Wiley Finance: Managing Risk and Performance: A Guide for by Thomas Stanton, Douglas W. Webster

By Thomas Stanton, Douglas W. Webster

Realize analytical instruments and practices to assist increase the standard of danger administration in executive corporations. Federal firms more and more realize the significance of lively hazard administration to assist make sure that they could perform their missions. excessive effect occasions, as soon as suggestion to happen simply infrequently, now happen with excellent frequency. "Managing hazard in executive businesses and Programs" presents perception into the more and more serious position of potent possibility administration, whereas supplying analytical instruments and promising practices which can support enhance the standard of probability administration in govt organizations.Includes chapters that give a contribution to the data of presidency executives and executives who are looking to identify or enforce danger administration, and particularly company danger administration (ERM), of their companies. beneficial properties chapters written by way of federal probability managers, public management practitioners, and scholars

Showing govt officers tips on how to enhance their organization's chance administration features, "Managing chance in govt firms and Programs" meets a turning out to be call for from federal departments and firms that locate themselves more and more embarrassed through dicy occasions that bring up questions about their skill to hold out their missions.

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Additional resources for Wiley Finance: Managing Risk and Performance: A Guide for Government Decision Makers

Sample text

The chapters have been selected for their contribution to the knowledge of government executives and managers who want to establish or implement risk management, and especially Enterprise Risk Management, in their agencies. This book is organized into four parts. The first part provides an introduction and overview of risk management and the special issues facing government agencies when they manage risks, compared to private companies. Part One: Introduction and Overview Chapter 1 (this chapter), by Thomas Stanton, introduces the reader to themes of the book, including (1) the difficult organizational and management context for effective risk management by government, (2) how some government agencies overcome these obstacles, and (3) the increasing importance of risk management and ERM for government in today’s complex environment, and especially in the context of budget cuts at many agencies.

Such is the The Need for Effective Risk Management 19 case for risk. Unfortunately, the word has evolved in the risk management community to refer to two different and conflicting concepts. The first general definition of risk is consistent with the dictionary citation above and is reflected in that offered by the Government Accountability Office (GAO) in a 2004 report: An event that has a potentially negative impact, and the possibility that such an event will occur and adversely affect an entity’s assets and activities and operations, as well as the achievement of its mission and strategic objectives.

Here we simply need to state that effective risk management cannot just be achieved as part of a software purchase and implementation. Just as risk management is but a means of better balancing risk, performance, and cost to achieve objectives and optimize organizational value, so too is IT but a means to quickly collect, analyze, and disseminate information on performance, cost, and risk so that those value-optimizing decisions can be made in a timely and cost-effective manner. Information technology is not a substitute for the development of appropriate policies and organizational capabilities.

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