If emergency response had been more effective, how much less destruction might they have caused? Will similar disasters happen again? Operational Risk Management: A Case Study Approach to Effective Planning and Response examines the safety and security of an organization's people, facilities, and assets, as well as the communities in which they are located, from exposure to natural disasters, man-made accidents, and terrorist acts that have occurred worldwide, revealing the underlying causes of these catastrophic events.

Through the use of carefully selected case studies in a variety of scenarios across many different industries and environments, both in the United States and abroad, author and industry expert Mark Abkowitz uses historical events to demonstrate how operational risk management practices—or the lack of them—influence event likelihood and outcomes across all hazard domains. Each case contains a narrative, followed by a discussion that draws conclusions as to why things went wrong, as well as what, if anything, has been done to prevent such an occurrence from happening again. These include:

• Hyatt Regency Walkway Collapse

• Nightmare in Bhopal

• Meltdown at Chernobyl

• Attack on the USS Cole

• September 11 – The World Trade Center

• London Transit Bombings

• Eruption of Mount St. Helens

• Hurricane Katrina

In reviewing painful experiences of the past, it is clear that protecting our future cannot be left to chance. Operational Risk Management: A Case Study Approach to Effective Planning and Response not only looks at the risk factors present in previous disasters but also at the valuable lessons learned. These factors and lessons are used to forge a path forward that risk managers can use to ensure that their organizations have strong safety and security plans in place–and are ready to respond when necessary.

From the Back Cover

What's the best thing you can do for your business? Be ready for anything.

Operational Risk Management offers peace of mind to business and government leaders who want their organizations to be ready for any contingency, no matter how extreme. This invaluable book is designed to be used as both a preparatory resource for when times are good and an emergency reference when times are bad. Author Mark Abkowitz gets managers up to speed on what they should be prepared to deal with and offers real solutions for putting those business continuity plans in place. From natural and man-made disasters to terrorist attacks, Operational Risk Management is destined to become every risk manager's ultimate weapon to help their organization survive — no matter what.

Praise for Operational Risk Management

"Mark Abkowitz has produced an excellent and wide-ranging collection of case studies that illustrate the role that risk factors play in determining the success or failure of anything designed. In Operational Risk Management, he not only analyzes the causes of failure but also indicates how proactive risk management can lead to success. This is a very well-written and instructive book."
—Henry Petroski, Aleksandar S. Vesic Professor of Civil Engineering and Professor of History, Duke University

"As one of the nation's largest domestic marine transport companies, moving hazardous cargo daily on our nation's waterways, we relentlessly pursue risk reduction through the lessons provided by real-world experiences. Mark Abkowitz's insightful analysis of recent disasters and his identification of risk factors common to them will help anyone concerned with incident prevention and consequence mitigation."
—Dr. Craig E. Philip, President and Chief Executive Officer, Ingram Barge Company

"A wise man once said, 'The mistakes we make are a result of the history we haven't read.' History is the treasure of evidence, whether it is about the risks we face as human beings or the mysteries of the universe. This book adds to the treasure of evidence and succinctly articulates, with distinction and clarity, the factors and actions most important to managing the risks we humans face."
—B. John Garrick, PhD, PE

"Dr. Abkowitz's masterful blend of great storytelling with astute professional risk assessment provides a fabulous tool for Joe Q. Public, public policy experts, and industrial risk managers to use together to make real headway on more intelligent risk management for all of us."
—Jim Vines, Environmental, Health & Safety Specialist, King & Spalding

"Through his case studies and analysis, Mark Abkowitz identifies key factors critical to understanding how we move towards more resilient communities. His focus on a more inclusive, all-hazards approach begins to point the way. A very useful collection indeed."
—Michael T. Lesnick, PhD, cofounder and Senior Partner, Meridian Institute

See all Editorial Reviews

Product Details

• Hardcover: 278 pages
• Publisher: Wiley; 1 edition (April 4, 2008)
• Language: English
• ISBN-10: 0470256982
• ISBN-13: 978-0470256985
• Product Dimensions: 9.3 x 6.3 x 1 inches
• Shipping Weight: 1.3 pounds (View shipping rates and policies)
• Average Customer Review: 4.9 out of 5 stars  See all reviews (9 customer reviews)
• Amazon Best Sellers Rank: #792,522 in Books (See Top 100 in Books)

More About the Author

Discover books, learn about writers, read author blogs, and more.

Customer Reviews

Most Helpful Customer Reviews

2 of 2 people found the following review helpful:

5.0 out of 5 stars Business is a risk, however . . ., June 29, 2008

By 

Dave Kinnear "Executive Leader Coach" (Lake Forest, CA USA) - See all my reviews
(REAL NAME)   

This review is from: Operational Risk Management: A Case Study Approach to Effective Planning and Response (Hardcover)

Abkowitz has compiled an impressive number of high profile case studies to illustrate our need to pay attention to the risks we have in our business operations, and for that matter, our personal lives. But unlike the multiple points of view found in the Harvard Business Review case studies, Abkowitz provides definitive analysis of "what went wrong" and allows us to see clearly what we might do in our own organizations to minimize operational risk.

This excellent book is broken into Four Parts, comprising several chapters each. Those parts are; Man Made Accidents, Terrorist Acts, Natural Disasters, and Success Stories. Then the final chapter brings things together in "Lessons Learned," while the epilogue gives us some ideas on where we might go from here.

Abkowitz notes in chapter one that there are 10 basic risk factors he considered: Design and construction flaws, Deferred maintenance, Economic pressure, Schedule constraints, Inadequate training, Not following procedures, Lack of planning and preparedness, Communication failure, Arrogance, and Stifling political agendas. Based on these, he analyzed many major disasters, summarized the results and gleaned some interesting lessons from the analysis.

There were 12 "Lessons Learned" presented based on the 10 risk factors spelled out in chapter one. The 12 lessons are:

1. Risk factors work together to generate an event with disastrous consequences
2. Communication failure is a risk factor in every disaster, irrespective of whether the event is caused by accident, intentional act, or nature
3. Take planning and preparedness seriously; it should never be short-changed
4. Economic pressure is a chronic problem that appears as a risk factor in most man-made accidents and natural disasters and in some intentional acts
5. Not following procedures is a significant problem in man-made accidents, and is also present in some natural disasters and intentional acts
6. Design and construction flaws are the bane of man-made accidents
7. Co not underestimate the significance of political agendas in creating high-risk situations
8. Arrogance among individuals and organizations is perhaps a far more significant risk factor than previously imagined
9. The lack of uniform safety standards across different nations creates an uneven risk management playing field, conditions ripe for exploitation
10. Regardless of how well risks are being addressed, "luck" can change your fortunes one way or another
11. It usually takes a disastrous event to convince people that something needs to be done
12. Risk cannot be entirely avoided; nothing can be designed or built to perfection, nor last forever

This book will be invaluable for those times when I'm searching for examples of why our organization needs to make a change. It should serve as a warning to all our leadership in private and public organizations that we must pay attention to and encourage proper planning and expenditures to mitigate our organizational risk.

5.0 out of 5 stars Excellent book, December 12, 2009

By 

lyn (Philadelphia) - See all my reviews

Amazon Verified Purchase

This review is from: Operational Risk Management: A Case Study Approach to Effective Planning and Response (Hardcover)

Even though I purchsed this as a course requirement for my Master's program, I read this book in a day. The case studies are very interesting, and are incidents most of us remember.

5.0 out of 5 stars Analyzing the past and applying to the future, September 21, 2008

By 

Paul A. Jabour "Paul" (Iowa City, IA) - See all my reviews
(REAL NAME)   

This review is from: Operational Risk Management: A Case Study Approach to Effective Planning and Response (Hardcover)

Dr. Abkowitz has delivered a unique and fascinating read that combines case studies of what went wrong, what went right, and lessons learned. He analyzes three classifications of case studies in his book: man-made accidents, terrorist acts, and natural disasters. Each case is structured to give a detailed yet concise description of what happened, an examination of what went wrong, actions taken following the event, and the likelihood of a similar event occurring again. After reading a few cases, the reader begins to notice risk factor similarities and differences between cases. Often times you will find yourself thinking 'wow, I did not realize how many little things went wrong along the way leading up to the big event.' The success story case studies at the end of the book give many examples of how employing risk mitigation techniques in practice can pick up the numerous 'red flags' that usually precede disaster. It shouldn't always take a disaster to spark action.