Enterprise Risk Management Models
Enterprise risk management has always been important. However, the events of the 21st Century have made it even more critical. The top level of business management became suspect after scandals at ENRON, WorldCom, and other business entities. Financially,
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David L. Olson · Desheng Wu
Enterprise Risk Management Models
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Professor David L. Olson University of Nebraska Department of Management Lincoln, NE 68588-0491 USA [email protected]
Professor Desheng Wu University of Toronto RiskLab Toronto, ON M5S 3G3 Canada [email protected]
ISBN 978-3-642-11473-1 e-ISBN 978-3-642-11474-8 DOI 10.1007/978-3-642-11474-8 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: 2010922805 © Springer-Verlag Berlin Heidelberg 2010 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: WMXDesign GmbH, Heidelberg Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Preface
Enterprise risk management has always been important. However, the events of the twenty-first century have made it even more critical. The top level of business management became suspect after scandals at ENRON, WorldCom, and other business entities. Financially, many firms experienced difficulties from bubbles. The most spectacular failure in the late twentieth century was probably that of Long-Term Capital Management,1 but that was only a precursor to the more comprehensive failure of technology firms during the dot.com bubble around 2001. The problems of interacting cultures demonstrated risk from terrorism as well, with numerous terrorist attacks, to include 9/11 in the US. Risks can arise in many facets of business. Businesses in fact exist to cope with risk in their area of specialization. But chief executive officers are responsible to deal with any risk fate throws at their organization. Financial risk management has focused on banking, accounting, and finance. There are many good organizations that have done excellent work to aid organizations dealing with those specific forms of risk. In the past, we have tried to discuss other aspects of risk, to include information systems, disaster management, and supply chain perspectives.2 In this book, we present more in-depth views of the perspective of supply chain risk management, to include frameworks and controls in the ERM process with respect to supply chains, information systems, and project management. We also discuss aspects of natural disaster management, with focus on China, wher
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