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Corporate Value of Enterprise Risk Management: The Next Step in Business Management

ISBN: 978-0-470-88254-2
432 pages
March 2011
Corporate Value of Enterprise Risk Management: The Next Step in Business Management (0470882549) cover image


The ultimate guide to maximizing shareholder value through ERM

The first book to introduce an emerging approach synthesizing ERM and value-based management, Corporate Value of Enterprise Risk Management clarifies ERM as a strategic business management approach that enhances strategic planning and other decision-making processes.

  • A hot topic in the wake of a series of corporate scandals as well as the financial crisis
  • Looks at ERM as a way to deliver on the promise of balancing risk and return
  • A practical guide for corporate Chief Risk Officers (CROs) and other business professionals seeking to successfully implement ERM

ERM is here to stay. Sharing his unique insights and experiences as a recognized global thought leader in this field, author Sim Segal offers world-class guidance on how your business can successfully implement ERM to protect and increase shareholder value.

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Table of Contents




Part I: ERM Basics and Infrastructure.

Chapter 1: Introduction.

Evolution of ERM.

Basel Accords.

September 11th.

Corporate Accounting Fraud.

Hurricane Katrina.

Rating Agency Scrutiny.

Financial Crisis.

Rare Events.

Long-Term Trends.

Challenges to ERM.



Chapter 2: Defining ERM.

Definition of Risk.

Definition of ERM.



Chapter 3: ERM Framework.

Value-Based ERM Framework.

Challenges of Traditional ERM Frameworks.

Value-Based ERM Framework.

Overcoming the Challenges with a Value-Based ERM Framework.



Part II: ERM Process Cycle.

Chapter 4: Risk Identification.

Components of Risk Identification.

Five Keys to Successful Risk Identification.

Risk Categorization and Definition.

Qualitative Risk Assessment.

Emerging Risk Identification.

Killer Risks.



Chapter 5: Risk Quantification.

Practical Modeling.

Components of Risk Quantification.

Calculate Baseline Company Value.

Quantify Individual Risk Exposures.

Quantify Enterprise Risk Exposure.



Chapter 6: Risk Decision-Making.

Defining Risk Appetite and Risk Limits.

Integrating ERM into Decision-Making.



Chapter 7: Risk Messaging.

Internal Risk Messaging.

External Risk Messaging.



Part III: Risk Governance and Other Topics.

Chapter 8: Risk Governance.

Focusing on Common Themes.

Components of Risk Governance.

Roles and Responsibilities.

Organizational Structure.

Policies and Procedures.



Chapter 9: Financial Crisis Case Study.

Summary of the Financial Crisis.

Evaluating Bank Risk Management Practices.



Chapter 10: ERM for Non-Corporate Entities.

Generalizing the Value-Based ERM Approach.

Complexities of Objectives-Based ERM.

Examples of NCEs.





About the Author.


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Author Information

SIM SEGAL, FSA, CERA, is President and founder of SimErgy Consulting, which provides ERM consulting services and executive education seminars. With twenty- five years of experience in measuring and managing risk, Segal is a globally-recognized ERM thought leader with experience in a variety of industry sectors, such as manufacturing, energy, entertainment, technology, services, telecommunications, banking, insurance, non-profit organizations, and government bodies. Prior to SimErgy, he led ERM consulting practices at Deloitte Consulting, Aon, and Towers Watson. Segal also serves as an adjunct professor at Columbia Business School, where he teaches an MBA/EMBA course on ERM. He has also led and co-authored ERM research studies.

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