Fundamentals of Risk Management

Index
456
management skills
CRAM skills 327–28
responsibilities 419–20
risk practitioner 333–34
manufacturing risk appetite 313
marketplace
benefits of management 65
capacity for risk 150
currency exchange risks 172–73
impact of risk 25–6
long to short term risks 141
for positive return 18
regulatory risk control 284
risk control 283–84
riskiness index 165
significance of impact 147
technology 283–84
upside of risk 169–70
see also FIRM risk scorecard
medical/clinical risk
documentation and 255
risk management specialism 49–50
risk register format 91
mobile phones
changing technology of 106
monitoring
COSO framework and 77–8
nanotechnology
as emerging risk 107
national security
emerging risks of 106
National Security Strategy of the United 
Kingdom 430
natural disasters
civil emergencies 216–17
Network Rail
risk appetite statement 312
risk management 286
Nike supply chain 382
Nolan principles 346
non-executive directors
corporate governance and 343
non-executive members
evaluating 348
Northern Rock Bank
attachment of risk and 26
trigger for crisis 36
Norway and EU relationship 32
objectives
COSO framework 77–8
operational risk management (ORM)
establishment of 104
financial institutions 101–02
quantifying risk 124
operational risks
bank event examples 365
Basel II definition of 142
Basel II sound practices 363–64
definition of 361–62
developments in 367–69
failure of management 362
hazard risks of 360
industrial companies 367
measurement of 364, 366
types of risk 369
operations
internal control 394
outsourcing 384–86
stakeholders and 358
upside of risk in 169–70
opportunity/speculative risks
4/5E approach 183–85
aggressive organizations 105
assessing opportunity 162–63
car ownership example 37–8
classification of 140
computer system example 19
definition of 17–8
embracing 39
high risks and 104–05
implementation of management 63
project risk management 377–78
risk for reward 29–30
riskiness index 163–67
stakeholders and 24
strategic decisions and 60–1
strategic responses 182–85
strategy and tactics 167–68
style of management 289
upside of risk 159–61
see also marketplace
Orange Book (HM Treasury)
4Ts of hazard control 186
approach to risk 110
definition of risk 16
PESTLE classification system and 138
response options 175
risk appetite definition 303
risk management tools and techniques 73–4
Organization for Economic Cooperation and 
Development (OECD)
principles of corporate governance 340–42
Organizational Resilience (ASIS SPC.1-2009) 80
Organizational Resilience Standard 107–08
organizations
appetite for risk 183–85, 304–06
attachment of risks 26–8
attitudes to risk 30–2, 129–31
audit committees 402–04
authority within 192

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