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This guide is intended to help organisations put in place effective frameworks for taking informed decisions about risk. It brings together recommended approaches, checklists and pointers to more detailed information on tools and techniques. The topics covered include: the principles of risk management; how risks are managed; managing risks at the strategic, programme, project and operational level; techniques and examples of the benefits of risk management. The publication draws on the experience of experts from both the private and public sector.
STRATEGIC RISK MANAGEMENT Having just experienced a global pandemic that sent equity markets into a tailspin in March 2020, risk management is a more relevant topic than ever. It remains, however, an often poorly understood afterthought. Many portfolios are designed without any thought given to risk management before they are handed off to a dedicated—but separate—risk management team. In Strategic Risk Management: Designing Portfolios and Managing Risk, Campbell R. Harvey, Sandy Rattray, and Otto Van Hemert deliver a reimagining of the risk management process. The book envisions a marriage between the investment and risk processes, an approach that has proven successful at the world’s largest publicly listed hedge fund, Man Group. The authors provide readers with a new framework for portfolio design that includes defensive strategies, drawdown risk controls, volatility targeting, and actively timing rebalancing trades. You will learn about how the book’s new approach to risk management fared during the recent market drawdown at the height of the COVID-19 pandemic. You will also discover why the traditional risk weighting approach only works on certain classes of assets. The book shows you how to accurately evaluate the costs of defensive strategies and which ones offer the best and most cost-effective protection against market downturns. Finally, you will learn how to obtain a more balanced return stream by targeting volatility rather than a constant notional exposure and gain a deeper understanding of concepts like portfolio rebalancing. Perfect for people working in the asset management industry and financial policy makers, Strategic Risk Management: Designing Portfolios and Managing Risk will also earn a place in the libraries of economics and finance scholars, as well as casual readers who take an active approach to investing in their savings or pension assets. PRAISE FOR STRATEGIC RISK MANAGEMENT “Strategic Risk Management shows how to fully embed risk management into the portfolio management process as an equal partner to alpha. This should clearly be best practice for all asset managers.” —Jase Auby, Chief Investment Officer, the Teacher Retirement System of Texas “This book shows the power of integrating risk and investment management, rather than applying risk management as an afterthought to satisfy set limits. I was pleased to shepherd some of the key ideas in this book through the publication process at The Journal of Portfolio Management.” —Frank J. Fabozzi, Editor, The Journal of Portfolio Management “Financial markets today are quite different from those of the last century. Understanding leverage, correlations, tails, and other risk parameters of a portfolio is at least as important as work on signals and alpha. In that sense, bringing risk management from ‘control’ to ‘front office’ should be a priority for asset managers. This book explains how to do it.” —Marko Kolanovic, Chief Global Market Strategist, J.P. Morgan A powerful new approach to risk management in volatile and uncertain markets While the COVID-19 pandemic threw the importance of effective risk management into sharp relief, many investment firms hang on to a traditional and outdated model of risk management. Using siloed and independent portfolio management and risk monitoring teams, these firms miss out on the opportunities presented by integrated risk management. Strategic Risk Management: Designing Portfolios and Managing Risk delivers a fresh approach to risk management in difficult market conditions. The accomplished author team advocates for the amalgamation of portfolio design and risk monitoring teams, incorporating risk management into every aspect of portfolio design. The book provides a roadmap for the crucial aspects of portfolio design, including defensive strategies, drawdown risk controls, volatility targeting, and actively timing rebalancing trades. You will discover how these techniques helped the authors achieve remarkable results during the market drawdown in the midst of the COVID-19 pandemic and how they can help you protect your assets against unpredictable—but inevitable—future bear markets. Ideal for professionals in the asset management industry, Strategic Risk Management: Designing Portfolios and Managing Risk is a valuable resource for financial policy makers, economics and finance scholars, and anyone with even a passing interest in taking an active role in investing for their future.
Using the factor analysis of information risk (FAIR) methodology developed over ten years and adopted by corporations worldwide, Measuring and Managing Information Risk provides a proven and credible framework for understanding, measuring, and analyzing information risk of any size or complexity. Intended for organizations that need to either build a risk management program from the ground up or strengthen an existing one, this book provides a unique and fresh perspective on how to do a basic quantitative risk analysis. Covering such key areas as risk theory, risk calculation, scenario modeling, and communicating risk within the organization, Measuring and Managing Information Risk helps managers make better business decisions by understanding their organizational risk. - Uses factor analysis of information risk (FAIR) as a methodology for measuring and managing risk in any organization. - Carefully balances theory with practical applicability and relevant stories of successful implementation. - Includes examples from a wide variety of businesses and situations presented in an accessible writing style.
Listed as one of the 30 Best Business Books of 2002 by Executive Book Summaries. Proactive Risk Management's unique approach provides a model of risk that is scalable to any size project or program and easily deployable into any product development or project management life cycle. It offers methods for identifying drivers (causes) of risks so you can manage root causes rather than the symptoms of risks. Providing you with an appropriate quantification of the key factors of a risk allows you to prioritize those risks without introducing errors that render the numbers meaningless. This book stands apart from much of the literature on project risk management in its practical, easy-to-use, fact-based approach to managing all of the risks associated with a project. The depth of actual how-to information and techniques provided here is not available anywhere else.
Risk Management in Organizations sets the world of risk management in the context of the broader corporate governance agenda, as well as explaining the core elements of a risk management system. With a detailed array of risk management cases, lecturers and managers will find this a uniquely well researched resource.
This is an update and expansion upon PMI's popular reference, The Practice Standard for Project Risk Management. Risk Management addresses the fact that certain events or conditions may occur with impacts on project, program, and portfolio objectives. This standard will: identify the core principles for risk management; describe the fundamentals of risk management and the environment within which it is carried out; define the risk management life cycle; and apply risk management principles to the portfolio, program, and project domains within the context of an enterprise risk management approach It is primarily written for portfolio, program, and project managers, but is a useful tool for leaders and business consumers of risk management, and other stakeholders.
Is your business playing it safe—or taking the right risks? If you read nothing else on managing risk, read these 10 articles. We've combed through hundreds of Harvard Business Review articles and selected the most important ones to help your company make smart decisions and thrive, even when the future is unclear. This book will inspire you to: Avoid the most common errors in risk management Understand the three distinct categories of risk and tailor your risk-management processes accordingly Embrace uncertainty as a key element of breakthrough innovation Adopt best practices for mitigating political threats Upgrade your organization's forecasting capabilities to gain a competitive edge Detect and neutralize cyberattacks originating inside your company This collection of articles includes "Managing Risks: A New Framework," by Robert S. Kaplan and Anette Mikes; "How to Build Risk into Your Business Model," by Karan Girotra and Serguei Netessine; "The Six Mistakes Executives Make in Risk Management," by Nassim N. Taleb, Daniel G. Goldstein, and Mark W. Spitznagel; "From Superstorms to Factory Fires: Managing Unpredictable Supply-Chain Disruptions," by David Simchi-Levi, William Schmidt, and Yehua Wei; "Is It Real? Can We Win? Is It Worth Doing?: Managing Risk and Reward in an Innovation Portfolio," by George S. Day; “Superforecasting: How to Upgrade Your Company's Judgment," by Paul J. H. Schoemaker and Philip E. Tetlock; "Managing 21st-Century Political Risk," by Condoleezza Rice and Amy Zegart; "How to Scandal-Proof Your Company," by Paul Healy and George Serafeim; "Beating the Odds When You Launch a New Venture," by Clark Gilbert and Matthew Eyring; "The Danger from Within," by David M. Upton and Sadie Creese; and "Future-Proof Your Climate Strategy," by Joseph E. Aldy and Gianfranco Gianfrate.
This title is designed to be accessible to both technical and non-technical readers. The Practice of Risk Management is unique in its presentation of information and techniques indispensible to any form aspiring to efficient risk management.
Organizations invest a lot of time, money, and energy into developing and utilizing risk management practices as part of their project management disciplines. Yet, when you move beyond the project to the program, portfolio, PMO and even organizational level, that same level of risk command and control rarely exists. With this in mind, well-known subject matter expert and author Andy Jordan starts where most leave off. He explores risk management in detail at the portfolio, program, and PMO levels. Using an engaging and easy-to-read writing style, Mr. Jordan takes readers from concepts to a process model, and then to the application of that customizable model in the user’s unique environment, helping dramatically improve their risk command and control at the organizational level. He also provides a detailed discussion of some of the challenges involved in this process. Risk Management for Project Driven Organizations is designed to aid strategic C-level decision makers and those involved in the project, program, portfolio, and PMO levels of an organization. J. Ross Publishing offers an add-on for a nominal fee -- Downloadable tools and templates for easy customization and implementation.
Managing Risk in Organizations offers a proven framework for handling risks across all types of organizations. In this comprehensive resource, David Frame—a leading expert in risk management—examines the risks routinely encountered in business, offers prescriptions to assess the effects of various risks, and shows how to develop effective strategies to cope with risks. In addition, the book is filled with practical tools and techniques used by professional risk practitioners that can be readily applied by project managers, financial managers, and any manager or consultant who deals with risk within an organization. Managing Risk in Organizations is filled with illustrative case studies and Outlines the various types of risk—pure, operational, project, technical, business, and political Reveals what risk management can and cannot accomplish Shows how to organize risk management efforts to conduct risk assessments, manage crises, and recover from disasters Includes a systematic risk management processrisk management planning, risk identification, qualitative impact analysis, quantitative impact analysis, risk response planning, and monitoring control Provides quantitative and qualitative tools to identify and handle risks This much-needed book will enable organizations to take risk seriously and act proactively.