Overcome ERM implementation challenges by taking cues from leading global organizations 'Implementing Enterprise Risk Management' is a practical guide to establishing an effective ERM system by applying best practices at a granular level. Case studies of leading organizations including Mars, Statoil, LEGO, British Columbia Lottery Corporation, and Astro illustrate the real-world implementation of ERM on a macro level, while also addressing how ERM informs the response to specific incidents. Readers will learn how top companies are effectively constructing ERM systems to positively drive financial growth and manage operational and outside risk factors. By addressing the challenges of adopting ERM in large organizations with different functioning silos and well-established processes, this guide provides expert insight into fitting the new framework into cultures resistant to change. Enterprise risk management covers accidental losses as well as financial, strategic, operational, and other risks. Recent economic and financial market volatility has fueled a heightened interest in ERM, and regulators and investors have begun to scrutinize companies' risk-management policies and procedures. 'Implementing Enterprise Risk Management' provides clear, demonstrative instruction on establishing a strong, effective system. Readers will learn to: Put the right people in the right places to build a strong ERM framework Establish an ERM system in the face of cultural, logistical, and historical challenges Create a common language and reporting system for communicating key risk indicators Create a risk-aware culture without discouraging beneficial risk-taking behaviors ERM is a complex endeavor, requiring expert planning, organization, and leadership, with the goal of steering a company's activities in a direction that minimizes the effects of risk on financial value and performance. Corporate boards are increasingly required to review and report on the adequacy of ERM in the organizations they administer, and 'Implementing Enterprise Risk Management' offers operative guidance for creating a program that will pass muster. Enterprise risk management (ERM) is a growing field, but it is not often taught in business schools, and few executives really understand it. This puts them at a disadvantage because their finance, marketing, and management initiaives are only valuable if they don't fall victim to avoidable risks. In 2010, John R.S. Fraser and Betty J. Simkins published 'Enterprise Risk Management: Today's Leading Research and Best Practices for Tomorrow's Executives, ' a respected and comprehensive text on this important subject. Now, this companion volume, 'Implementing Enterprise Risk Management, ' goes a step further toward filling the void in the ERM literature. 'Implementing Enterprise Risk Management' also works well as a stand-alone volume. Putting ERM principles into practice requires an understanding of what risk management looks like in the real world. 'Implementing Enterprise Risk Management' provides that understanding, with case studies from top organizations that show in detail how ERM really works. The contributors weave key concepts, definitions, strategies, and methodologies throughout the text, yielding a nice balance of academic and practical information. Enterprise risk management is a constantly evolving process. Pure theory can be useful to a point, but the flexibility to adapt theory to fit unique scenarios is crucial. 'Implementing Enterprise Risk Management' contains 35 chapters detailing case studies from organizations around the world, giving risk professionals a range of examples to follow in pursuing their own ERM programs. This latest volume in Wiley's 'Robert W. Kolb Series in Finance' provides important guidance for any organization looking to integrate ERM into its risk culture. PRAISE FOR IMPLEMENTING ENTERPRISE RISK MANAGEMENT 'This book should be an extremely valuable source of knowledge for anyone interested in the emerging and evolving field of risk management.' --Robert S. Kaplan, Senior Fellow, Marvin Bower Professor of Leadership Development, Emeritus, Harvard University 'It will provide a much needed resource to students and practitioners for many years to come and should become a well used reference on the desk of every manager of risk.' --Kevin W. Knight, AM, Chairman, ISO/TC 262 Risk Management 'I commend the editors and contributors for making a significant contribution to ERM by sharing their experiences.' --James Lam, President, James Lam & Associates; Director and Risk Oversight Committee Chairman, E*TRADE Financial Corporation; author of 'Enterprise Risk Management: From Incentives to Controls' 'The broad collection of practices is insightful for students, academics, and executives, as well as seasoned risk management professionals.' --Carol Fox, ARM, Director of Strategic & Enterprise Risk Practice, RIMS 'I highly recommend this book for use by executives, line managers, risk managers, and business students alike.' --Douglas F. Prawitt, Professor of Accounting at Brigham Young University, and Committee of Sponsoring Organizations (COSO) Executive Board member ''Implementing Enterprise Risk Management' looks at many industries through excellent case studies, providing a real-world base for its recommendations and an important reminder that ERM is valuable in many industries. I highly recommend this text.' --Russell Walker, Clinical Associate Professor, Kellogg School of Management; author of 'Winning with Risk Management'