Managing risk in and across organizations has always been of vital importance, both for individual firms and for the globalized economy more generally. With the global financial crisis, a dramatic lesson was learnt about what happens when risk is underestimated, misinterpreted, or even overlooked. Many possible solutions have been competing for international recognition, yet, there is little empirical evidence to support the purported effectiveness of these regulations and structured control approaches, which leaves the field wide open for further interpretation and conceptual development.

This comprehensive book pulls together a team of experts from around the world in a range of key disciplines such as management, economics and accounting, to provide a comprehensive resource detailing everything that needs to be known in this emerging area. With no single text currently available, the book fills a much needed gap in our current understanding of strategic risk management, offering the potential to advance research efforts and enhance our approaches to effective risk management practices.

Edited by a globally recognized expert on strategic risk management, this book will be an essential reference for students, researchers, and professionals with an interest in risk management, strategic management and finance.

chapter |10 pages


Strategic risk management
ByTorben Juul Andersen

part I|84 pages

Risk governance perspectives

chapter 1|18 pages

Complexity, uncertainty and ambiguity in inclusive risk governance

ByOrtwin Renn, Andreas Klinke

chapter 2|26 pages

The governance of strategic risk-taking

ByMaxine Lorraine Garvey

chapter 3|13 pages

Risk management and ethical cultures

ByPeter C. Young, Douglas J. Jondle, T. Dean Maines, Michelle D. Rovang

chapter 4|13 pages

The key to sustainable risk governance

Strong core values, delegation and accountability
ByGregory L. Shaw, Torben Juul Andersen

chapter 5|12 pages

The risk management paradox

Enhanced focus on risk management seemingly doesn't pay off!
ByPeter Winther Schrøder

part II|104 pages

The management of strategic risk

chapter 6|18 pages

Risk and uncertainty – a taxonomy of strategies

ByRichard Friberg

chapter 7|25 pages

Reflections on integrated risk management

ByKent D. Miller

chapter |21 pages

Economic exposure and integrated risk management

ByKent D. Miller

chapter 8|17 pages

Can strategic risk management contribute to enterprise risk management?

A strategic management perspective
ByPhil Bromiley, Devaki Rau, Michael McShane

chapter 9|18 pages

The symbiosis of failure

The strategic dynamics of risk and resilience
ByDenis Fischbacher-Smith

chapter 10|24 pages


Managing strategic risk
ByLuca Gatti

part |66 pages

Corporate risk management insights

chapter 11|21 pages

The LEGO Group implementation of strategic risk management

ByHans Læssøe

chapter 12|9 pages

The enterprise risk management (ERM) story

Experiences from Nestlé
ByMarkus Schädeli

chapter 13|22 pages

Strategic risk management in Suncorp Personal Insurance

ByKirsten Dunlop, Mark Milliner

chapter 14|12 pages

Risk taking for the modern risk leader

A fresh perspective of trust, transparency, and social media
ByKathleen Edmond, Michelle D. Rovang, Douglas J. Jondle

part |94 pages

The managerial impact on risk outcomes

chapter 16|17 pages

Risk as feeling in risk taking and risk management in organizations

ByLaurel C. Austin

chapter 17|7 pages

Diagrams for strategic risk management

ByBaruch Fischhoff

chapter 19|20 pages

Effective risk management

Do we have the right management skills and employee competences?
BySimon Torp

part |92 pages

Effects on enterprise risk management

chapter 20|13 pages

The effects of enterprise risk management on firm performance

ByDon Pagach, Richard Warr

chapter 21|15 pages

An empirical examination of risk management effectiveness

ByLeen Paape, Roland F. Speklé

chapter 22|32 pages

Does enterprise risk management create value for firms?

Evidence from Nordic countries
ByNaciye Sekerci

chapter 23|17 pages

Strategic risk management and corporate value creation 1

ByOliviero Roggi, Torben Juul Andersen

chapter 24|13 pages

Creating value through strategic risk management

ByKim B. Staking

part |58 pages

Other aspects of strategic risk management

chapter 25|10 pages

Enterprise risk management

The need for distinguishing between task risk and enterprise risk management
ByEyvind Aven, Terje Aven

chapter 26|19 pages

High reliability and the management of critical infrastructures

ByPaul Schulman, Emery Roe, Michel van Eeten, Mark de Bruijne

chapter 27|5 pages

The opaque corners of ERM

ByS. Abraham (Avri) Ravid

chapter 28|14 pages

Aggregating predictions of operational uncertainties from the frontline

A new proactive risk management practice
ByCarina Antonia Hallin