Risk-Based Performance Management Integrating Strategy and Risk Mana
Pulling together into a single framework the two separate disciplines of strategy management and risk management, this book provides a practical guide for organizations to shape and execute sustainable strategies with full understanding of&
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Risk-Based Performance Management Integrating Strategy and Risk Management Andrew Smart Chief Executive Officer, Manigent
and
James Creelman
© Andrew Smart and James Creelman 2013 Foreword © Jonathan Chocqueel-Mangan 2013 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2013 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries.
ISBN 978-1-349-33697-5 DOI 10.1057/9781137367303
ISBN 978-1-137-36730-3 (eBook)
This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress.
To all the risk-takers Andrew Smart To the memory of three close friends who left us too soon. The world is a poorer place without them. John Harvey (1962–1993), Lynne Brookfield (1960–2007), Peader Lawless (1958–2010) James Creelman
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vii
Contents
List of Figures, Tables and Boxes
xi
Foreword
xv
Acknowledgements 1
2
Continuous Turbulent Times: The Case for Risk-Based Performance Management
xviii
1
The early 21st-century revolution New models for managing organizations: Introducing Risk-Based Performance Management Learning from the past: The industrial revolution The impact of Taylorism Total quality management The knowledge or digital age Globalization The Credit Crunch The impact of sub-prime lending Avoiding a great depression The “psychology of denial” The failure of risk management Poor understanding of risk appetite and risk profiles Risk and business strategy Conclusion: Integrating strategy and risk
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Risk-
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