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Surviving and Thriving in Uncertainty: Creating The Risk Intelligent Enterprise 1st Edition

4.6 out of 5 stars 9 customer reviews
ISBN-13: 978-0470247884
ISBN-10: 0470247886
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Editorial Reviews

Review

"The authors propose a more holistic approach of "risk intelligence," in which leaders acknowledge and prepare for a wide range of potential threats. The authors isolate ten essential risk intelligence skills-such as abandoning familiar assumptions, anticipating causes of failure, and sustaining operational discipline-and provide in-depth guidelines for how executives and board members can hone these skills. They understand that there is no reward without risk - but only if the risks are properly managed." (BizEd, July/August 2010)

From the Inside Flap

Why can't the cycle of scandal, speculation, greed, and recklessness be broken? With countless sums spent on enterprise risk management, why does it consistently fail at critical junctures? How can you hope to manage that? In a sense, you can't—not in the way you can manage a production facility or a sales force. Conventional risk management, though necessary, is concerned mainly with avoiding risk and protecting existing assets—and simply isn't enough for the survival of your organization.

Starting with a Foreword by the Honorable Tom Ridge—the nation's first Secretary of the Department of Homeland Security—Surviving and Thriving in Uncertainty: Creating the Risk Intelligent Enterprise reveals demonstrated methods you can use to help exercise better judgment and make better decisions under the most risky, uncertain, and turbulent conditions.

Based on their combined decades of experience as practitioners, consultants, and advisors to numerous business professionals throughout the world, recognized industry veterans and authors Frederick Funston and Stephen Wagner look at:

  • Perspectives of those who work in risk, from business directors and senior executives to combat pilots, first responders, race car drivers, and astronauts

  • How you can use risk management tools proactively instead of reactively to improve decision making

  • The ten fatal flaws in conventional risk management . . .

  • . . . And their ten corresponding enterprise risk intelligence skills

  • Why doing business based on tradition, habit, or on autopilot can mean your business's downfall

This book reveals risk management to be an integral part of value creation and preservation. Get smart in your approach to risk with the timely and relevant guidance found in Surviving and Thriving in Uncertainty: Creating the Risk Intelligent Enterprise.

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Product Details

  • Hardcover: 368 pages
  • Publisher: Wiley; 1 edition (April 5, 2010)
  • Language: English
  • ISBN-10: 0470247886
  • ISBN-13: 978-0470247884
  • Product Dimensions: 6.3 x 1.2 x 9.3 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 4.6 out of 5 stars  See all reviews (9 customer reviews)
  • Amazon Best Sellers Rank: #483,620 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Hardcover
This book is divided into three parts. The first one addresses the reality that conventional risk management has failed. The second describes the Ten Risk Intelligence Skills*. The third describes the characteristics of the Risk Intelligent Enterprise** and the responsibilities of directors, officers and employees, and coined the term "Risk IQ".

IMHO, the authors' effort to put much knowledge into their work is much appreciated. The ideas are alright. The organisation and writing is not. It would be much better if the high dosage and diversity of the so called voice of experience can be reduced. Also, although I understood that the target audience are those mega conglomerates which can afford ultra high execution cost of the authors' prescription, it would still be better for the authors to apply the "foot in the door technique" to make the cost of change more affordable. That may indirectly benefit those big to mid sized corporations that lack the resources (but not the will) to apply risk management as well. In short, readable, but of low practical value.

Remarks:-

*The Ten Essential Risk Intelligence Skills:-
Check your assumptions at the door.
Maintain constant vigilance.
Factor in velocity and momentum.
Manage the key connections.
Anticipate causes of failure.
Verify sources and corroborate information.
Maintain a margin of safety.
Set your enterprise time horizons.
Take enough of the right risks.
Sustain operational discipline.

**The characteristics of the Risk Intelligence Enterprise:-
Understands that discussions of value and risk are inseparable from enterprise management.
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Format: Hardcover
I am among those who find a wealth of excellent advice every time I pick up my copy of The Art of War and re-read a passage or two in any of its 13 chapters. (FYI, Samuel B. Griffin translated the edition I prefer, published in a paperbound by Oxford University Press.) As I began to read Surviving and Thriving in Uncertainty, I recalled several insights that perhaps, just perhaps, Frederick Funston and Stephen Wagner may have had in mind while writing their book: every battle is won or lost before it is fought, all warfare is based on deception, and five constant factors govern the art of war, to be assessed when determining the conditions in the field. They are The Moral Law (leaders and followers have values and goals in alignment), Heaven (physical environment: night and day, cold and heat, times and seasons), Earth (distances, strategic positions, terrain), The Commander (virtues of wisdom, sincerity, benevolence, courage, strictness), Method and Discipline (readiness, organization of forces and resources, agility and resilience). These are the essential components of what is generally regarded as traditional, indeed "classical" strategic thinking about potential risks and how best to manage them.

I suggest you keep these components in mind as Funston and Wagner first explain why and how risks become "brutal realities," how to survive and thrive by making correct judgments, why conventional risk management has failed, and why an unconventional approach to risk management is needed, especially "under risky, uncertain, and turbulent conditions." For Part Two, they devised a very clever format within which to present their material: In each of Chapters 4-13, they juxtapose a "fatal flaw" in risk intelligence thinking (e.g.
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Format: Kindle Edition Verified Purchase
Some parts of the book seemed to read like throw-away comments and padding, rather than well researched thoughts, however overall the book provided some very useful ideas, helping to place risk awareness as an important component in any organization.
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Format: Hardcover
This book is really interesting. It will open up your mind to things you have never thought of before. The book is really a risk management text book but you would never know that until the very end. The book explains a whole new way to look at risk management. It is sort of like the Book "Black Swan". The book lays out how you can redo our start a risk management program that will revolutionize your operation.

He does a good job of explaining the why we need to do this. All you have to do is pay attention to the news. The authors takes this information and adds to it. The added information will make you stand up in shock. For example the authors list all of the companies that have failed recently. The number will shock you. Another shocking fact is how the life span of fortune 500 companies is only like 45 years.

It throws out the old way of risk management. The book focuses people to deal with the extremes. The authors say people should do this in a comprehensive way, not just piling up the sand bags for the inevitable flood which will be coming.

The book is easy to read. It has lots of real world examples that brings the concepts alive in new ways. Then the authors offer the academic way to explain the concept. His ideas also will change how your company operates.

If you want to stretch your mind read this book. It also might save your job too.
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