Foreword, by Steve Fowler, Chief Executive, The Institute of Risk Management (IRM) Contributors notes. Introduction 1

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1 xiii Contents Foreword, by Steve Fowler, Chief Executive, The Institute of Risk Management (IRM) Contributors notes xxix xxxiii Introduction 1 Part 1: Elements of Risk Management An appetite for risk 5 Marie-Gemma Dequae, Federation of European Risk Management Associations (FERMA) Implementing ERM 6; Making it work 7; Building value Enterprise risk management: finding the optimal blend of enterprise-wide solutions 12 Andrew Oxland, Strategic Risk Consulting, HSBC Insurance Brokers Introduction 12; The role of ERM in the business world 13; Asset liability management and optimization of the balance sheet 13; Quantification of risk 14; Blurring of banking and insurance solutions to risk 15; Clearly defined risk appetite 15; Synthesis of the insurance and capital markets to provide enterprise-wide solutions 15; Risk solutions for emerging risks 16; Non-financial risk solutions 16; Enterprise-wide risk solutions for the upside of risk 16; Conclusion Risk management in a business change environment 19 Mike Ward and John Humphries, Outperform UK Ltd Introduction 19; Define where the business is going 20; Barriers to introducing risk management 22; Developing a risk strategy 24; Integrating the risk management strategy into

2 xiv CONTENTS business as usual 24; A risk management process 25; Achieving risk-managed business change 27; References and further reading Rethinking the risk management rule book 29 Chris Woodcock, College Hill Bridging science and communication 29; Communication networks make timely connections 30; Joined-up thinking 31; Why bother to reinvent the risk management wheel? 32; Supply chain complexities add to the momentum for change 33; The demand for reporting recalls 33; Summary 36; Note 36; Reference Enterprise risk management solutions 40 Austin Trippensee, SAS Institute Inc Introduction 40; Enterprise risk management in theory 41; Enterprise risk management in practice 44; Common challenges 46; Conclusion 48; Acknowledgements 48; References Leading effective business risk management 50 Tenia Chatzinikoli and William Toner, Halcrow Taking the appropriate risk perspective 51; Defining risk appetite 51; Integrating risk and strategy 53; Understanding key risks and vulnerabilities 54; Embedding risk management across the organization 56; Conclusion Different views, the same risks: representing uncertainty, assumptions and perspective 59 Allan Robinson and Bob Hide, UMU, Appleyards Introduction: uncertainty or risk? 59; What is uncertainty? 60; Assumptions and uncertainty 60; Uncertainty management 63; Summary 66 Part 2: Corporate Risk Concerns Reputation: the all-defining asset 69 Aymen Khoury, Field Fisher Waterhouse LLP What is reputation risk? 69; The importance of reputation 70; Threats to reputation 70; Reputation dilemmas 72; Conclusion 73

3 xvi CONTENTS 2.2 Reputational risk king risk 74 Mark Elkins, SAS UK Reputation matters 75; A good reputation has benefits 76; Bad reputation the only way is up 76; Measuring reputational risk 77; Reputational risk capital quantification 78; Managing reputation 80; In conclusion Risk management: motherhood and apple pie or real business benefit? 83 Jon Murthy, UKAS The insurer 83; The health and safety expert 84; The business consultant 85; The manufacturer 86; UKAS Credit risk management 89 Richard Brennecker, Callcredit Introduction 89; Credit marketing 90; Application processing 90; Customer management 91; Collections and recovery 92; Summary Credit risk assessment for loan decisions: a new approach 94 Clark Abrahams, SAS UK Introduction 94; Capturing revenue opportunities in new markets with alternative credit risk management systems 95; SAS redesigns the credit risk assessment, analytics and performance management process 96; Bridging the gap between compliance and credit risk management 98; Key analytic advances 99; Summary and conclusion 100; Notes 101; Reference Making risk management deliver business value 103 Ruth Murray-Webster and Peter Simon, Lucidus Consulting Limited What does risk management really mean for business? 104; How do published standards and methods help, and how do they hinder? 104; The complication of human factors 105; Driven to precision 107; Risk management needs to be exciting, not boring 107; Walk the talk 108; Act of faith, or proven concept? 109; References and further reading Risk and performance management: time for the tail to wag the dog? 111 Kelly Lehmann, Stewart Business Software Performance management 112; Risk management 113; Combining the two approaches: creating P&RM 114; Operational considerations 115; Summary 116

4 CONTENTS xvii 2.8 New horizons for risk and reputation management 118 Chris Woodcock, College Hill Increasing vulnerability 119; Communications in the spotlight 119; Prevention always better than cure 120; Avoiding scares 121; Transforming defensive effort into a business-shaping asset 122; Practical tips on putting the future into perspective 122; The horizon comes into focus 123 Part 3: Areas of Legal Risk Litigation risk 127 Rebecca Cushing and Aymen Khoury, Field Fisher Waterhouse LLP The risk of litigation 128; Litigation preparedness 129; Risks in litigation 129; Conclusion Fight for the right? 134 Jacqueline Needle, Beck Greener The cost and frequency of patent litigation 135; Litigation procedures 135; Is the cost of enforcement a reason to avoid protection? 136; Other countries 137; Effective use of IP 139; Avoiding litigation Risk management alternative dispute resolution 141 Rebecca Cushing and Olivia Venuto, Field Fisher Waterhouse LLP What is alternative dispute resolution? 142; What are the most common forms of ADR used by organizations in the UK? 142; Mediation in detail 144; Costs risk in not considering ADR 145; Risk management approach to ADR 146; Notes 146; Reference Corporate manslaughter: the new landscape 148 Rhys Griffiths, Field Fisher Waterhouse LLP Introduction 148; Why has the Act been introduced? 149; The new offence of corporate manslaughter 150; Ramifications of the new Act 152; How to prepare for the new Act 152; Reference Managing litigation risk: lost in translation 155 Sean McGahan, McKinty and Wright The language of law 156; Compulsive risk assessment psychosis (CRAP1) and conspiratorial risk aversion policy (CRAP2) mistakes to avoid 158; So what should you do? 159

5 xx CONTENTS 3.6 Intellectual property or poverty? An IP risk guide for business 161 Peter Finnie and Arnie Clarke, Gill Jennings & Every LLP Introduction 161; What risk? 162; A structured approach 164; IP due diligence 165; Conclusions IP risk estimation and management: the example of patents and patent portfolios 168 William E Bird, Bird Goën & Co The commercial risks 169; The patent portfolio 172; The small and medium-sized company 173; The future: patent auctions 174; The spectre of third-party patent infringement 174 Part 4: Information and Security Risk Managing information risk and other areas of operational risk: routes to success 181 Marco Kapp and Simon Oxley, Citicus Limited What does managing risk well mean? 182; What is information risk exactly? 183; How well is information risk managed at the moment? 183; Why information risk is so needlessly high? 184; Benefits of driving risk down 184; Causes of failure in managing information risk down 187; Putting principles into practice 188; Benefits of a sound approach 190; Extending the approach to other areas of risk Integrating security risk management into mainstream business 193 John Ludlow, Global Risk Management, InterContinental Hotels Group Background 193; New security strategy 194; Key features of the new approach 196; Threats to hotels 196; An IHG approach 198; Threat and vulnerability assessments (TVA) 198; Benefits Avoiding the global compliance trap 203 Jonathan Post, XL Insurance Local solutions, global consistency 203; Permissible unlicensed cover: asking the right questions 205; Financial interest cover 206; Conclusion Use of e-commerce in the receivables industry: added value or window dressing? 211 Martin Smith, Close Credit Management Control it or it will control you 212; Data security 214

6 CONTENTS xxi 4.5 Whose risk is it anyway? 217 Keith Tilley, SunGard Availability Services (UK) Limited Considerations for 21st-century IA 219; Optional extra or vital tool? 220 Part 5: Managing Operational Risk An introduction to modelling operational risk 227 David Breden, HSBC Operational Risk Consultancy Introduction 227; The difficulties of modelling operational risk 228; The parameters of the model 230; Sources of data 232; The model 233; Conclusion 234; Notes Investing in an operational risk framework 235 Laurent Birade, SAS Risk Practice, and Robert M Mark, Black Diamond Risk Background 235; What is operational risk? 236; How does a financial institution justify an investment to reduce operational risk? 236; Sample operational risk calculation: earnings volatility method 238; Sample calculation of operational risk tail event method 240; Conclusion 244; Notes 245; Further reading Risk identification and team coherence 248 Bob Hide and Allan Robinson, UMU, Appleyards Background 249; Methodology 250; The programme organization 251; Results of the exercise 251; Outcomes 252; Conclusions Risk-based performance: managing with one eye on performance and one eye on risk 255 Andrew Smart, Manigent Introduction 255; A new business paradox emerges 256; Performance management and risk management the status quo 257; The new management information challenge 258; The solution risk-based performance 258; What are the benefits? 261; Conclusion 262; References Managing your supply chain risk 265 Sandy Sutherland, David Lawson and Alex Briggs, Lloyd s Register Quality Assurance (LRQA) Management systems-based approach 265; Managing environmental concerns 266; Resilience in the supply chain 267; Health, safety and welfare responsible management 268; Conclusion 269

7 xxii CONTENTS 5.6 The role of strategic purchasing and supply management in risk management 271 Emma Brooks, Chartered Institute of Purchasing and Supply (CIPS) Value generators and value protectors 271; The business risk environment 273; The right tools for the job 273; Summary Critical engineering and risk management: avoiding complacency 276 Paul Saville-King, Norland Managed Services Limited Introduction 276; The five pillars 278; Culture and behaviours 281; A new model 282; Notes 283 Part 6: Risk in Managing Sustainables Environmental risk 287 Rebecca Cushing, Field Fisher Waterhouse LLP Regulation 288; Key legislation 288; Better awareness 291; Ensuring better awareness in your organization 291; Conclusions Industrial pollution control it shouldn t cost you the earth (but it could) 295 Fay Rushby, Environmental Health Resource Centre Introduction 295; Environmental permits 296; A crushing blow for enviro-criminals 297; The long arm of the law 298; The permitting process all change, please 298; Value for money or money for old rope? 299; Make sure that it s the polluter that really pays Planning for and managing climate change 301 Tony Crosse, Corporate Customer Group, HSBC Insurance Brokers How insurance could be affected 302; What can be done to mitigate the risk 302; The example of UK flooding 303; Business continuity planning 304; The role of other agencies 304; In conclusion Dealing with the regulator 306 Rebecca Cushing, Field Fisher Waterhouse LLP Introduction 306; The relationship between business and the regulator 307; What is enforcement? 307; Evidence gathering 308; The decision to prosecute 309; Sentencing 309; Future regulation 310; The Companies Act ; Conclusion 311 Appendix: Contributors contact list 312 Index 320 Index of advertisers 323

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