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Books > Reference & Interdisciplinary > Communication studies > Decision theory > Risk assessment
Technology failures, data loss, issues with providers of outsourced
services, misconduct and mis-selling are just some of the top risks
that keep financial firms up at night. In this context effective
operational risk management is, simply, a commercial necessity. The
management of operational risk, defined by the Basel Accord as
arising from failures of processes, people, systems or external
events, has developed considerably since its early years. Continued
regulatory focus and catastrophic industry events have led to
operational risk becoming a crucial topic on senior management's
agenda. This book is a practical guide for practitioners which
focuses on how to establish effective solutions and avoid common
pitfalls. Filled with frameworks, examples and diagrams, this book
offers clear advice on key practices including conducting risk
assessments, assessing change initiatives, designing key risk
indicators, establishing scenario analysis, drafting appetite
statements and carrying out risk reporting. Operational Risk
Management in Financial Services also features results from polls
taken by risk practitioners which provide a snapshot of current
practices and allow the reader to benchmark themselves against
other firms. This is the essential guide for professionals looking
to derive value out of operational risk management, rather than
applying a compliance 'tick box' approach.
Enterprise Risk Management: Advances on its Foundation and Practice
relates the fundamental enterprise risk management (ERM) concepts
and current generic risk assessment and management principles that
have been influential in redefining the risk field over the last
decade. It defines ERM with a particular focus on understanding the
nexus between risk, uncertainty, knowledge and performance. The
book argues that there is critical need for ERM concepts,
principles and methods to adapt to the latest and most influential
risk management developments, as there are several issues with
outdated ERM theories and practices; problems include the inability
to effectively and systematically balance both opportunity and
downside performance, or relying too much on narrow
probability-based perspectives for risk assessment and
decision-making. It expands traditional loss-based risk principles
into new and innovative performance-risk frameworks, and presents
fundamental risk principles that have recently been developed by
the Society for Risk Analysis (SRA). All relevant statistical and
risk concepts are clearly explained and interpreted using minimal
mathematical notation. The focus of the book is centered around
ideas and principles, more than technicalities. The book is
primarily intended for risk professionals, researchers and graduate
students in the fields of engineering and business, and should also
be of interest to executive managers and policy makers with some
background in quantitative methods such as statistics.
Compliance has become key to our contemporary markets, societies,
and modes of governance across a variety of public and private
domains. While this has stimulated a rich body of empirical and
practical expertise on compliance, thus far, there has been no
comprehensive understanding of what compliance is or how it
influences various fields and sectors. The academic knowledge of
compliance has remained siloed along different disciplinary
domains, regulatory and legal spheres, and mechanisms and
interventions. This handbook bridges these divides to provide the
first one-stop overview of what compliance is, how we can best
study it, and the core mechanisms that shape it. Written by leading
experts, chapters offer perspectives from across law, regulatory
studies, management science, criminology, economics, sociology, and
psychology. This volume is the definitive and comprehensive account
of compliance.
Is your business playing it safe—or taking the right
risks? If you read nothing else on managing risk, read these 10
articles. We've combed through hundreds of Harvard Business Review
articles and selected the most important ones to help your company
make smart decisions and thrive, even when the future is unclear.
This book will inspire you to: Avoid the most common errors in risk
management Understand the three distinct categories of risk and
tailor your risk-management processes accordingly Embrace
uncertainty as a key element of breakthrough innovation Adopt best
practices for mitigating political threats Upgrade your
organization's forecasting capabilities to gain a competitive edge
Detect and neutralize cyberattacks originating inside your company
This collection of articles includes "Managing Risks: A New
Framework," by Robert S. Kaplan and Anette Mikes; "How to Build
Risk into Your Business Model," by Karan Girotra and Serguei
Netessine; "The Six Mistakes Executives Make in Risk Management,"
by Nassim N. Taleb, Daniel G. Goldstein, and Mark W. Spitznagel;
"From Superstorms to Factory Fires: Managing Unpredictable
Supply-Chain Disruptions," by David Simchi-Levi, William Schmidt,
and Yehua Wei; "Is It Real? Can We Win? Is It Worth Doing?:
Managing Risk and Reward in an Innovation Portfolio," by George S.
Day; "Superforecasting: How to Upgrade Your Company's Judgment," by
Paul J. H. Schoemaker and Philip E. Tetlock; "Managing 21st-Century
Political Risk," by Condoleezza Rice and Amy Zegart; "How to
Scandal-Proof Your Company," by Paul Healy and George Serafeim;
"Beating the Odds When You Launch a New Venture," by Clark Gilbert
and Matthew Eyring; "The Danger from Within," by David M. Upton and
Sadie Creese; and "Future-Proof Your Climate Strategy," by Joseph
E. Aldy and Gianfranco Gianfrate.
This is an update and expansion upon PMI's popular reference, The
Practice Standard for Project Risk Management. Risk Management
addresses the fact that certain events or conditions may occur with
impacts on project, program, and portfolio objectives. This
standard will: identify the core principles for risk management;
describe the fundamentals of risk management and the environment
within which it is carried out; define the risk management life
cycle; and apply risk management principles to the portfolio,
program, and project domains within the context of an enterprise
risk management approach It is primarily written for portfolio,
program, and project managers, but is a useful tool for leaders and
business consumers of risk management, and other stakeholders.
In the next wave of conduct regulation in financial markets, from
2021 conduct regulators in the UK and elsewhere expect firms to
produce evidence on how they are improving behaviour and culture.
Facing this, many practitioners are anxious that their current
reporting and management information (MI) are irrelevant to meeting
as-yet unclear regulatory expectations. This book provides the
insights and tools firms need to report on culture, securing both
enhanced business value and the regulator's approval. Culture is
now seen as a key contributor to good governance, feeding into
existing discourse on environmental, social and governance (ESG)
factors and the emerging dialogue on 'non-financial (mis)conduct',
but conventional measures of business quality are unfit for the new
reporting agenda. Culture Audit in Financial Services follows the
arc of 'behavioural regulation' to examine what the regulator
really wants, before offering guidance on how culture audit differs
from conventional auditing, how to put the latest pure-research
findings to work, and the key features of well-designed conduct and
culture reports. Written by an impartial author and a variety of
contributors with extensive experience working with practitioners,
regulators, and many of the world's finest academic initiatives,
this book is filled with practical, grounded advice on how best to
approach this new challenge and avoid infractions.
To meet the needs of today, engineered products and systems are an
important element of the world economy, and each year billions of
dollars are spent to develop, manufacture, operate, and maintain
various types of products and systems around the globe. This book
integrates and combines three of those topics to meet today's needs
for the engineers working in these fields. This book provides a
single volume that considers reliability, maintainability, and
safety when designing new products and systems. Examples along with
their solutions are placed at the end of each chapter to test
readers' comprehension. The book is written in a manner that
readers do not need any previous knowledge of the subject, and many
references are provided. This book is also useful to many people,
including design engineers, system engineers, reliability
specialists, safety professionals, maintainability engineers,
engineering administrators, graduate and senior undergraduate
students, researchers, and instructors.
The Environmental Management Revision Guide: For the NEBOSH
Certificate in Environmental Management is the perfect revision aid
for students preparing to take their NEBOSH Certificate in
Environmental Management. As well as being a handy companion volume
to Brian Waters' NEBOSH-endorsed textbook Introduction to
Environmental Management, it will also serve as a useful
aide-memoire for those in environmental management roles. The book
aims to: Provide practical revision guidance and strategies for
students Highlight the key information for each learning outcome of
the current NEBOSH syllabus Give students opportunities to test
their knowledge based on NEBOSH style questions and additional
exercises Provide details of guidance documents publically
available that students will be able to refer to. The revision
guide is fully aligned to the current NEBOSH syllabus, providing
complete coverage in bite-sized chunks, helping students to learn
and memorise the most important topics. Throughout the book, the
guide refers back to the Introduction to Environmental Management,
helping students to consolidate their learning.
Enterprise Risk Management: Advances on its Foundation and Practice
relates the fundamental enterprise risk management (ERM) concepts
and current generic risk assessment and management principles that
have been influential in redefining the risk field over the last
decade. It defines ERM with a particular focus on understanding the
nexus between risk, uncertainty, knowledge and performance. The
book argues that there is critical need for ERM concepts,
principles and methods to adapt to the latest and most influential
risk management developments, as there are several issues with
outdated ERM theories and practices; problems include the inability
to effectively and systematically balance both opportunity and
downside performance, or relying too much on narrow
probability-based perspectives for risk assessment and
decision-making. It expands traditional loss-based risk principles
into new and innovative performance-risk frameworks, and presents
fundamental risk principles that have recently been developed by
the Society for Risk Analysis (SRA). All relevant statistical and
risk concepts are clearly explained and interpreted using minimal
mathematical notation. The focus of the book is centered around
ideas and principles, more than technicalities. The book is
primarily intended for risk professionals, researchers and graduate
students in the fields of engineering and business, and should also
be of interest to executive managers and policy makers with some
background in quantitative methods such as statistics.
Since the mid-1990s risk management has undergone a dramatic
expansion in its reach and significance, being transformed from an
aspect of management control to become a benchmark of good
governance for banks, hospitals, schools, charities and many other
organizations. Numerous standards for risk management practice have
been produced by a variety of transnational organizations. While
these many designs and blueprints are accompanied by ideals of
enterprise, value production, and good governance, it is argued
that the rise of risk management has also coincided with an
intensification of auditing and control processes. The legalization
and bureacratization of organizational life has increased because
risk management has created new demands for proof and evidence of
action. In turn, these demands have generated new risks to
reputation.
In short, this important book traces the rise of the managerial
concept of risk and the different logics and values which underpin
it, showing that it has much less to do with real dangers and
opportunities than might be thought, and more to do with
organizational accountability and legitimacy.
In the field of financial risk management, the 'sell side' is the
set of financial institutions who offer risk management products to
corporations, governments, and institutional investors, who
comprise the 'buy side'. The sell side is often at a significant
advantage as it employs quantitative experts who provide
specialized knowledge. Further, the existing body of knowledge on
risk management, while extensive, is highly technical and
mathematical and is directed to the sell side.This book levels the
playing field by approaching risk management from the buy side
instead, focusing on educating corporate and institutional users of
risk management products on the essential knowledge they need to be
an intelligent buyer. Rather than teach financial engineering, this
volume covers the principles that the buy side should know to
enable it to ask the right questions and avoid being misled by the
complexity often presented by the sell side.Written in a
user-friendly manner, this textbook is ideal for graduate and
advanced undergraduate classes in finance and risk management, MBA
students specializing in finance, and corporate and institutional
investors. The text is accompanied by extensive supporting material
including exhibits, end-of-chapter questions and problems,
solutions, and PowerPoint slides for lecturers.
This book discusses how to collect data and analyze databases in
order to map risk zones, and contributes to developing a conceptual
framework for coastal risk assessment. Further, the book primarily
focuses on a specific case study: the Bay of Bengal along the
southeastern coast of India. The dramatic rise in losses and
casualties due to natural disasters like wind, storm-surge-induced
flooding, seismic hazards and tsunami incidence along this coast
over the past few decades has prompted a major national scientific
initiative investigating the probable causes and possible
mitigation strategies. As such, geoscientists are called upon to
analyze the coastal hazards by anticipating the changes in and
impacts of extreme weather hazards on the Bay of Bengal coasts as a
result of global climate change and local sea-level change.
In every decision problem there are things we know and things we do
not know. Risk analysis science uses the best available evidence to
assess what we know while it is carefully intentional in the way it
addresses the importance of the things we do not know in the
evaluation of decision choices and decision outcomes. The field of
risk analysis science continues to expand and grow and the second
edition of Principles of Risk Analysis: Decision Making Under
Uncertainty responds to this evolution with several significant
changes. The language has been updated and expanded throughout the
text and the book features several new areas of expansion including
five new chapters. The book's simple and straightforward
style-based on the author's decades of experience as a risk
analyst, trainer, and educator-strips away the mysterious aura that
often accompanies risk analysis. Features: Details the tasks of
risk management, risk assessment, and risk communication in a
straightforward, conceptual manner Provides sufficient detail to
empower professionals in any discipline to become risk
practitioners Expands the risk management emphasis with a new
chapter to serve private industry and a growing public sector
interest in the growing practice of enterprise risk management
Describes dozens of quantitative and qualitative risk assessment
tools in a new chapter Practical guidance and ideas for using risk
science to improve decisions and their outcomes is found in a new
chapter on decision making under uncertainty Practical methods for
helping risk professionals to tell their risk story are the focus
of a new chapter Features an expanded set of examples of the risk
process that demonstrate the growing applications of risk analysis
As before, this book continues to appeal to professionals who want
to learn and apply risk science in their own professions as well as
students preparing for professional careers. This book remains a
discipline free guide to the principles of risk analysis that is
accessible to all interested practitioners. Files used in the
creation of this book and additional exercises as well as a free
student version of Palisade Corporation's Decision Tools Suite
software are available with the purchase of this book. A less
detailed introduction to the risk analysis science tasks of risk
management, risk assessment, and risk communication is found in
Primer of Risk Analysis: Decision Making Under Uncertainty, Second
Edition, ISBN: 978-1-138-31228-9.
Christian Hugo Hoffmann undermines the citadel of risk assessment
and management, arguing that classical probability theory is not an
adequate foundation for modeling systemic and extreme risk in
complex financial systems. He proposes a new class of models which
focus on the knowledge dimension by precisely describing market
participants' own positions and their propensity to react to
outside changes. The author closes his thesis by a synthetical
reflection on methods and elaborates on the meaning of
decision-making competency in a risk management context in banking.
By choosing this poly-dimensional approach, the purpose of his work
is to explore shortcomings of risk management approaches of
financial institutions and to point out how they might be overcome.
Quantitative Risk Analysis is a powerful tool used to help manage
risk and improve safety. When used appropriately, it provides a
rational basis for evaluating process safety and comparing
alternative safety improvements. This guide, an update of an
earlier American Chemistry Council (ACC) publication utilizing the
"hands-on" experience of CPI risk assessment practitioners and
safety professionals involved with the CCPS and ACC, explains how
managers and users can make better-informed decisions about QRA,
and how plant engineers and process designers can better
understand, interpret and use the results of a QRA in their plant.
Provides a range of up-to-date case studies to help students
understand the real world practice of risk management in
organisations Includes an overview situating the subject of risk
management in the wider context of corporate governance, aiding
student understanding The case studies on Tesco and Birmingham City
Council are radically updated to reflect recent controversies,
whilst a case study on cyber risk is added for the new edition
Risks are increasingly regulated by international standards, and
scientists play a key role in standardization. This fascinating
book exposes the action of 'invisible colleges' of scientists loose
groups of prominent scientific experts who combine practical
experience of risk and control with advisory responsibility in the
formulation of international standards. Drawing upon the domains of
medicines, 'novel foods' and food hygiene, David Demortain
investigates new regulatory concepts emerging from invisible
colleges, highlighting how they shape consensus and pave the way
for international standards. He explores the relationship between
science and regulation from theoretic and historic perspectives,
and illustrates how scientific experts integrate regulatory actors
in commonly agreed modes of control and structures of regulatory
responsibilities. Sociological and political implications are also
discussed. Using innovative methodologies and an extensive insight
into food and pharmaceutical regulation, this book will provide a
much-needed reference tool for scholars and students in a range of
fields encompassing science and technology studies, public policy,
risk and environmental regulation, and transnational governance.
Contents: 1. Risk Regulation From Controversies to Common Concepts
2. Communities, Networks and Colleges: Expert Collectives in
Transnational Regulation 3. From Qualifying Products to Imputing
Adverse Events: A Short History of Risk Regulation 4. Drawing
Lessons: Medical Professionals and the Introduction of
Pharmacovigilance Planning 5. Modelling Regulation: HACCP and the
Ambitions of the Food Microbiology Elite 6. The Value of
Abstraction: Food Safety Scientists and the Invention of
Post-market Monitoring 7. Exploring Invisible Colleges: Sociology
of the Standardising Scientist 8. Scientists, Standardisation and
Regulatory Change: The Emergent Action of Invisible Colleges
Appendix 1. Research Strategy and Methodology References Index
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