Corporate Risk Management,9780470014721

Corporate Risk Management

by ;
ISBN13: 9780470014721
ISBN10: 0470014725
Format: Hardcover
Pub. Date: 2005-06-01
Publisher(s): WILEY
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Summary

Corporate Risk Management analyses, compares and contrasts tools and techniques used in risk management at corporate, strategic business and project level and develops a risk management mechanism for the sequencing of risk assessment through corporate, strategic and project stages of an investment in order to meet the requirements of the 1999 Turnbull report. By classifying and categorising risk within these levels, readers will learn how to drill down and roll-up to any level of the organisational structure, establish the risks that each project is most sensitive to, and implement the appropriate risk response strategy - to the benefit of all stakeholders.

Table of Contents

Introduction
1(6)
Introduction
1(1)
Why Managing Risk Is Important
1(1)
General Definition of Risk Management
2(1)
Background and Structure
3(1)
Aim
4(1)
Scope of the Book
4(3)
The Concept of Risk and Uncertainty and the Sources and Types of Risk
7(24)
Introduction
7(1)
Background
7(1)
Risk and Uncertainty: Basic Concepts and General Principles
8(1)
The Origin of Risk
9(3)
Dimensions of Risk
11(1)
Uncertainties
12(2)
Sources of Risk
14(3)
Typical Risks
17(8)
Project Risks
17(1)
Global Risks
18(1)
Elemental Risks
18(1)
Holistic Risk
18(1)
Static Risk
19(1)
Dynamic Risk
19(1)
Inherent Risk
19(1)
Contingent Risk
20(1)
Customer Risk
20(1)
Fiscal/Regulatory Risk
21(1)
Purchasing Risk
21(1)
Reputation/Damage Risk
21(1)
Organisational Risk
22(1)
Interpretation Risk
22(1)
IT Risk
22(1)
The OPEC Risk
23(1)
Process Risk
23(1)
Heuristics
24(1)
Decommissioning Risk
25(1)
Institutional Risks
25(1)
Perceptions of Risk
25(1)
Stakeholders in an Investment
26(3)
Stakeholder Identification
27(1)
Stakeholder Perspectives
28(1)
Stakeholder Perceptions
28(1)
Summary
29(2)
The Evolution of Risk Management and the Risk Management Process
31(24)
Introduction
31(1)
The Evolution of Risk Management
31(4)
The Birth of Risk Management
31(1)
Risk Management in the 1970s -- Early Beginnings
32(1)
Risk Management in the 1980s -- Quantitative Analysis Predominates
32(1)
Risk Management in the 1990s -- Emphasis on Methodology and Processes
33(2)
Risk Management
35(1)
The Risk Management Process -- Identification, Analysis and Response
35(15)
Risk Identification
38(2)
Risk Quantification and Analysis
40(2)
Risk Response
42(3)
Selection of Risk Response Options
45(1)
Outputs from the Risk Response Process
45(1)
Risk Management within the Project Life Cycle
46(1)
The Tasks and Benefits of Risk Management
47(1)
The Beneficiaries of Risk Management
48(2)
Embedding Risk Management into Your Organisation
50(1)
Risk Management Plan
51(1)
Executive Responsibility and Risk
52(1)
Summary
53(2)
Risk Management Tools and Techniques
55(34)
Introduction
55(1)
Definitions
55(1)
Risk Analysis Techniques
56(1)
Choice of Technique(s)
56(1)
Qualitative Techniques in Risk Management
56(7)
Brainstorming
56(1)
Assumptions Analysis
57(1)
Delphi
57(1)
Interviews
58(1)
Hazard and Operability Studies (HAZOP)
58(1)
Failure Modes and Effects Criticality Analysis (FMECA)
59(1)
Checklists
59(1)
Prompt Lists
59(1)
Risk Registers
59(2)
Risk Mapping
61(1)
Probability--Impact Tables
61(2)
Risk Matrix Chart
63(1)
Project Risk Management Road Mapping
63(1)
Quantitative Techniques in Risk Management
63(7)
Decision Trees
63(2)
Controlled Interval and Memory Technique
65(1)
Monte Carlo Simulation
65(2)
Sensitivity Analysis
67(1)
Probability--Impact Grid Analysis
68(2)
Quantitative and Qualitative Risk Assessments
70(1)
Value Management
71(3)
Value Management Techniques
73(1)
Other Risk Management Techniques
74(6)
Soft Systems Methodology (SSM)
74(3)
Utility Theory
77(1)
Risk Attitude and Utility Theory
78(1)
Nominal Group Technique
79(1)
Country Risk Analysis
80(8)
Country Risk Sources -- the Checklist
80(1)
Political Risk
81(5)
Financial Risk
86(1)
Organisational Usage of Risk Management Techniques
87(1)
Summary
88(1)
Financing Projects, Their Risks and Risk Modelling
89(34)
Introduction
89(1)
Corporate Finance
89(2)
Project Finance
91(4)
Basic Features of Project Finance
92(1)
Special Project Vehicle (SPV)
92(1)
Non-recourse or Limited Recourse Funding
92(1)
Off-balance-sheet Transaction
92(1)
Sound Income Stream of the Project as the Predominant Basis for Financing
93(1)
Projects and Their Cash Flows
93(2)
Financial Instruments
95(1)
Debt
96(2)
Term Loans
96(1)
Standby Loans
97(1)
Senior and Subordinate Debt
97(1)
Mezzanine Finance Instruments
98(5)
Bond Ratings
99(1)
Types of Bonds
100(3)
Equity
103(2)
Ordinary Equity and Preference Shares
103(2)
Financial Risks
105(4)
Construction Delay
105(1)
Currency Risk
105(1)
Interest Rate Risk
106(1)
Equity Risk
106(1)
Corporate Bond Risk
106(1)
Liquidity Risk
107(1)
Counter-party Risk
107(1)
Maintenance Risk
108(1)
Taxation Risk
108(1)
Reinvestment Risk
108(1)
Country Risk
108(1)
Non-financial Risks Affecting Project Finance
109(2)
Dynamic Risk
109(1)
Inherent Risk
109(1)
Contingent Risk
110(1)
Customer Risk
110(1)
Regulatory Risk
110(1)
Reputation/Damage Risk
110(1)
Organisational Risk
110(1)
Interpretation Risk
111(1)
Managing Financial Risks
111(5)
Construction Delay
111(1)
Currency Risk
112(1)
Interest Rate Risk
113(1)
Equity Risk
114(1)
Corporate Bond Risk
114(1)
Liquidity Risk
114(1)
Counter-party Risk
115(1)
Maintenance Risk
115(1)
Taxation Risk
116(1)
Reinvestment Risk
116(1)
Country Risk
116(1)
Risk Modelling
116(3)
Types of Risk Software
119(1)
Management Data Software Packagers
119(1)
Spreadsheet-based Risk Assessment Software
119(1)
Project Network-based Risk Assessment Software
119(1)
Standalone Project Network-based Risk Assessment Software
120(1)
Summary
120(3)
Portfolio Analysis and Cash Flows
123(28)
Introduction
123(1)
Selecting a Portfolio Strategy
123(1)
Constructing the Portfolio
124(1)
Portfolio of Cash Flows
125(1)
The Boston Matrix
125(1)
Scenario Analysis
126(1)
Diversification
126(3)
Diversification of Risk
128(1)
Portfolio Risk Management
129(5)
Bundling Projects
130(3)
Considerations
133(1)
Bundling Projects into a Portfolio
133(1)
Cross-collateralisation
134(1)
Cash Flows
134(6)
Cash Flow Definition for Portfolios
136(2)
Reasons for Choosing Cash Flow Curves
138(1)
Projects Generating Multiple IRRs
139(1)
Model Cash Flow
139(1)
An Example of Portfolio Modelling
140(9)
Financial Instruments
141(1)
Development of the Mechanism
142(1)
Spreadsheets
142(1)
A Portfolio of Oil and Gas Projects
143(6)
Summary
149(2)
Risk Management at Corporate Level
151(26)
Introduction
151(1)
Definitions
151(2)
The History of the Corporation
153(3)
Equity Capital of a Corporation
155(1)
Corporate Structure
156(1)
Corporate Management
157(4)
The Corporate Body
159(1)
The Legal Obligations of Directors
159(1)
The Board
160(1)
The Composition of the Board
161(1)
Corporate Functions
161(5)
Corporate Governance
163(3)
Corporate Strategy
166(2)
Recognising Risks
168(2)
Specific Risks at Corporate Level
170(1)
The Chief Risk Officer
171(1)
How Risks Are Assessed at Corporate Level
172(1)
Corporate Risk Strategy
172(2)
Corporate Risk: An Overview
174(1)
The Future of Corporate Risk
174(1)
Summary
175(2)
Risk Management at Strategic Business Level
177(24)
Introduction
177(1)
Definitions
177(1)
Business Formation
177(3)
Strategic Business Units
180(6)
The Need for Strategic Linkages
180(1)
The Wrappers Model
181(3)
The Business Management Team
184(1)
Strategic Business Management Functions
184(2)
Business Strategy
186(1)
Strategic Planning
187(2)
Strategic Plan
187(1)
Strategy and Risk Management
188(1)
Recognising Risks
189(2)
Specific Risks at Business Level
189(1)
Typical SBU Organisation
189(2)
Portfolio Theory
191(4)
Modern Portfolio Theory
191(2)
Matrix Systems
193(2)
Programme Management
195(2)
Business Risk Strategy
197(1)
Tools at Strategic Business Unit Level
197(1)
Strategic Business Risk: An Overview
198(1)
Summary
198(3)
Risk Management at Project Level
201(18)
Introduction
201(1)
The History of Project Management
201(2)
The Early Years: Late Nineteenth Century
201(1)
Early Twentieth-century Efforts
201(1)
Mid Twentieth-century Efforts
202(1)
Late Twentieth-century Efforts
202(1)
Definitions
203(1)
Project Management Functions
204(5)
The Project Team
206(2)
Project Risk Assessment Teams
208(1)
Project Goals
208(1)
Project Strategy Analysis
209(1)
Why Project Risk Management Is Used
210(1)
Recognising Risks
211(5)
Specific Risks at Project Level
212(1)
What Risks Are Assessed at Project Level?
213(2)
Project Managers and Their View of Risks
215(1)
Project Risk Strategy
216(1)
The Future of Project Risk Management
216(1)
Summary
217(2)
Risk Management at Corporate, Strategic Business and Project Levels
219(12)
Introduction
219(1)
Risk Management
219(1)
The Risk Management Process
219(2)
Common Approaches to Risk Management by Organisations
221(2)
Model for Risk Management at Corporate, Strategic Business and Project Levels
223(6)
Summary
229(2)
References 231(10)
Index 241

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