New Frontiers in Enterprise Risk Management
This book provides introductory material about enterprise risk management, and the role of risk in decision making. It presents enterprise risk management from perspectives of finance, accounting, insurance, supply chain operations, and project management
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David L. Olson • Desheng Wu Editors
New Frontiers in Enterprise Risk Management
Editors Prof. David L. Olson University of Nebraska Department of Management Lincoln, NE 68588-0491 USA [email protected]
ISBN 978-3-540-78641-2
Prof. Desheng Wu University of Toronto RiskLab Toronto, ON M5S 3G3 Canada [email protected]
e-ISBN 978-3-540-78642-9
DOI: 10.1007/978-3-540-78642-9 Library of Congress Control Number: 2008922455 © 2008 Springer-Verlag Berlin Heidelberg 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, roadcasting, 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: WMX Design GmbH, Heidelberg, Germany Printed on acid-free paper 5 4 3 2 1 springer.com
Preface
Risk management has become a critical part of doing business in the twenty-first century. This book is a collection of material about enterprise risk management, and the role of risk in decision making. Part I introduces the topic of enterprise risk management. Part II presents enterprise risk management from perspectives of finance, accounting, insurance, supply chain operations, and project management. Technology tools are addressed in Part III, including financial models of risk as well as accounting aspects, using data envelopment analysis, neural network tools for credit risk evaluation, and real option analysis applied to information technology outsourcing. In Part IV, three chapters present enterprise risk management experience in China, including banking, chemical plant operations, and information technology. Lincoln, USA Toronto, Canada February 2008
David L. Olson Desheng Wu
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Contents
Part I
Preliminary
1
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . David L. Olson & Desheng Wu
3
2
The Human Reaction to Risk and Opportunity . . . . . . . . . . . . . . . . . . . David R. Koenig
7
Part II 3
ERM Perspectives
Enterprise Risk Management: Financial and Accounting Perspectives . . . . . . . . . . . . . . . . . . . . . . . . . . Desheng Wu & David L. Olson
25
4
An Empirical Study on Enterprise Risk Management in Insurance . . Madhusudan Acharyya
39
5
Supply Chain Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . David L. Olson & Desheng Wu
57
6
Two Polar Concept of Project Risk Management. .
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