522 pages | 73 B/W Illus.
Managing risk in and across organizations has always been of vital importance, both for individual firms and for the globalized economy more generally. With the global financial crisis, a dramatic lesson was learnt about what happens when risk is underestimated, misinterpreted, or even overlooked. Many possible solutions have been competing for international recognition, yet, there is little empirical evidence to support the purported effectiveness of these regulations and structured control approaches, which leaves the field wide open for further interpretation and conceptual development.
This comprehensive book pulls together a team of experts from around the world in a range of key disciplines such as management, economics and accounting, to provide a comprehensive resource detailing everything that needs to be known in this emerging area. With no single text currently available, the book fills a much needed gap in our current understanding of strategic risk management, offering the potential to advance research efforts and enhance our approaches to effective risk management practices.
Edited by a globally recognized expert on strategic risk management, this book will be an essential reference for students, researchers, and professionals with an interest in risk management, strategic management and finance.
'The Routledge Companion to Strategic Risk Management provides broad, cutting-edge coverage on the subject. Academics and practitioners interested in the subject should definitely read this book.' - Betty Simkins, Professor of Finance and Williams Companies Professor of Business, Oklahoma State University, USA
'This book provides very valuable discussions and insights into strategic risk management. A great strength is the breadth of risk-related issues it addresses including, for example, governance, ethics, resilience and leadership. The different backgrounds of the authors afford a significant range of perspectives and insights into this hugely important topic.' - Philip Linsley, Professor, University of York, UK
Introduction (Torben Juul Andersen)
Part I: Risk Governance Perspectives
1. Complexity, Uncertainty and Ambiguity in Inclusive Risk Governance (Ortwin Renn und Andreas Klinke)
2. The Governance of Strategic Risk Taking (Maxine Lorraine Garvey)
3. Risk Management and Ethical Cultures (Peter C. Young, Douglas J. Jondle, T. Dean Maines and Michelle Rovang Burke) 4. The Key to Sustainable Risk Governance: Strong core values, delegation and accountability (Gregory L. Shaw and Torben J. Andersen)
5. The Risk Management Paradox: Enhanced focus on risk management seemingly doesn’t pay off! (Peter Winther Schrøder)
Part II: The Management of Strategic Risk
6. Risk and Uncertainty: A taxonomy of strategies (Richard Friberg)
7. Reflections of Integrated Risk Management (Kent D. Miller)
8. Can Strategic Risk Management Contribute to Enterprise Risk Management? A strategic management perspective (Phil Bromiley, Devaki Rau, and Michael McShane)
9. The Symbiosis of Failure: The strategic dynamics of risk and resilience (Denis Fischbacher-Smith) 10. Innovation: Managing strategic risk (Luca Gatti)
Part III: Corporate Risk Management Insights
11. The LEGO Group implementation of Strategic Risk Management (Hans Læssøe)
12. The Enterprise Risk Management (ERM) Story: Experiences from Nestlé (Markus Schädeli)
13. Strategic Risk Management in Suncorp Personal Insurance (Kirsten Dunlop and Mark Milliner)
14. Risk Taking for the Modern Risk Leader: A fresh perspective of trust, transparency, and social media (Kathleen Edmond, Michelle Rovang and Douglas Jondle)
Part IV: The Managerial Impact on Risk Outcomes
15. Reflections on "How Psychological Pitfalls Generated the Global Financial Crisis" (Hersh Shefrin)
16. Risk as Feeling in Risk Taking and Risk Management in Organizations (Laurel C. Austin)
17. Diagrams for Strategic Risk Management (Baruch Fischhoff)
18. Capital Structure, Environmental Dynamism, Innovation Strategy, and Strategic Risk Management (Torben Juul Andersen)
19. Effective Risk Management: Do we have the right management skills and employee competences? (Simon Torp) Part V: Effects of Enterprise Risk Management
20. The Effects of Enterprise Risk Management on Firm Performance (Don Pagach and Richard Warr)
21. An Empirical Examination of Risk Management Effectiveness (Leen Paape and Roland F. Speklé)
22. Does Enterprise Risk Management Create Value for Firms?: Evidence from Nordic countries (Naciye Sekerci)
23. Strategic Risk Management and Corporate Value Creation (Oliviero Roggi and Torben Juul Andersen)
24. Creating Value through Strategic Risk Management (Kim B. Staking)
Part VI: Other Aspects of Strategic Risk Management
25. Enterprise Risk Management: The need for distinguishing between task risk and enterprise risk management (Eyvind Aven and Terje Aven)
26. High Reliability and the Management of Critical Infrastructures (Paul Schulman, Emery Roe, Michel van Eeten and Mark de Bruijne)
27. The Opaque Corners of ERM (S. Abraham (Avri) Ravid)
28. Aggregating Predictions of Operational Uncertainties from the Frontline: A new proactive risk management practice (Carina Antonia Hallin)
29. Understanding Common Network Patterns to Improve Management of External and Internal Stakeholder Risks (Eva Schiffer)
Routledge Companions in Business, Management and Accounting are prestige reference works which provide an overview of a whole subject area or sub-discipline. These books survey the state of the discipline including emerging and cutting edge areas. Providing a comprehensive, up to date, definitive work of reference, Routledge Companions can be cited as an authoritative source on the subject.
Edited by an array of highly regarded scholars, these volumes also benefit from teams of contributors which reflect an international range of perspectives. Individually, Routledge Companions in Business, Management and Accounting provide an impactful one-stop-shop resource for each theme covered. Collectively, they represent a comprehensive learning and research resource for researchers, postgraduate students and reflective practitioners.