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Books > Reference & Interdisciplinary > Communication studies > Decision theory
A fully updated, step-by-step guide for implementing COSO's
Enterprise Risk Management
"COSO Enterprise Risk Management, Second Edition" clearly
enables organizations of all types and sizes to understand and
better manage their risk environments and make better decisions
through use of the COSO ERM framework. The "Second Edition"
discusses the latest trends and pronouncements that have affected
COSO ERM and explores new topics, including the PCAOB's release of
AS5; ISACA's recently revised CobiT; and the recently released IIA
Standards.Offers you expert advice on how to carry out internal
control responsibilities more efficientlyUpdates you on the ins and
outs of the COSO Report and its emergence as the new platform for
understanding all aspects of risk in today's organizationShows you
how an effective risk management program, following COSO ERM, can
help your organization to better comply with the Sarbanes-Oxley
ActKnowledgeably explains how to implement an effective ERM
program
Preparing professionals develop and follow an effective risk
culture, "COSO Enterprise Risk Management, Second Edition" is the
fully revised, invaluable working resource that will show you how
to identify risks, avoid pitfalls within your corporation, and keep
it moving ahead of the competition.
A clear understanding of what we know, don't know, and can't
know should guide any reasonable approach to managing financial
risk, yet the most widely used measure in finance today--Value at
Risk, or VaR--reduces these risks to a single number, creating a
false sense of security among risk managers, executives, and
regulators. This book introduces a more realistic and holistic
framework called "KuU"--the "K"nown, the "u"nknown, and the
"U"nknowable--that enables one to conceptualize the different kinds
of financial risks and design effective strategies for managing
them. Bringing together contributions by leaders in finance and
economics, this book pushes toward robustifying policies,
portfolios, contracts, and organizations to a wide variety of "KuU"
risks. Along the way, the strengths and "limitations" of
"quantitative" risk management are revealed.
In addition to the editors, the contributors are Ashok Bardhan,
Dan Borge, Charles N. Bralver, Riccardo Colacito, Robert H.
Edelstein, Robert F. Engle, Charles A. E. Goodhart, Clive W. J.
Granger, Paul R. Kleindorfer, Donald L. Kohn, Howard Kunreuther,
Andrew Kuritzkes, Robert H. Litzenberger, Benoit B. Mandelbrot,
David M. Modest, Alex Muermann, Mark V. Pauly, Til Schuermann,
Kenneth E. Scott, Nassim Nicholas Taleb, and Richard J.
Zeckhauser.Introduces a new risk-management paradigm Features
contributions by leaders in finance and economics Demonstrates how
"killer risks" are often more economic than statistical, and
crucially linked to incentives Shows how to invest and design
policies amid financial uncertainty
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