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E-book: The Routledge Companion to Strategic Risk Management

Edited by (Copenhagen Business School, Denmark)
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Managing risk in and across organizations has always been of vital importance, both for individual firms and for the globalized economy more generally. With the global financial crisis, a dramatic lesson was learnt about what happens when risk is underestimated, misinterpreted, or even overlooked. Many possible solutions have been competing for international recognition, yet, there is little empirical evidence to support the purported effectiveness of these regulations and structured control approaches, which leaves the field wide open for further interpretation and conceptual development.

This comprehensive book pulls together a team of experts from around the world in a range of key disciplines such as management, economics and accounting, to provide a comprehensive resource detailing everything that needs to be known in this emerging area. With no single text currently available, the book fills a much needed gap in our current understanding of strategic risk management, offering the potential to advance research efforts and enhance our approaches to effective risk management practices.

Edited by a globally recognized expert on strategic risk management, this book will be an essential reference for students, researchers, and professionals with an interest in risk management, strategic management and finance.

Reviews

'The Routledge Companion to Strategic Risk Management provides broad, cutting-edge coverage on the subject. Academics and practitioners interested in the subject should definitely read this book.' - Betty Simkins, Professor of Finance and Williams Companies Professor of Business, Oklahoma State University, USA

'This book provides very valuable discussions and insights into strategic risk management. A great strength is the breadth of risk-related issues it addresses including, for example, governance, ethics, resilience and leadership. The different backgrounds of the authors afford a significant range of perspectives and insights into this hugely important topic.' - Philip Linsley, Professor, University of York, UK

List of figures
xi
List of tables
xiv
List of appendices
xvi
List of contributors
xvii
Introduction: Strategic risk management 1(10)
Torben Juul Andersen
PART I Risk governance perspectives
11(84)
1 Complexity, uncertainty and ambiguity in inclusive risk governance
13(18)
Ortwin Renn
Andreas Klinke
2 The governance of strategic risk-taking
31(26)
Maxine Lorraine Garvey
3 Risk management and ethical cultures
57(13)
Peter C. Young
Douglas J. Jondle
T. Dean Maines
Michelle D. Rovang
4 The key to sustainable risk governance
70(13)
Gregory L. Shaw
Torben Juul Andersen
5 The risk management paradox
83(12)
Peter Winther Schrøder
PART II The management of strategic risk
95(104)
6 Risk and uncertainty -- a taxonomy of strategies
97(18)
Richard Friberg
7 Reflections on integrated risk management
115(25)
Kent D. Miller
Economic exposure and integrated risk management
119(21)
Kent D. Miller
8 Can strategic risk management contribute to enterprise risk management?
140(17)
Phil Bromiley
Devaki Rau
Michael McShane
9 The symbiosis of failure
157(18)
Denis Fischbacher-Smith
10 Innovation
175(24)
Luca Gatti
PART III Corporate risk management insights
199(66)
11 The LEGO Group implementation of strategic risk management
201(21)
Hans Laessøe
12 The enterprise risk management (ERM) story
222(9)
Markus Schddeli
13 Strategic risk management in Suncorp Personal Insurance
231(22)
Kirsten Dunlop
Mark Milliner
14 Risk taking for the modern risk leader
253(12)
Kathleen Edmond
Michelle D. Rovang
Douglas J. Jondle
PART IV The managerial impact on risk outcomes
265(94)
15 Reflections on "How psychological pitfalls generated the global financial crisis
267(29)
Hersh Shefrin
How psychological pitfalls generated the global financial crisis
269(27)
Hersh Shefrin
16 Rise as feeling in risk taking and risk management in organizations
296(17)
Laurel C. Austin
17 Diagrams for strategic risk management
313(7)
Baruch Fischhoff
18 Capital structure, environmental dynamism, innovation strategy, and strategic risk management
320(19)
Torben Juul Andersen
19 Effective risk management
339(20)
Simon Torp
PART V Effects on enterprise risk management
359(92)
20 The effects of enterprise risk management on firm performance
361(13)
Don Pagach
Richard Warr
21 An empirical examination of risk management effectiveness
374(15)
Leen Paape
Roland F. Spekle
22 Does enterprise risk management create value for firms?
389(32)
Naciye Sekerci
23 Strategic risk management and corporate value creation
421(17)
Oliviero Roggi
Torben Juul Andersen
24 Creating value through strategic risk management
438(13)
Kim B. Staking
PART VI Other aspects of strategic risk management
451(58)
25 Enterprise risk management
453(10)
Eyvind Aven
Terje Aven
26 High reliability and the management of critical infrastructures
463(19)
Paul Schulman
Emery Roe
Michel van Eeten
Mark de Bruijne
27 The opaque corners of ERM
482(5)
S. Abraham (Avri) Ravid
28 Aggregating predictions of operational uncertainties from the frontline
487(14)
Carina Antonia Hallin
29 Understanding common network patterns to improve management of external and internal stakeholder risks
501(8)
Eva Schiffer
Index 509
Torben Juul Andersen is Professor of Strategy and International Management and Director of the Center for Global Strategic Responsiveness at Copenhagen Business School, Denmark