Employees make dozens of day-to-day decisions and any one of them could come back to haunt you, even when the decision does not seem to have hidden or unknown ramifications. That is why your organisation must have a protocol in place for identifying and mitigating all major business risks long before it is needed. At the strategic level, risk management and strategic management are intertwined. Using this book, learn how to apply powerful tools and approaches to make your planning processes more effective and flexible and build a set of decision-making processes based on plain language. Author, Ron Rael, uses quality concepts/language (TQM & Six Sigma) to define the Enterprise Risk Management (ERM) process and value of prevention, while showing how these elements are both necessary and highly desired in an organisation s strategic decision-making. ERM extends to your everyday business decisions because employees take actions and make daily choices that could have a detrimental effect on your profits and business s longevity and future. This book will * provide a best practices view on the latest developments in ERM * deliver how-to guidance on developing ERM processes at the enterprise and department levels * facilitate enterprise-wide ERM participation via practical information and examples * deliver cross-functional management and implementation of ERM

Management accountants must be able to define the payoffs from their organisation's risk taking, as well as identify, understand, and reduce the negative effects of everyday business risks. This book defines organisational risk taking and outlines a formal process to handle risk effectively. The book details six steps for sound risk management: * Defining risk * Examining your attitude toward risk * Analysing your organisation's ability to handle risk * Minimising a risk's exposure or downside * Recovering quickly from a risk's negative impacts * Expanding your knowledge so you can accept more risk with confidence Written for management accountants, Smart Risk Management analyses your position in the middle of the organisation-ensuring both that it does not take risks whose costs it cannot afford and that it takes enough risks to stay competitive in the evolving marketplace. Having adequate insurance coverage is only one small piece of risk management, as this book explains. With ample examples and case studies, as well as 50 hands-on risk tools, Smart Risk Management will enhance your understanding of strategic, operational, and innovation risk and increase your value to your organisation.