Managing Business Risk

Introduction Part 1: Risk Management Strategy and Corporate Governance 1.1 Evolution in risk management Marie-Gemma Dequae, Federation of European Risk Management Associations (FERMA) Standards; European directives; The latest changes and developments in risk management in Europe; The most recent developments in FERMA; Your dialogue with the insurance industry 1.2 Strategic risk and good governance Gillian Lees, Chartered Institute of Management Accountants (CIMA) Introduction; Getting the balance right; The role of the board in practice; The objectives of the CIMA Strategic ScorecardTM; The four dimensions of the scorecard; The scorecard in practice; The strategic risk dimension in detail; Current developments; Conclusion 1.3 Corporate governance Guy Facey, KSB Law LLP Background; Where the law on corporate governance is found; Company law; The Combined Code; Associated guidance; The Listing Rules, Disclosure Rules and Prospective Rules; Guidelines from shareholder groups; Board responsibility; The UK and United States compared - the international dimension; Current developments - where corporate governance law is going 1.4 Strategic risk management for small businesses John Watt, Middlesex University Introduction; Drivers of risk management for small businesses; Risk management for small businesses; Conclusion - why a small business should develop a strategic risk management strategy 1.5 Risk management: failing to address the current risk agenda Andrew Fields, KPMG LLP Time for a deSOX; Airing the dirty linen in public; 'The end is nigh'; A new start, not a conclusion Part 2: Good Practice in Implementing Risk Management Strategies 2.1 Enterprise risk management and business performance optimization James W DeLoach, Jr, Protiviti, USA Identifying value drivers; The EVA framework: applications for increasing enterprise value; ERM and EVA: opportunities for improving business performance; Conclusion 2.2 A scorecard born and embraced Eric Bloem, Heineken International Introduction; Why collect information in a scorecard form?; The first scorecard; Framework to create the environment to get it done; How did we achieve this?; Conclusion 2.3 Integrated risk management at an international automobile manufacturer Frank Stenner and Elmar Steurer, BMW Group Risk and risk management; Integration of risk in the company; Implementation of an integrated CRM; Aggregation of chances and risks for the allocation of risk capital; Conclusion 2.4 Contract risk Robert Chapman, Siemens Insight Consulting Introduction; Board accountability; Identifying the board's appetite for risk management; Identifying responsibility; Risk management applications; Contracts; Delivering a service or product; Case study: Airbus (delivering a product); Procuring a service or product; Case study: Terminal Five (procurement of services); Conclusion 2.5 Delivering improvements in risk management through measurement and assessment Richard Archer and Alan Stanbra, DNV Management adage: 'You can't manage what you can't measure'; Management systems; Measurement; Assessment; Assessment programmes; Summary 2.6 Keeping your reputation safe from risk Kevin Taylor, Companycare Communications Heritage can count for (almost) nothing; Case study: Kodak comes through with flying colours; Three golden rules of reputation protection Part 3: Risk Issues in Operational Management 3.1 Institute of Directors risk management survey synopsis Alena Watchorn, HSBC Insurance Brokers Executive summary report; Key findings 3.2 Origins of risk in the supply chain Helen Adler Implications of risk; The state of play; Tackling supply chain risk; Conclusion 3.3 Syndication and supplier risk and the use of VSRD Allan Gerrish, ICM Computer Group Specific risks of syndication; What are syndicated services?; Syndication ratios; Voluntary supplier risk declaration - an example; Client risks; Exclusion zones; Exclusion zones and contention; Alternative sites, invocations and testing; Accountability; Summary; Conclusion 3.4 Quality risk Ian Hodgkinson, LRQA Supply chain risk; Managing quality risks; Understanding the customer need; Establishing capability; The importance of management systems 3.5 Critical engineering and risk management: avoiding complacency Paul Saville-King, Norland Managed Services Introduction; The five pillars; Culture and behaviours; A new model 3.6 Consolidating operational risk Odd Andersen, DNV Measuring project risk and consolidating project and programme risk; Describing the overall risk of the organization; This chapter has only scratched the surface... 3.7 Managing the sticks and the stones: bouncing back from a crisis Elisabeth Lewis Jones, Liquid Public Relations Ltd The aftermath; An integrated approach; Company culture; A survival strategy; Bouncing back Part 4: Risks for Financial and Corporate Managers 4.1 Risk without reward Richard Coello, ACE European Group How insurance can and should play a part in mitigating the operational risks faced by funds and fund managers 4.2 Top priorities for internal audit in a changing environment Robert B Hirth, Protiviti, USA and Carmen M Rossiter, Protiviti, Canada Raise the bar - live up to heightened expectations; Revisit the charter and reporting relationship - validate purpose and position; Rebalance internal audit activities - focus on risk and stakeholder expectations; Communicate - sharpen dialogue with senior management and the audit committee; Act as a change agent - facilitate positive change; Drive efficiency - 'work smarter'; Build talent - attract, develop and retain the best; Participate in the profession - embrace the IIA Standards; Strengthen quality processes - focus on continuous improvement; Measure performance - add value; Conclusion 4.3 Regulatory risk - senior managers, systems and controls in financial services firms Penny Sanders, KSB Law LLP Case study: The risks (1) - L Limited (fined GBP63,0); Case study: The risks (2) - Mr N; ARROW II visits; The Markets in Financial Instruments Directive (MiFID) 4.4 Conflicting priorities - best practice in conflict management Graham Massie, Centre for Effective Dispute Resolution (CEDR) Preface; A universal condition; The cost of conflict; Is there any good news?; Developing a conflict management strategy; How to get there; Conclusion 4.5 Warranty claims - managing common risks on the sale or purchase of a business Andrew Cromby, KSB Law LLP Introduction; Warranty claims; Standard exclusion provisions; Practical points to remember; Case study; Post-notification matters; Conclusion 4.6 Taxation risk Louis Cooper, Chiltern plc HM Revenue and Customs in the UK; US regulatory framework; A framework for taxation risk management; Tax shouldn't be taxing... Part 5: Risks in Innovation and Expansion 5.1 Risk management in innovation Clare Farrukh, James Moultrie, Rob Phaal, Francis Hunt and Rick Mitchell, Centre for Technology Management, Institute for Manufacturing, University of Cambridge Introduction; Managing risk within an innovation project; Managing the risk of innovation investment 5.2 Political risks Stephen Capon, ACE European Group Introduction; Shaping the private market; A discretionary spend?; Conclusion 5.3 China: counterfeiting and brand protection Neil Miller, Commercial Security International Limited Introduction; Intellectual property risk; The numbers; Traditional and internet infringements; Case study: Factory overruns; Case study: Parallel trading; IP protection recommendations; Recent enforcement legislation; Conclusions 5.4 Expanding by acquisition - managing the unknown and undisclosed risk David Bredon, HSBC Insurance Brokers Assessing the risks; Warranty protection - risk allocation and transfer; Risk transfer; Competitive advantage Part 6: Employment and Human Relations Issues 6.1 Management fraud - your boss is involved Sean Holohan and John Cassey, Protiviti 6.2 Disability risk assessment of your premises Caroline Summerfield, KSB Law LLP Executive summary; What the DDA covers; Dealing with access to your premises; Checklist of issues 6.3 Occupational pension schemes - risk versus reward Richard Coello, ACE European Group Introduction; The migration from defined benefit to defined contribution; Trust versus contract arrangements; The trustee professional; Managing risk in an ongoing scheme; Trustee protection 6.4 Work-related stress - a hazard that organizations should not ignore Allison Grant, KSB Law LLP and Caroline Raymond, Stress in Perspective Introduction; What is meant by the term 'stress'; The potential benefits from taking action; The law on stress; The elements of an effective strategy; Who should be involved; Making the strategy work and reaping the benefits 6.5 Age discrimination - protect your business Allison Grant, KSB Law LLP Yes, it will affect you; What the new legislation prohibits; Justification; Recruitment; Promotion; Service-related benefits; Enhanced redundancy pay; Retirement Part 7: Areas of Risk in IT Management and Usage 7.1 Information risk management Mike Madgin, DNV Introduction; Business drivers; IT risk in a changing business environment; Risk assessment process; Summary 7.2 Replicating data for business continuity Leigh Griffiths, Hewlett-Packard The power of replication; Smart storage systems; The disaster-tolerant solution; Case study: Elsevier; Case study: Shoosmiths 7.3 Information security governance and The Wealth of Nations Paul Williams, Protiviti Relate this principle to information security; How this may best be done 7.4 Risk management and wireless security Tim Pickard, RSA Introduction: assessing wireless risk; The context: why wireless?; The advent of wireless; Serious problems; Managing wireless risks; Prepare for the wireless future 7.5 The evolution of biometrics: why increased security could present the greatest risk of all Thomas Stamm, XL Group Defining 'biometrics'; The biometric recognition process; How identification technology can improve risk management; Risks of biometrics; Use of biometric technology; Conclusion Part 8: Aspects of Environmental Risk 8.1 Managing environmental risks: a survey of international developments Karl Russek, ACE European Group Regulatory environment; Legal system 8.2 Managing occupational health and safety Tony Boyle and Mike Thomas, HASTAM Introduction; Existing OH&S management; Key issues; Conclusion 8.3 The environmental and related business impacts of climate change Deborah Evans and Anne-Marie Warris, LRQA and Anne Goodenough, University of Gloucestershire Introduction; Consequences of climate change; Implications; Conclusion