Making Enterprise Risk Management Pay Off: How Leading Companies Implement Risk Management

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9780130087546: Making Enterprise Risk Management Pay Off: How Leading Companies Implement Risk Management

Making Enterprise Risk Management Pay Off shows how top companies are transforming risk management into an integrated, continuous, broadly focused discipline that identifies and assesses risks more effectively, responds more precisely, and discovers not just "downsides" but breakthrough opportunities as well. Through five wide-ranging case studies - Chase Manhattan, Microsoft, DuPont, Unocal, and United Grain Growers - you'll learn powerful new risk management techniques that span the entire enterprise, and deliver unprecedented business value.

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From the Back Cover:

Lessons in risk management from world-class practitioners.

Risk managers can no longer operate in a vacuum: they must understand all the risks that impact today's enterprise, and involve all of the firm's leaders in managing those risks. Enlightened companies are meeting these challenges through enterprise risk management: a set of revolutionary techniques that go beyond mere "control" to contribute measurable business value.

This book takes you behind the scenes at companies that are leading the way in developing and deploying enterprise risk management. You'll learn how they're developing new tools for identifying today's new risks; how they're improving the accuracy of their risk assessments and recalibrating their responses-and how enterprise risk management can identify not just debacles and "downsides," but breakthrough growth opportunities as well.

* Making risk management strategic, not defensive From "control" to "value enhancement" * Enterprise risk management: Integrated, continuous, and broadly focused Moving risk management out of its traditionally disconnected "silos": how to do it, and why you must * New tools for identifying, ranking, and measuring risks Leading-edge approaches from Chase Manhattan, Microsoft, DuPont, Unocal, and other leaders * Risk management in an era of unprecedented, unrelenting change Managing the risks of globalization, interdependence, technological and marketplace change, and political and socioeconomic uncertainty

Part of a new series of books sponsored by the Financial Executives Research Foundation, a nonprofit affiliate of Financial Executives International, the preeminent professional association for senior financial executives, representing 15,000 financial executives worldwide. The Research Foundation, established in 1944, funded the research and case studies in this book.

  • Integrating risk management across the entire enterprise
  • The new roles and responsibilities of financial executives in enterprise risk management
  • New areas of risk—and how to assess them rationally
  • Scenario analysis, gain/loss curves, earnings-at-risk measurement, and other powerful new measurement tools
  • Includes five in-depth case studies: Chase Manhattan, DuPont, Microsoft, Unocal, and United Grain Growers

Today, companies are called upon to manage an assortment of risks that would have been unimaginable even a decade ago. The solution is enterprise risk management, in which risk management activities are understood by—and integrated throughout—the entire organization.

In this book, three leading practitioners present an accessible, case study-based introduction to this powerful new approach. They introduce the fundamental concepts and rationale underlying enterprise risk management, offer a concise overview of today's best techniques, and synthesize key lessons that can be learned from early adopters. Next, they present five in-depth case studies showing enterprise risk management at work in five key industries: Chase Manhattan in financial services, E.I. du Pont de Nemours & Company in manufacturing, Microsoft in information technology, United Grain Growers, Ltd. in food, and Unocal in energy.

Today, financial professionals are transforming risk management from a narrowly focused control function to a key source of business value. Making Enterprise Risk Management Pay Off gives you tools and insights for making it happen in your organization.

"The authors go out of their way to avoid a jargon-filled technical discussion... blending interesting company history and extensive quotes from senior management interviews with discussions of the company's enterprise risk management system. Although this book serves best as a risk management resource for senior managers, its value goes well beyond that audience."— Barron's, May 7, 2001

"...does a fine job of analyzing enterprise-wide risk management, the most noteworthy management development in many years."— Internal Auditing, May/June 2001

About the Author:

THOMAS L. BARTON is Kathryn and Richard Kip Professor of Accounting and KPMG Research Fellow of Accounting at the University of North Florida. He holds a Ph.D. in accounting from the University of Florida and is a certified public accountant (CPA). Dr. Barton has over 35 professional publications, including research articles in Barron's, Decision Sciences, Abacus, Advances in Accounting, CPA Journal, and Management Accounting. He coauthored the 1998 Financial Executives Research Foundation study, Open Book Management: Creating an Ownership Culture. He received the Lybrand Silver Medal for his article, "A System is Born: Management Control at American Transtech." Dr. Barton is the creator of the Minimum Total Propensity to Disrupt method of allocating gains from cooperative ventures. This method has been the subject of several articles in Decision Sciences. He is also a recognized expert in the application of management controls to highly creative activities. Dr. Barton has taught over 100 professional development seminars and has extensive consulting experience with a wide cross section of organizations in the public and private sectors. Dr. Barton is the recipient of several teaching awards for his undergraduate and graduate work. He was a winner of the State University System of Florida's prestigious Teacher Incentive Program award in 1994, the program's inaugural year.

WILLIAM G. SHENKIR is William Stamps Farish Professor of Free Enterprise at the University of Virginia's McIntire School of Commerce. He was dean of the McIntire School from 1977 to 1992, and was formerly Technical Advisor and Project Director for the Financial Accounting Standards Board. Shenkir's research and consulting interests include management accounting, open book management, and risk management. He has served as Faculty Fellow for Price Waterhouse and Exxon; as auditor for the United States Air Force Auditor General's office; and on the board of directors for Dominion Bankshares Corporation, First Union National Bank of Virginia, and ComSonics. His publications include Open-Book Management: Creating An Ownership Culture (with Thomas L. Barton and Thomas N. Tyson).

PAUL L. WALKER is Associate Professor of Accounting at the University of Virginia's McIntire School of Commerce. His research and consulting interests include audit markets, audit failures, and auditor independence, as well as audit regulation, risk, and fees. He has served in the Audit Division at Ernst & Young, in the Tax Division at KPMG Peat Marwick, and in the Securities Clearance & Operations, Internal Audit, Data Processing organization at InterFirst Bank, Dallas, TX.

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