Fundamentals of Risk Management

Index
459
case studies 390–92
five lines of defence 420–22
internal audit 411
levels of 410
process of risk management 405–06
risk assurance techniques
audit committees 402–04
risk-aware culture
case studies 286–87
definition of 291, 293–95
different approaches and 109–11
embedded in organization 294–96
good risk components 398
good safety culture 401
levels of maturity 297, 298
LILAC criteria 293–94, 296
measuring 295–96
and risk assurance 424
risk maturity 297–301
risk practitioners and 326
risk capacity 150–51
risk classification
bow-tie model 133–35
features of systems 134–5
financial sector 142
FIRM scorecard 134–38
impact 20–1
PESTLE system 86, 138–39
short-, medium- and long-term 132–4
source 21
timescale of 20–1
risk controls 6
brand protection 281–82
corrective/treatment 186–90, 192–93
cost of 270–73
detective/toleration 186–90, 194–95
directive/transfer 186–90, 193–94
hierarchy of 4Ts 186–90
infrastructure 277–81
learning from 273–75
preventive/termination 186–90, 192
project risk management 371
risk practitioners and 326
zones of response 190–91
see also insurance
risk evaluation
outline of risk management 51, 52
risk governance 6
AA plc and 116
risk identification 5
hazard risk management 51, 52
risk information
whistleblowers 321
risk levels
absolute or gross 20
identifying 20
organizational impact 24–5
riskiness index and 166
see also risk matrix
risk likelihood and magnitude
aspects of 152–53, 153–54
assessment and 125–27
calculated risks 45
impact on organizations 25–6
matrix of 21–3
risk management
alignment of activities 297–98
benefits of 4–5, 63–5
bow-tie model 188–89
case studies 68–9
changing circumstances and 104–05
committees 267–69
core processes of 4, 61–2
corporate social responsibility and 235–37
council policy 246
definition of 46
development of 48–9
different approaches 109–11
disruption and bow-tie model 33–4
documentation of 244–45, 249–56
embedding 97, 253, 294–96
emerging trends in 113–14
future prospects 7–8
implementation 60–3
importance of 46–7, 59–60
inform/reform/conform/perform levels
54–6
internal audit and 413–14, 416–19
internal control and 417–18
levels of 54–6
MADE2 objectives 58–9, 60
manual of 249–52
not a trend 114
origins of 45–6
outline of activities 50–3
outputs 407–08
PACED principles 5–6, 57–9
plan-implement-measure-learn (PIML) 74
policy 6
practical examples and 7
process of 60–3, 73, 74–5, 75–6, 424
product recall 158
RASP 87
RASP framework 244–46
reporting 423–25
risk assurance 405–06
role of 404–05
specialist areas of 49–50
steps to successful 290–91
styles of 289–90
upside of risk 159–61
US reports 426–28

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