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Edition: 3
Isbn: 1542865980
Publisher: 9781370363445
Cite this publication
FREE RISK MANAGEMENT BOOK Risk management is ultimately about creating a culture that would facilitate risk discussion when performing business activities or making any strategic, investment or project decision. In this free book, Alex Sidorenko and Elena Demidenko talk about practical steps risk managers can take to integrate risk management into decision making and core business processes. Based on our research and the interviews, we have summarised fifteen practical ideas on how to improve the integration of risk management into the daily life of the organisation. These were grouped into three high level objectives: drive risk culture, help integrate risk management into business and become a trusted advisor. This document is designed to be a practical implementation guide. Each section is accompanied by checklists, video references, useful links and templates. This guide isn't about "classical" risk management with its useless risk maps, risk registers, risk owners or risk mitigation plans. This guide is about implementing the most current risk analysis research into the business processes, decision making and the overall culture of the organization.
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Supplementary resources

  • ... At present there are various standard software development methodologies [1], [2] as well as quality standard [3], [4] that are considered to be technological boon for every project development team. One of the techniques to ensure an effective software development practices is to ensure higher degree of risk control measures that calls for an effective risk management [5]. Basically, a risk management in software development industry is all about considering all sorts of possible factors that could degrade the product quality or invite some unfortunate challenges in near future during the development period that could possible cost some tangible resources [6], [7]. ...
    Full-text available
    Irrespective of different research-based approaches toward risk management, developing a precise model towards risk management is found to be a computationally challenging task owing to critical and vague definition of the origination of the problems. This research work introduces a model called as PROM i.e. Predictive Optimization of Risk Management with the perspective of software engineering. The significant contribution of PORM is to offer a reliable computation of risk analysis by considering generalized practical scenario of software development practices in Information Technology (IT) industry. The proposed PORM system is also designed and equipped with better risk factor assessment with an aid of machine learning approach without having more involvement of iteration. The study outcome shows that PORM system offers computationally cost effective analysis of risk factor as assessed with respect to different quality standards of object oriented system involved in every software projects.
  • Chapter
    This chapter takes you step by step through the ERM process and presents practical challenges using concrete examples. Robustly developed risk scenarios can challenge management intuition with more rational information on risky decisions. In addition to risk identification and risk assessment, the integration of risk-relevant information into decision-making processes is a key element of value-creating risk management. Level-appropriate, integrated risk reporting suggestions and concepts for continuous improvement of ERM quality complete this chapter.
  • Corporate Governance. A Practical Guide
    • A Carey
     Carey, A. (2004), Corporate Governance. A Practical Guide. [online].
  • Managerial economics
    • H Davies
    • P L Lam
     Davies, H. and Lam, P.L. (2001) Managerial economics. 3rd ed., Bell & Bain Ltd., Glasgow.
  • Managing risk in Managing risk in perilous times. Practical steps to accelerate recovery
    • E Demidenko
    • P Mcnutt
     Demidenko, E. and McNutt, P. (2010), "The ethics of enterprise risk management as a key component of corporate governance" International Journal of SocialEconomics, Vol. 37 No. 10, pp. 802-815. http://  Economist Intelligence Unit. (2009), Managing risk in Managing risk in perilous times. Practical steps to accelerate recovery.  European Corporate Governance Institute (n.d.), Codes of Corporate Governance in different countries.
  • World-Class Risk Management
    • N Marks
     Marks, N. (2015) World-Class Risk Management, CreateSpace Independent Publishing  McNutt, P. (2005), Law, Economics and Antitrust, Edward Elgar Publications, Cheltenham, UK.
  • The Audit Committees in the 21st century
    • O Vysotskaya
    • E Demidenko
     Vysotskaya, O. and Demidenko, E. (2005), "The Audit Committees in the 21st century". The Russian Economy. 21st century. No. 20.
  • Article
    Das Enterprise Risk Management (ERM) unterstützt das Unternehmen beim Umgang mit Risiken und dadurch bei der Erreichung von Unternehmenszielen. Das interne Audit kann zum effektiven und effizienten ERM auf vielfältige Weise mit Assuranceund Beratungsdienstleistungen beitragen. Das ERM bietet wiederum Input für die Tätigkeiten des internen Audits.
  • Book
    Basic concepts -- The structure of economic organisations -- Public policy and economic organisation
  • Article
    Purpose – The purpose of this paper is twofold: first, to add to the debate on governance and, second, to describe a value set theory of the firm. Design/methodology/approach – The methodology has centred on good governance amongst employees – management and workers alike. Findings – It is noted that committees are appointed in firms to ensure that good governance is practised across a range of issues to do with audit, remuneration and appointment. However, the debate on governance has largely overlooked the importance of good governance amongst all employees. It was found that governance at the employee level requires a code of ethics that is not just about right and wrong, but emphasises a contractual sense of duty to fellow employees as stakeholders in the firm. This defines the essence of obligation and duty within the stakeholder firm, the s-firm. Practical implications/limitations – One practical implication of the paper is that the practice of good governance at the employee level should begin by asking whether the employees as rational individuals in a state of nature would freely have agreed to the contract or work arrangement within the firm that obligates them to do X. A value set theory of the firm could assist employees by allocating responsibilities among all employees in such a way as to maximise joint effort. Originality/value – The paper proffers a new approach to understanding governance and it concludes that every rational being is in the state of being an end in itself – a firm should teach people morality. An s-firm teaches people morality. This is the quintessence of employee governance. The paper should be of value to shareholders, workers, management, trade unions and commentators on the theory of the firm.