Enterprise Risk Management: From Incentives to Controls Wiley Finance: Amazon.co.uk: James Lam: Books

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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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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 intergrate risk management into the culture and operations of the business. 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" provides an introduction and foundation for the rest of the book. You’ll learn why a company should strive for balance between risk and return, and discover some of the basic reasons why risk management is such an important issue in business today. You’ll also learn seven essential risk management lessons through discussions of some of the major financial disasters of years past. With this knowledge in hand, you’ll be introduced to some of the key concepts, processes, and tools underlying risk management.

In Section II: "The Enterprise Risk Management Framework," you’ll receive an executive education on the business rationale for integrating risk management processes, and discover the seven building blocks for developing an enterprise risk management program. You’ll also discover how the role of Chief Risk Officer has changed in today’s firm.

Section III: "Risk Management Applications" discusses the applications of risk management in two dimensions–functions and industries. You’ll become familiar with the functional requirements for credit, market, and operational risks, as well as learn how risk management has evolved from a control function to a function that enables performance optimization. Industry segments including financial institutions, energy firms, asset management firms, and nonfinancial corporations are also explored with an eye toward key business trends and risk management requirements in these sectors.

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. A forward–looking story reveals how best–practice risk management might look in the year 2010.

Failure to properly manage risk continues to plague corporate America–from Enron to Long–Term Capital Management. Don’t let it hurt your organization. Pick up Enterprise Risk Management and learn how to meet the enterprise–wide risk management challenge head on–and succeed.

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6 of 6 people found the following review helpful

Highly Recommended! 19 May 2004

By Rolf Dobelli TOP 500 REVIEWER

Format:Hardcover

Until recently, risk management was fairly simple. You bought insurance for your company or not. Perhaps because the world was a more stable place or because companies simply lacked the tools for quantitative analysis, executives often failed to analyze, understand and manage the spectrum of risks. Those innocent days ended with currency shifts, interest rate turbulence, the emergence of new competitors, the technological revolution and other disruptive events. In the early 1980s, companies began to take risk management seriously. Author James Lam has spent 20 years in risk management, which means he has been involved almost since its inception. He provides a lucid, well-written, well-edited exposition of the new approach to risk management - enterprise risk management or ERM. His book requires a certain basic understanding of mathematical and financial concepts, but it ought to be accessible to anyone with a few years of business education or experience. We believe that CFOs and risk managers will find it most useful.

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Amazon.com: 13 reviews

12 of 13 people found the following review helpful

This book is a must read for all mid-level and executive level managers 20 Sep 2005

By Edmund L. Green - Published on Amazon.com

James Lam has written a remarkably clear and relevant portrayal of how [enterprise] risk management can be used to deliver real value in any business.

During the past year, I developed a course for the Executive MBA program at Villanova University. After reviewing several books on the subject, I chose this one because of its clear and comprehensive coverage of the subject matter.

I would highly recommend this book to anyone with a serious interest in understanding risk management from a holistic perspective. This includes risk professionals as well as those involved in line and staff functions.

17 of 21 people found the following review helpful

Remarkably Succinct Coverage of a Hot New Topic 4 Feb 2005

By Ralph White - Published on Amazon.com

Format:Hardcover|Amazon Verified Purchase

You bought Jorion, Pearson, and Hull; you slammed headfirst into the quantitative quagmire of risk management, and you may even have passed the Financial Risk Manager exam, sponsored by the Global Association of Risk Professionals, but are you prepared to become your company's "Risk Champion?" Can you explain to laymen why loss distributions are not normal? Can you illustrate the "sweet spot" in the profit/risk tradeoff? If you aren't quite there yet, pick up James Lam's new book, Enterprise Risk Management, From Incentives to Controls. It's a book you can read on the five hour flight from New York to Los Angeles, and its melodies will linger in your memory. This book has changed the way I communicate with people both in and outside the risk management profession. Read it with a highlighter in your hand, and keep the book within easy reach.

3 of 3 people found the following review helpful

Definitely Worth a Read 1 Feb 2008

By Publius Critiqus - Published on Amazon.com

A well-written guide to enterprise risk management from somebody who knows it first hand. The book covers all of the relevant topics within ERM: concepts and processes, governance, risk transfer, analytics, risk types, and applications to the business (lessons learned, case studies, etc.).

The book is tilted towards banking and energy and could use an update on how ERM has become vogue among corporations in almost every other sector. It could also include more information on operational risk and Sarbanes-Oxley requirements, as well as more recent info on the topic from leading risk organizations and projects (COSO and others). It is not a one stop shop on the subject - hence just four stars.

If you have a chance to work with risk managers and/or risk consultants, see the latest dashboard tools, or sit in on risk assessment and ranking exercises, I believe you'll get much more from the book. There is a lot of "dot-connecting" that needs to go on with ERM.

And a special endorsement...I once received a very attractive offer from a leading Fortune 500 company for an enterprise risk manager position. I had just a little experience with ERM, but I used material from this book to get me through six probing interviews. Very few books can help a candidate quite the way this one helped me.

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Enterprise Risk Management: From Incentives to Controls (Wiley Finance) [Hardcover]

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