Managing Risk in Organizations: A Guide for Managers

Managing Risk in Organizations: A Guide for Managers

Managing Risk in Organizations: A Guide for Managers

Managing Risk in Organizations: A Guide for Managers

Synopsis

Managing Risk in Organizations offers a proven framework for handling risks across all types of organizations. In this comprehensive resource, David Frame-a leading expert in risk management-examines the risks routinely encountered in business, offers prescriptions to assess the effects of various risks, and shows how to develop effective strategies to cope with risks. In addition, the book is filled with practical tools and techniques used by professional risk practitioners that can be readily applied by project managers, financial managers, and any manager or consultant who deals with risk within an organization. Managing Risk in Organizations is filled with illustrative case studies and Outlines the various types of risk-pure, operational, project, technical, business, and political Reveals what risk management can and cannot accomplish Shows how to organize risk management efforts to conduct risk assessments, manage crises, and recover from disasters Includes a systematic risk management process-risk management planning, risk identification, qualitative impact analysis, quantitative impact analysis, risk response planning, and monitoring control Provides quantitative and qualitative tools to identify and handle risks This much-needed book will enable organizations to take risk seriously and act proactively.

Excerpt

Toward the end of the 1990s, we approached the coming millennium with a foreboding that was similar to what our ancestors experienced a thousand years earlier. In 999, many of them envisioned the new millennium as ushering in Armageddon and the end of the world. Today, we are more sophisticated. Like our ancestors, we saw the new millennium as bringing chaos and uncertainty, but this time it assumed a peculiarly high-tech and secular cast in the form of what we called “the Y2K problem.” We breathed a collective sigh of relief when January 1, 2000, came and went with no collapse of our economic infrastructure. But whatever security we felt did not last long.

For the proponents of doom and gloom, the new millennium has not been disappointing. Even as the economies of the industrialized world reached unprecedented peaks of affluence at the outset of 2000, they were caught in the grips of a free-fall decline within a year. Then on September 11, 2001, an event of terrorism shook the capitalist world to its roots. The attacks on the World Trade Center and Pentagon reinforced the view that despite all the appurtenances of wealth and stability that we have grown accustomed to, the world is a dangerous place. The subsequent anthrax attack on the U.S. postal system confirmed this perspective.

Fear of terrorism and uncertainty took a big toll on global stock markets. Stock prices plunged. Retirees who had jumped on the bull market bandwagon toward the end of the 1990s watched their savings being wiped out. The pounding of the stock market continued when the largest financial scandals of modern times were revealed. Major corporations such as Enron, WorldCom, and Global Crossing confessed that they had cooked their financial books, abetted by prestigious accounting firms such as Arthur Andersen LLP.

These events reminded us of something many of us had forgotten: the world is a risky place. Planet Earth itself is a bull's eye on a target; one day an asteroid will hit the mark, with devastating consequences.

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