Fundamentals of Risk Management

Understanding, Evaluating and Implementing Effective Enterprise Risk Management

Kate Boothroyd, Clive Thompson

• Publisher: Kogan Page
• Year: 2024
• Print ISBN: 9781398618657
• eBook ISBN: 9781398618671
• Edition: 7
• Topic: Business
• Subtopic: Business General
• Index: Business

Fundamentals of Risk Management provides a comprehensive introduction to enterprise risk for students and risk professionals, with tools and tips, expert insights and coverage of key developments in an ever-evolving field. Effective enterprise risk management allows organizations to maximize opportunities and minimize uncertainty. Aligned with ISO 31000, the COSO ERM Framework and the UK's Orange Book, this guide covers the key principles of risk management and how to deal with the different types of risk that organizations face. The frameworks of business continuity planning, enterprise risk management and project risk management are covered alongside an overview of international risk management standards and frameworks, strategy and policy. The text provides a clear introduction to a variety of risk management approaches used in sectors such as insurance, banking, law, health and safety and supply chain management.Now in its seventh edition, Fundamentals of Risk Management guides readers through the steps of risk identification, risk analysis, risk description and risk estimation. It includes new chapters covering emerging trends in risk management such as resilience, sustainability and strategic risk. It offers increased international coverage around corporate governance and real-world examples, allowing students to connect theory to practice. Supporting online resources include lecture slides with figures, tables and key points from the book.

Table of contents

• List of figures and tables
• Foreword
• Acknowledgements
• Introduction
• 01 What risk is and why it is important
• 02 The evolution of risk management
• 03 Risk management standards
• PART TWO Enterprise risk management
• 04 Enterprise risk management
• 05 Risk management aims and principles
• 06 Risk management framework – risk architecture, strategy and protocols
• 07 Roles, responsibilities and documentation
• 08 Risk management process
• 09 Implementing enterprise risk management
• PART THREE Defining context and objectives and assessing risk
• 10 Understanding the context
• 11 Stakeholders
• 12 Setting objectives
• 13 Assessing risks – risk identification and articulation
• 14 Classifying risks
• 15 Assessing risks – risk analysis
• 16 Different lenses for prioritizing risk
• 17 Assessing risks – risk evaluation
• PART FOUR Risk response and monitor, review and report
• 18 Managing risk
• 19 Controlling both threats and opportunities
• 20 Ongoing monitoring
• 21 Ongoing review
• 22 Reporting on risk management
• PART FIVE Risk strategy and culture
• 23 Culture and behaviours
• 24 Risk culture models and success factors
• 25 Risk appetite and tolerance
• 26 Risk appetite criteria and statements
• PART SIX Corporate governance and assurance
• 27 Introducing corporate governance
• 28 Compliance and the control environment
• 29 Risk assurance
• PART SEVEN Organizational environment, resilience and sustainability
• 30 Strategy and risk management
• 31 Resilience and risk management
• 32 Surviving shocks and disruption
• 33 Sustainability and risk management
• 34 ESG and climate change
• PART EIGHT Different approaches
• 35 Different approaches to risk management
• 36 Banking, insurance and operational approaches to risk management
• 37 Project, health and safety, legal, supply chain and IT approaches to risk management
• 38 ERM as a translation tool
• PART NINE Adding value
• 39 Maturity and continual improvement
• 40 How risk management adds value
• 41 Risk practitioner competencies
• 42 How risk practitioners add value
• Appendix A: Abbreviations and acronyms
• Appendix B: Glossary of terms
• Index