Fundamentals of Enterprise Risk Management: How Top Companies Assess Risk, Manage Exposures, and Seize Opportunities

By John J. Hampton | Go to book overview

CHAPTER 25
RISK MANAGEMENT
AND THE FUTURE
OF ERM

RISK QUOTE: Keep away from people who try to belittle your
ambitions. Small people always do that, but the really great
make you feel that you, too, can become great
.

—MARK TWAIN, HUMORIST AND WRITER

RISK QUOTE: I haven’t failed, I’ve found 10,000 ways that don’t
work
.

—THOMAS EDISON, INVENTOR

We have taken a journey that began in 1998 when organizations began to realize they were not respecting risk interaction in their financing and operations. Corrections included the concept of a chief risk officer. Accounting firms and consultants discussed strategic risk management, holistic risk management, and, of course, enterprise risk management. The last of these seems to have stuck. Progress was slow, but two approaches to ERM have developed:
1. Hazard ERM. Traditional risk managers focused on insurance, loss control, and risk retention, reduction, transfer, and avoidance. ERM sought to bring various silos together and help them understand relationships among their exposures.

-243-

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