Risk Management How to Assess, Transfer and Communicate Critical Risks

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Perspectives in Business Culture
2013
Risk ManagementHow to Assess, Transfer and Communicate Critical RisksAuthors:

• Borghesi Antonio,
• Barbara Gaudenzi
• …show all 2hide
  

ISBN: 978-88-470-2530-1 (Print) 978-88-470-2531-8  (Online)



How to Assess, Transfer and Communicate Critical Risks

Series: Perspectives in Business Culture

Borghesi, Antonio, Gaudenzi, Barbara

2013, X, 137 p. 23 illus.

ISBN 978-88-470-2531-8

  Immediately available per PDF-download (no DRM, watermarked)

About this book

• Integrated approach to the assessment, transfer, and communication of critical risks
•                                         Highlights emerging methodologies that can help to protect businesses from adverse events
•                                         Explains how different risk management perspectives should be combined
•                                         Provides concrete directions on how to develop a risk management team and culture
  

The increasingly risky environment in which companies now operate is characterized by a rising number of risk components, factors, sources, and drivers. Risk exists at various levels, both inside the company and at the network level. The identification, evaluation, and management of these risks require the capability to coordinate various skills within a single company and in upstream and downstream relationships.
This handbook provides an integrated approach to the assessment, transfer, and communication of critical risks and highlights emerging methodologies that can effectively and efficiently help to protect businesses from adverse events and their effects. It explains how different risk management perspectives should be combined, and in particular how the corporate governance vision should be integrated with the perspectives of operations management, financial management, and business continuity management. In this sense the handbook provides concrete directions on how to develop a risk management team and culture, taking into account business challenges and employing appropriate managerial tools.

Part I Reference Theories
1 From Social and Natural Science Comes a Historical Overview
on the Concepts of Uncertainty and Risk . . . . . . . . . . . . . . . . . . . 3
1.1 Risk... Beginning with Newton and Heisenberg. . . . . . . . . . . . . 3
1.2 Uncertainty and Risk: Loss and Gain—A Historical View . . . . . 4
1.3 The First Risk Classifications . . . . . . . . . . . . . . . . . . . . . . . . . 7
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
2 Governance and Risk Management. . . . . . . . . . . . . . . . . . . . . . . . 9
2.1 Three Interpretative Models: The Paradigm of
‘‘Structure-Conduct-Performance’’, ‘‘System Theory’’,
and ‘‘Value-Based Management’’ . . . . . . . . . . . . . . . . . . . . . . 9
2.1.1 The North-American School and the
Structure-Conduct-Performance Paradigm. . . . . . . . . . . 9
2.1.2 Business as an Open System and the Systemic
Approach to Business Governance. . . . . . . . . . . . . . . . 10
2.1.3 Value-Based Management . . . . . . . . . . . . . . . . . . . . . 11
2.2 Governance and Value Creation . . . . . . . . . . . . . . . . . . . . . . . 12
2.3 Corporate Governance: Regulatory Evolutions . . . . . . . . . . . . . 14
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
3 Risk Management Perspectives. . . . . . . . . . . . . . . . . . . . . . . . . . . 19
3.1 Risk is Transversal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
3.2 From the Risk Spectrum to the Four Big Risks . . . . . . . . . . . . . 20
3.3 Four Risk Observation and Management Perspectives . . . . . . . . 22
3.4 Risk Management: A Brief Historical Evolution . . . . . . . . . . . . 26
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
vii
Part II Risk Assessment: Approaches, Techniques
and Good Practices
4 The Need for an Enterprise-Wide Approach
to Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
4.1 Enterprise Risk Management. . . . . . . . . . . . . . . . . . . . . . . . . . 31
4.1.1 Internal Auditing and Risk Management:
Collaboration, Not Overlap! . . . . . . . . . . . . . . . . . . . . 33
4.2 Business Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . 33
4.3 Risk Management in the Organizational Structure . . . . . . . . . . . 35
4.4 ISO 31000 (2009) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
5 Risk Identification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
5.1 What is Risk Identification? . . . . . . . . . . . . . . . . . . . . . . . . . . 43
5.1.1 Organizational Charts. . . . . . . . . . . . . . . . . . . . . . . . . 45
5.1.2 Flow Charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
5.1.3 Vulnerability Analysis and Matrix
of Interdependencies . . . . . . . . . . . . . . . . . . . . . . . . . 48
5.1.4 Checklists . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
5.1.5 Event Chain Diagrams and Decision Trees . . . . . . . . . . 51
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
6 Risk Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
6.1 Qualitative or Quantitative Analysis? . . . . . . . . . . . . . . . . . . . . 54
6.2 Introduction to Basic Statistical Tools . . . . . . . . . . . . . . . . . . . 54
6.2.1 Discrete Probability Distribution . . . . . . . . . . . . . . . . . 55
6.2.2 Continuous Probability Distribution . . . . . . . . . . . . . . . 55
6.3 Probable Maximum Loss and Annual Aggregate Loss . . . . . . . . 57
6.4 Qualitative and Semi-Qualitative Methods for Risk Analysis . . . 59
6.4.1 Event Tree Analysis and Fault Tree Analysis . . . . . . . . 60
6.4.2 Business Impact Analysis . . . . . . . . . . . . . . . . . . . . . . 60
6.4.3 Business Continuity Planning (BCP) . . . . . . . . . . . . . . 61
6.4.4 FMEA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
6.4.5 Dependency Modeling . . . . . . . . . . . . . . . . . . . . . . . . 61
6.5 How Can the Risk Be Assessed when the Historical
Data is Insufficient or Lacking? . . . . . . . . . . . . . . . . . . . . . . . 62
6.6 Risk Analysis for a Better Performance Improving . . . . . . . . . . 63
6.6.1 Risk Analysis for Measuring Monetary Losses . . . . . . . 63
6.6.2 Risk Analysis for Measuring Underperformance . . . . . . 64
6.7 Risk Evaluation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
6.8 External contribution 6.1: Analysis of Economic, Financial
and Equity Indicators for the Assessment of Business Risk
and Client Risk in an Industrial Group. . . . . . . . . . . . . . . . . . . 68
viii Contents
6.9 External contribution 6.2: Risk Management and
Valuation: A Board Issue . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
Appendix to Part II. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76
Part III Risk Treatment: Approaches, Techniques
and Good Practices
7 Risk Treatment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89
7.1 Risk Control . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89
7.1.1 Avoidance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90
7.1.2 Loss Prevention. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90
7.1.3 Loss Reduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91
7.1.4 Separation, Duplication, Diversification . . . . . . . . . . . . 91
7.2 Risk Financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92
7.3 Risk Financing: Retention. . . . . . . . . . . . . . . . . . . . . . . . . . . . 93
7.3.1 Retention: Take a Proper Decision! . . . . . . . . . . . . . . . 93
7.3.2 Asset Reduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
7.3.3 Absorption into the Operating Costs . . . . . . . . . . . . . . 95
7.3.4 Self-insurance (Self-insured Retention). . . . . . . . . . . . . 96
7.3.5 How Should Reserves be Allocated? . . . . . . . . . . . . . . 97
7.3.6 Reserve Funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98
7.3.7 Contingent Credit Lines . . . . . . . . . . . . . . . . . . . . . . . 98
7.4 Risk Financing: Transfer . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99
7.4.1 Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100
7.4.2 Business Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101
7.4.3 General Liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
7.4.4 Workers’ Compensation . . . . . . . . . . . . . . . . . . . . . . . 103
7.4.5 Motor Vehicle Liability . . . . . . . . . . . . . . . . . . . . . . . 103
7.4.6 Employers’ Liability . . . . . . . . . . . . . . . . . . . . . . . . . 103
7.4.7 Flood . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103
7.4.8 Directors’ and Officers’ Liability. . . . . . . . . . . . . . . . . 103
7.4.9 Take Care in Evaluating the Insurance Cost! . . . . . . . . 104
7.4.10 What is a Captive Insurance Company? . . . . . . . . . . . . 105
7.5 Decision Making . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106
7.6 How to Measure the Cost of Risk? . . . . . . . . . . . . . . . . . . . . . 107
7.7 External contribution 7.1: Innovation in the
Context of Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . 107
7.8 External contribution 7.2: The Role of an Insurance Partner . . . . 111
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113
Contents ix
Part IV Supply Chain Risk Management and Business Continuity
8 Operational Risk and Supply Chain Risk Management . . . . . . . . . 117
8.1 What is Operational Risk? . . . . . . . . . . . . . . . . . . . . . . . . . . . 117
8.1.1 ... and Supply Chain Risk? . . . . . . . . . . . . . . . . . . . . . 118
8.2 Logistics and Supply Chain Management . . . . . . . . . . . . . . . . . 118
8.2.1 The Goal of Customer Service . . . . . . . . . . . . . . . . . . 119
8.2.2 The Goal of Flexibility. . . . . . . . . . . . . . . . . . . . . . . . 119
8.3 Creating Resilient—and Less Vulnerable—Processes
and Supply Chains. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120
8.3.1 How to Assess Supply Chain Risks . . . . . . . . . . . . . . . 122
8.4 Supply Chain Risk Management Strategies . . . . . . . . . . . . . . . . 124
8.5 External contribution 8.1: What is Crisis Management? . . . . . . . 126
8.6 External contribution 8.2: Disaster Recovery for Industrial
Plant: Manufacturing Industry . . . . . . . . . . . . . . . . . . . . . . . . . 131
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137

• Authors & Editors
  

Antonio Borghesi is Full Professor at the Faculty of Business Economics at the University of Verona (Italy). Since he published his first publications in risk management in 1976, he has dedicated large time in creating and sharing the risk management culture and knowledge. He founded the Post Graduated Course in Risk Management and the LogiMaster – Master in Logistics and Supply Chain Management. He served as consultant in public and private companies, was member of RIMS (Risk and Insurance Management Society) – New York and other Risk Management organizations, Member of the ISO Working Group on the 31.000. He served as Director of the Department of Studi Finanziari Industriali e Tecnologici at the University of Verona. He is now an elected member of the Italian Parliament.

Barbara Gaudenzi is Associate Professor at the Faculty of Business Economics at the University of Verona (Italy). She is also Director of two post graduated masters at the Faculty of Business Economics in Verona (Italy): the Post Graduated Course in Risk Management and the LogiMaster – Master in Logistics and Supply Chain Management. Barbara has conducted extensive research on how companies assess and manage risks, within organizations and in their supply chains. She has published over 30 research and practitioner articles and books chapters, many of which focus on risk management and supply chain management. Barbara coordinates and is involved in research projects with companies and other organizations. She is member of the ISCRIM network (Supply Chain Risk Management Network) and Italian representative of the United Nations Environment Programme – Finance Initiative.





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I like this book!!

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貌似没有讲到VaR...

Crsky7 发表于 2013-4-18 22:24
貌似没有讲到VaR...

是的...
这本书没有说VAR...
有点可惜，对吧？

软的就是硬的，而且活得更久。不要轻视软科学。

楼主给力，看完这一本书不知道要到啥时候，先下了再说

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