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Risk Management: A Maturing Discipline
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Cost accounting Management sciences
+ Link to accounting + Management (organization, processes) - Lack of models - Lack of methodological approaches
+ Portfolio approach + Instrument valuation + Models / methodology - Link to accounting missing - Link to processes missing
Now Trend: Combining the approaches to generate the methodological basis of an enterprisewide risk management approach
The current trend in risk management is a convergence of the differing approaches, as both trends have positive aspects (see Figure 1-4). Almost all leading consulting practices have developed value-at-risk concepts for enterprisewide risk management. Process pricing is the ultimate challenge for the pricing of operational risk.
Shareholder value objective
Capital allocation techniques
F I G U R E 1-4
Development Levels of Different Risk Categories.
Maximized earnings potential
tr rke
Value-based strategy
Capital allocation process Linking risk and return
Strategic advantage
Earnings stability
Control of risk
Measurement of risk
risk
Protection against unforseen losses
al ion
risk
Identification of risk
Risk management sophistication
Risk Management: A Maturing Discipline
Related Approaches
1.6.3.1 Total Risk Management Total risk management, enterprisewide risk management, integrated risk management, and other terms are used for approaches that implement firmwide concepts including measurement and aggregation techniques for market, credit, and operational risks. This book uses the following definition for total risk management, based on the understanding in the market regarding the concept:
total risk management The development and implementation of an enterprisewide risk management system that spans markets, products, and processes and requires the successful integration of analytics, management, and technology.
The following paragraphs highlight some concepts developed by consulting and auditing companies. Enterprise risk management, as developed by Ernst & Young, emphasizes corporate governance as a key element of a firmwide risk management solution. Boards that implement leadingedge corporate governance practices stimulate chief executives to sponsor implementation of risk management programs that align with their businesses. In fulfilling their risk oversight duties, board members request regular updates regarding the key risks across the organization and the processes in place to manage them. Given these new practices, boards are increasingly turning to the discipline of enterprise risk management as a means of meeting their fiduciary obligations. As a result, pioneering organizations and their boards are initiating enterprisewide risk management programs designed to provide collective risk knowledge for effective decision making and advocating the alignment of management processes with these risks. These organizations have recognized the advantages of:
Achieving strategic objectives and improving financial performance by managing risks that have the largest potential impact Assessing risk in the aggregate to minimize surprises and reduce earnings fluctuations Fostering better decision making by establishing a common understanding of accepted risk levels and consistent monitoring of risks across business units Improving corporate governance with better risk management and reporting processes, thereby fulfilling stakeholder responsibilities and ensuring compliance with regulatory requirements
At present, many risk management programs attempt to provide a level of assurance that the most significant risks are identified and man-
aged. However, they frequently fall short in aggregating and evaluating those risks across the enterprise from a strategic perspective. Effective enterprise risk management represents a sophisticated, full-fledged management discipline that links risk to shareholder value and correlates with the complexity of the organization and the dynamic environments in which it operates (Figure 1-5). Once an organization has transformed its risk management capabilities, it will be in a position to promote its success through an effective, integrated risk management process. Ernst & Young s point of view is that effective enterprise risk management includes the following points (see Figure 1-6):7
A culture that embraces a common understanding and vision of enterprise risk management A risk strategy that formalizes enterprise risk management and strategically embeds risk thinking within the enterprise
F I G U R E 1-5
Evolving Trends and the Development of an Integrated Risk Framework to Support the Increasing Gap Between Business Opportunities and Risk Management Capabilities. (Source: Ernst & Young, Enterprise Risk Management, Ernst & Young LLP, 2000. Copyright 2000 by Ernst & Young LLP; reprinted with permission of Ernst & Young LLP.)
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