In any organization, risk plays a huge role in the success or failure of any business endeavour. Measuring and managing risk is a difficult and often complicated task and the global financial crisis of the late noughties can be traced to a worldwide deficiency in risk management regimes. One of the problems in understanding how best to manage risk is a lack of detailed examples of real world practice.
In this accessible textbook the author sets the world of risk management in the context of the broader corporate governance agenda, as well as explaining the core elements of a risk management system. Material on the differences between risk management and internal auditing is supplemented by a section on the professionalization of risk – a relatively contemporary evolution. Enterprise risk management is also fully covered.
With a detailed array of risk management cases – including Tesco, RBS and the UK government – lecturers will find this a uniquely well researched resource, supplemented by materials that enable the cases to be easily integrated into the classroom. Risk managers will be delighted with the case materials made available for the first time with the publication of this book.
Table of Contents
Introduction 1. How To Use This Book 2. Risk and Governance 3. Risk and Control 4. Case Study: Tesco PLC 5. Case Study: Royal Bank of Scotland 6. Case Study: Department of Culture Media and Sport 7. Case Study: Birmingham City Council 8. Lessons from the Case Studies
Margaret Woods is Reader in Accounting at Aston Business School, Aston University, UK and the founder and co-ordinator of the European Risk Research Forum. She has published numerous articles in both academic and practitioner journals and her research on bank risk and related issues has garnered local, national and international media interest.
'At CIMA, we believe that case studies are excellent ways of sharing knowledge and practical insights so this book will make a valuable addition to any manager’s bookshelf.'
Charles Tilley, Chief Executive, Chartered Institute of Management Accountants (CIMA)
'Our students and members are always asking for more real life examples and they now have an excellent additional resource to draw upon.'
Steve Fowler, Chief Executive Officer, The Institute of Risk Management (IRM)
'This book fills a significant gap amongst textbooks on risk management. It is particularly valuable with its integration of corporate governance issues and focus on non-financial institutions in the private sector as well as the public sector. A very worthy addition to the existing literature.'
Andreas Krause, University of Bath, UK