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World-Class Risk Management Paperback – June 13, 2015
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About the Author
Norman Marks, CPA, CRMA is a semi-retired chief audit executive and chief risk officer. He is a globally-recognized thought leader in the professions of risk management and internal auditing and remains an evangelist for “better run business”, focusing on corporate governance, risk management, internal audit, enterprise performance, and the value of information. He is also a mentor to individuals and organizations around the world. Norman has been honored as a Fellow of the Open Compliance and Ethics Group and an Honorary Fellow of the Institute of Risk Management for his contributions to risk management. He is the author of three earlier books: • World-Class Internal Audit: Tales from my Journey • Management’s Guide to Sarbanes-Oxley Section 404: Maximize Value Within Your Organization (described as “the best Sarbanes-Oxley 404 guide out there for management”), and • How Good is your GRC? Twelve Questions to Guide Executives, Boards, and Practitioners. Praise for Norman’s last book, on world-class internal auditing, includes: • “I thoroughly enjoyed Norman's book. My one regret is not buying it in hard copy, so I could tab it, highlight it, scribble in the margins, etc. It's the type of book I keep on my desk, available for quick reference or inspiration when the need arises. In his Introduction, Norman states his hope in writing World-Class Internal Audit is that it "...will amuse as well as provide some insights..." and that he wrote the book to "...stimulate some thinking..." I believe he succeeded on all three points. • “Anyone that is passionate, motivated, and enthusiastic about the internal audit and enterprise risk management profession should read this book!"
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Top customer reviews
To my mind, the book is perfect if you want to know more what ERM standards are and what kind of controversies they bring to the subject. Norman brilliantly describes many weak points of those standards and highlights good aspects. The book also gives good and comprehensive, although not very detailed, view on the ERM as a discipline. Or at least how it should look like in the best “word-class” companies.
I definitely like in this book constant reference to decision making as a basis for risk management. I fully agree with the notion (in my words), that “abstract” risk management cannot be effective without clear link to decision making (and makers), company goals and strategy. To my mind, there is no even such a standalone process as "risk management" (usually I use the word "metaprocess"). All risks should be analyzed within specific business processes like strategic, operation or tactical planning so as any other. So it’s always some over business process, but not standalone risk management.
The most practical recommendation in the book is to make risk reports in two parts, answering to two separate questions: how likely are we to achieve our objectives and what brings the most uncertainty into it? To my mind the first question is far more important than the second, but not that many risk managers understand it. I definitely like this recommendation because it has the potential to significantly improve acceptance and reliance on risk management practice by executives.
So why not 5 stars? As a person who spent some years developing ERM in different companies I'd expect some new and provoking thoughts on the subject. I believe most of the book can be understood from practice by a thoughtful practitioner. At least, as per my expectations. But the book is a good antidote for any lovers of COSO or ISO. It could be eyes-opening.