Modern Risk Management in Business (1st Edition, 2023)
International book and ebook “Modern Risk Management in Business” (1st Edition) by @nahkrarsi from “Fixing Knowledge Series” is now available online. Get your copy now.
Language: English
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Modern Risk Management in Business (1st Edition)
Modern risk management in business involves a comprehensive and proactive approach to identifying, assessing, and mitigating various risks that an organization may face. It goes beyond traditional financial risk management and encompasses a wide range of potential threats, including operational, strategic, compliance, and reputational risks.
We can also say that, modern risk management in business is a holistic and integrated process that aims to protect an organization’s assets, reputation, and long-term viability. It involves the following key elements:
Enterprise-wide Risk Identification:
Organizations systematically identify and categorize potential risks across all areas of their operations, including financial, operational, strategic, legal, and reputational risks.
Risk Assessment and Prioritization:
Risks are evaluated based on their likelihood of occurrence and potential impact, allowing organizations to prioritize and allocate resources effectively.
Risk Mitigation Strategies:
Organizations develop and implement strategies to mitigate or minimize the impact of identified risks. These strategies may include risk avoidance, risk transfer (e.g., insurance), risk reduction, or risk acceptance.
Continuous Monitoring and Reporting:
Risk management is an ongoing process that involves continuous monitoring of risk factors, performance indicators, and the effectiveness of mitigation strategies. Regular reporting and communication ensure transparency and accountability.
Integration with Strategic Planning:
Modern risk management is closely integrated with an organization’s strategic planning process, ensuring that risk considerations are factored into decision-making and long-term objectives.
Book Contents include:
1 Introduction
2 Fundamentals of Risk Management
a. Definition of Risk and Risk Management
i. Define Risk
ii. Define Risk Management
b. History and Evolution of Risk Management
i. Early Risk Management Practices
ii. Modern Developments
c. Risk Management Process
d. Benefits of Risk Management
e. Types of Risks
i. Strategic Risks
ii. Operational Risks
iii. Financial Risks
iv. Compliance Risks
v. Security and Fraud Risks
vi. Reputational Risks
3 Risk Identification and Assessment
a. Risk Identification Techniques
i. SWOT Analysis
ii. PESTLE Analysis
iii. Brainstorming
iv. Scenario Analysis
v. Bow-Tie Analysis
vi. Risk Checklists
vii. Interviews and Surveys
b. Risk Assessment Methods
i. Qualitative Risk Assessment
ii. Quantitative Risk Assessment
iii. Risk Heat Maps
iv. Probability and Impact Matrix
v. Leveraging Technology and Data
4 Risk Mitigation Strategies
a. Risk Acceptance
b. Risk Avoidance
c. Risk Transfer
d. Risk Reduction
e. Risk Sharing
f. Risk Buffering
g. Risk Strategizing
h. Risk Testing
i. Risk Quantification
j. Risk Digitization
k. Risk Diversification
l. Implementing Controls and Safeguards
5 Risk Monitoring and Reporting
a. Establishing Key Risk Indicators (KRIs)
b. Risk Dashboards
c. Incident Reporting Systems
d. Continuous Monitoring and Auditing
e. Trend Analysis
6 Financial Risk Management
a. Credit Risk
b. Market Risk
c. Liquidity Risk
d. Operational Risk
e. Hedging and Derivatives
7 Enterprise Risk Management (ERM)
a. ERM Frameworks
i. COSO ERM Framework
ii. ISO 31000 Risk Management Standard
iii. RIMS Risk Maturity Model
b. Integrating ERM into Business Strategy
c. Governance and Leadership in ERM
d. Building a Risk-Aware Culture
e. Risk Appetite and Tolerance
8 Regulatory and Compliance Risk
a. Understanding Regulatory Requirements
b. Compliance Programs
c. Internal Audits
d. Anti-Money Laundering (AML)
e. Data Protection and Privacy Regulations
9 Technology and Cyber Risk
a. Cybersecurity Threats and Vulnerabilities
b. Data Breach Response
c. Cyber Risk Assessment and Management
d. Role of IT in Risk Management
e. Emerging Technologies
10 Operational Risk Management
a. Business Continuity Planning
b. Disaster Recovery Planning
c. Crisis Management
d. Supply Chain Risk Management
11 Strategic Risk Management
a. Scenario Planning
b. Competitive Risk Analysis
c. Mergers and Acquisitions Risk
d. Innovation and Risk
12 Reputation Risk Management
a. Media and Public Relations
b. Stakeholder Engagement
c. Crisis Communication Plans
d. Social Media Risk
13 Risk Management Tools and Software
a. Risk Management Information Systems (RMIS)
b. Predictive Analytics
c. Software for Risk Assessment and Monitoring
