Enterprise Risk Management Modern Approaches to Balancing Risk and R
This textbook demonstrates how Enterprise Risk Management creates value in strategic- and decision-making-processes. The author introduces modern approaches to balancing risk and reward based on many examples of medium-sized and large companies from diffe
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Enterprise Risk Management Modern Approaches to Balancing Risk and Reward
Enterprise Risk Management
Stefan Hunziker
Enterprise Risk Management Modern Approaches to Balancing Risk and Reward
Stefan Hunziker Rotkreuz, Switzerland
ISBN 978-3-658-25356-1 ISBN 978-3-658-25357-8 (eBook) https://doi.org/10.1007/978-3-658-25357-8 Library of Congress Control Number: 2019936302 Springer Gabler © Springer Fachmedien Wiesbaden GmbH, part of Springer Nature 2019 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, 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. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer Gabler imprint is published by the registered company Springer Fachmedien Wiesbaden GmbH part of Springer Nature The registered company address is: Abraham-Lincoln-Str. 46, 65189 Wiesbaden, Germany
Preface
Now more than ever, students, junior staff, instructors, managers and decision-makers have to understand the value-creating aspect of modern Enterprise Risk Management (ERM). Welcome to the world of enterprise risk management (ERM), one of the most popular and misunderstood of today’s important business topics. It is not very complex. It is not very expensive. It does add value. We just have to get it right. Until recently, we have been getting it wrong (Hampton 2009, p. vii).
This is a quote from Professor Hampton, director at St. Peters’ College and former director of the Risk and Insurance Management Society (RIMS). His statement is representative of what still applies to many companies today: ERM is considered as an expensive and unprofitable “business inhibitor”. Traditionally, it does only embrace a few areas of the company (in many cases the finance department). Usually, there is no equal company-wide management of all risk categories in a consistent framework and risk management is often an independent stand-alone process, which is not linked to decision-making processes and business planning. In this way, traditional risk mana
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