Enterprise Risk Management: From Incentives to Controls

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John Wiley & Sons, May 30, 2003 - Business & Economics - 336 pages
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Enterprise risk management is a complex yet critical issue that all companies must deal with as they head into the twenty-first century. It empowers you to balance risks with rewards as well as people with processes. But to master the numerous aspects of enterprise risk management, you must first realize that this approach is not only driven by sound theory but also by sound practice. No one knows this better than risk management expert James Lam. In Enterprise Risk Management: From Incentives to Controls, Lam distills twenty years' worth of experience in this field to give you a clear understanding of both the art and science of enterprise risk management.

Organized into four comprehensive sections, Enterprise Risk Management offers in-depth insights, practical advice, and real world case studies that explore every aspect of this important field.

  • Section I: Risk Management in Context lays a solid foundation for understanding the role of enterprise risk management in today’s business environment.

  • Section II: The Enterprise Risk Management Framework offers an executive education on the business rationale for integrating risk management processes.

  • Section III: Risk Management Applications discusses the applications of risk management in two dimensions–functions and industries.

  • Section IV: A Look to the Future rounds out this comprehensive discussion of enterprise risk management by examining emerging topics in risk management with respect to people and technology.
JAMES LAM is President of James Lam & Associates, an independent risk advisory firm. Before starting his own firm, Lam was founder and president of ERisk and partner of Oliver, Wyman & Company. In 1997, as chief risk officer at Fidelity Investments, he was named the first-ever Financial Risk Manager of the Year by the Global Association of Risk Professionals. Prior to Fidelity, he was chief risk officer of Capital Markets Services, Inc., a GE Capital Company. Lam graduated with honors from Baruch College and received his MBA from UCLA. He is also currently an Adjunct Professor of Finance at Babson College.
  

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Contents

The Benefits of Risk Management
6
CHAPTER
13
CHAPTER
14
CHAPTERS
23
CHAPTER 9
36
QUPTBI4
43
Components of ERM
51
Corporate Governance 17
57
Basel Requirements
167
EDCs Credit Risk Policy Manual
175
Market Risk Management
181
Marker Risk Management
195
CHAPTHU4
207
The Operational Risk Management Process
215
Best Practices in Operational Risk Management
227
CHAPTBM5
235

Linking Corporate Governance and ERM
65
Key Challenges
75
CHAPTB7
83
Practical Applications of Portfolio Management
89
A Brief History of ART
96
Pitfalls of ART
103
Risk Analytics
109
Market Risk Analytics
115
Operational Risk Analytics
122
Middleware
128
SECTION THREE ____
147
The Credit Risk Management Process
157
CHAPTER 16
241
Risk Management Requirements
247
CIBC
253
CHAPTR17
259
A Look to the Future
269
Risk Management Requirements
273
Best Practices in Corporate Risk Management
281
Summary
287
CHAPTER 19
293
Ten Predictions
301
Everiast Financial
307
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About the author (2003)

JAMES LAM is President of James Lam & Associates, an independent risk advisory firm. Before starting his own firm, Lam was founder and president of ERisk and partner of Oliver, Wyman & Company. In 1997, as Chief Risk Officer at Fidelity Investments, he was named the first-ever Financial Risk Manager of the Year by the Global Association of Risk Professionals. Prior to Fidelity, he was chief risk officer of Capital Markets Services, Inc., a GE Capital Company. Lam graduated with honors from Baruch College and received his MBA from UCLA. He is also currently an Adjunct Professor of Finance at Babson College.

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