Two Headed Coin

Unifying Strategy and Risk in Pursuit of Performance

Inbunden, Engelska, 2021

Av James L. Darroch, David Wm. Finnie, David Wm Finnie, James L Darroch

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Discover the interplay between strategy and risk in this insightful new resource from two experts in the financial industry who have applied their knowledge to multiple industriesIn The Two Headed Coin, accomplished authors James L. Darroch and David Wm. Finnie deliver an insightful exploration of the interplay between strategy and risk that underlies the operational framework of successful organizations. You'll learn which risks are fundamental to the strategic positioning and goals of your organization and which are not. You'll also discover the importance of an independent risk function, e,g., the CRO, and its invaluable role as part of the strategic process.You'll also find: A thorough discussion of the notion of competitive advantage and how it relates to riskAn exploration of consumer perception and reputation as an asset to be managedHow to use scenario planning and real options to provide a framework for managing uncertaintyHow a focus on culture and ethics can minimize the risk of large losses due to adverse behaviorsPerfect for risk management and strategy professionals The Two Headed Coin will also earn a place in the libraries of executives and managers who wish to improve their ability to integrate strategic and risk thinking to create competitive advantage.

Produktinformation

Utgivningsdatum2021-05-13
Mått155 x 231 x 25 mm
Vikt408 g
FormatInbunden
SpråkEngelska
SerieWiley Finance
Antal sidor224
FörlagJohn Wiley & Sons Inc
ISBN9781119794202

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Redovisning och finansiering inom Ekonomi och ledarskap

DR. JAMES L. DARROCH is currently CIT Chair in Financial Services, Schulich School of Business, York University and Associate Professor, Policy, Schulich School of Business, York University. James is a sought-after expert in strategy and financial services education. In 2017, James and his co-author Patricia Meredith won the distinguished Donner Prize (award for the best public policy book by a Canadian) for Stumbling Giants: Transforming Canada’s Banks for the Information Age.DAVID WM. FINNIE is a senior corporate executive with over 20 years’ experience leading large and mid-sized multinationals and Fortune 100 companies in the building and optimization of their financial, capital, and risk management strategies and capabilities. In addition to risk management expertise, he also offers strengths as a strategic business leader helping to define and implement business growth strategies and drive new business development. David has published four short articles on risk management, governance, and strategy.

Preface: Risk is Good and Uncertainty is the Reality! xiAcknowledgments xxvAbout the Authors xxixChapter 1 Strategy and Risk: Two Sides of the Same Coin 1Strategic Positioning and Risk 6Strategy and Risk in a Start-Up 7Chapter 2 Executing on the Plan and Discovering New Risks 17The Assumption of Goal Congruence and the Importance of Culture 21Conclusion 27Chapter 3 Which Risks to Keep 31Strategic Positioning and Risk Governance 38How Does Risk Management Help Close the Gap Between Strategy Formulation and Execution? 40Conclusion: Embracing and Managing Risk 42Chapter 4 How Do We Achieve Independent Risk Governance and Improve Performance? 47What Do We Mean by ERM? 51Chapter 5 Who Has the Specific Knowledge to Design the Risk Architecture? Why You Need an Independent Risk Function 61The Strategy-Risk-Governance Process 61Meeting the Objective and the Categorization of Risks 69The Risk Architecture 71Creation of a Risk Function 73Conclusion 76Chapter 6 Enterprise Risk Management and Competitive Advantage 79How Does Strategy Affect Randomness? 86Chapter 7 What Reputation Do We Want? With Whom? 91Managing Reputation Risk 99Chapter 8 Uncertainty, Scenario Planning, and Real Options 105Real Options 113Conclusion 116Chapter 9 Risk Culture and Ethics: Can You Have Excellence and Consistency at the Same Time? 121The Advisor-Customer Encounter 124Control Systems, Discretion, and Ethics 127Culture, Ethics, Performance, and Risk Management 135Chapter 10 The Top of the Pyramid: The CEO as Integrator of Strategy and Risk and the Board as the Fourth Line of Defense 141The CEO: The Operational Integration of Strategy and Risk 145The Board: The Governance Integration of Strategy and Risk 145The Board Provides More Than Oversight 146Epilogue: Decision-Making at the Restaurant: Creating and Executing a Risk-Aware Strategy 151Appendix I: Risk Transformation and the Need for an Integrated Risk Approach 157Appendix II: Resiliency 161Bibliography 167Index 183