Losses from non-financial risks are often higher than those from financial risks; some banks allocate more than 50 percent of their economic capital to these risks. Surveys clearly show that the importance of managing non-financial risks has increased significantly in recent years and will continue to do so. Covid-19 has further intensified this development. Not only is the Covid-19 pandemic itself to be classified as an operational risk event (and thus a non-financial risk event), Covid-19 has also highlighted the direct consequences for other non-financial risks such as business risk or reputational risk.

Without exaggeration, this book moves directly "on the cutting edge" of non-financial risk management!

Thomas Kaiser, a recognized and internationally highly respected expert in the field of non-financial risks for decades, "shouted" and "everyone" came. 42 internationally renowned authors and non-financial risk specialists from the financial industry, processing industry, science and consulting as well as supervision illuminate in this book comprehensively and from different perspectives the main topics of today's non-financial risk management.

This 544-page standard work first gives the reader a comprehensive overview of the not always easy beginnings of non-financial risk management (Part I) and then goes on to the very important good governance of non-financial risk management (Part II) and the indispensable applications (systems) and instruments (Part III) used in non-financial risk management to control these risks. In Part IV, the current focus areas of non-financial risk management are examined in detail, the concluding Part V takes a comprehensive look at future topics of non-financial risk management.

With all his experience, the editor himself gives an introductory and assessing overview of each of these five subject areas, the individual authors in turn provide the reader with exciting insights into current best practices for non-financial risk through their practical and very refreshing narrative style and illustrative examples Management - always with an eye on Covid-19 and the lessons from it.

This book is not only unreservedly recommended to all risk managers who want to manage non-financial risks in their company successfully and in a future-oriented manner, but also provides everyone interested in (risk) with exciting insights into the world of non-financial risk management of today and tomorrow.

Reviewed in German - translated to English. Read full review here: https://www.risknet.de/wissen/rezensionen/non-financial-risk-management/