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Corporate Value of Enterprise Risk Management: The Next Step in Business Management


Praise for Corporate Value of Enterprise Risk Management

The Next Step in Business Management

"I have read nearly every book related to this topic, and I heartily recommend this one. This could well be the only ERM book you will ever need." —Dave Ingram, CERA Senior Vice President, Willis Re Former leader of Standard & Poor's insurance ERM evaluations

"An excellent book on ERM! This book is highly accessible to a wide range of professionals, from technical personnel to senior executives to board members. Its principles-based approach and excellent real-world examples make it a highly practical guide for those who want to understand ERM without getting lost in technical jargon." —Adam Litke Chief Risk Strategist, Bloomberg

"Finally, a comprehensive guide to implementing ERM. This book offers an advanced but practical solution to successfully implementing ERM based on a disciplined, measured approach. In my nearly two decades as a board member, chief risk officer, and chief audit executive, I've been presented with many risk management frameworks, but this is the best I have seen." —Leslie Bauer, CPA Vice President and Chief Risk Officer, ARC

"A firm's value is based on its risk-adjusted return. The traditional focus on return (P&L) addresses only half the picture, at best; ERM completes it. Segal, one of the world's leading authorities on managing risk, provides a comprehensive and practical guide to ERM strategy and implementation. It is essential reading for anyone concerned with managing risk and return." —Garrett Van Ryzin, PhD, SM, BSEE Chair of Decision, Risk, and Operations Division Columbia Business School

"Segal's value-based ERM approach gives readers a truly integrated road map for risk management. It employs practical and holistic techniques for improving how risk and return are considered, evaluated, and managed in business decision making, from day-to-day decisions to strategic planning." —Rob Pollock, FSA President and Chief Executive Officer, Assurant

SIM SEGAL, FSA, CERA, is President and founder of SimErgy Consulting, which provides ERM consulting services and executive education seminars. With twenty-five years of experience in measuring and managing risk, Segal is a globally recognized ERM thought leader with experience in a variety of industry sectors, such as manufacturing, energy, entertainment, technology, services, telecommunications, banking, insurance, non-profit organizations, and government bodies. Prior to SimErgy, he led ERM consulting practices at Deloitte Consulting, Aon, and Towers Watson. Segal also serves as an adjunct professor at Columbia Business School, where he teaches an MBA/EMBA course on ERM. He has also led and co authored ERM research studies.



Part I: ERM Basics and Infrastructure.

Chapter 1: Introduction.

Evolution of ERM.

Basel Accords.

September 11th.

Corporate Accounting Fraud.

Hurricane Katrina.

Rating Agency Scrutiny.

Financial Crisis.

Rare Events.

Long-Term Trends.

Challenges to ERM.



Chapter 2: Defining ERM.

Definition of Risk.

Definition of ERM.



Chapter 3: ERM Framework.

Value-Based ERM Framework.

Challenges of Traditional ERM Frameworks.

Value-Based ERM Framework.

Overcoming the Challenges with a Value-Based ERM Framework.



Part II: ERM Process Cycle.

Chapter 4: Risk Identification.

Components of Risk Identification.

Five Keys to Successful Risk Identification.

Risk Categorization and Definition.

Qualitative Risk Assessment.

Emerging Risk Identification.

Killer Risks.



Chapter 5: Risk Quantification.

Practical Modeling.

Components of Risk Quantification.

Calculate Baseline Company Value.

Quantify Individual Risk Exposures.

Quantify Enterprise Risk Exposure.



Chapter 6: Risk Decision-Making.

Defining Risk Appetite and Risk Limits.

Integrating ERM into Decision-Making.



Chapter 7: Risk Messaging.

Internal Risk Messaging.

External Risk Messaging.



Part III: Risk Governance and Other Topics.

Chapter 8: Risk Governance.

Focusing on Common Themes.

Components of Risk Governance.

Roles and Responsibilities.

Organizational Structure.

Policies and Procedures.



Chapter 9: Financial Crisis Case Study.

Summary of the Financial Crisis.

Evaluating Bank Risk Management Practices.



Chapter 10: ERM for Non-Corporate Entities.

Generalizing the Value-Based ERM Approach.

Complexities of Objectives-Based ERM.

Examples of NCEs.





About the Author.