Currency
Non-Financial Risk Management: Emerging stronger after Covid-19
£145.00
Non-financial Risk Management instils in the reader a greater understanding of the complex relationships between the components of NFRs through the real-world experience of the authors. This book not only demonstrates the various components of non-financial risks, and highlights the state-of-the-art approaches for their management, but shows what can be learned from a risk-mitigation perspective (including, but not limited to, Covid-19), allowing readers to better implement efficient and effective methods and processes.
Availability:
In stock
ISBN
9781782724421
Managing non-financial risks (NFRs) has never been more critical to a firm’s success. Since the global financial crisis, markets have not only seen an unprecedented expansion of financial regulation, but also an emergence of new threats such as: cyber and conduct risk; a refocusing of policy-making and regulation around ESG; and, of course, the impact of Covid-19. In response, NFR has now become one of the most important areas of focus for financial institutions, with some banks having more than 50% of their economic capital allocated to this risk portfolio.
In this exciting new Risk Books title – the first book dedicated to NFR – Thomas Kaiser (Professor Kaiser Risk Management Consulting and Goethe University) has curated chapters from 41 authors in senior positions at leading banks, insurance companies and consultancies (including Allianz, Deutsche Bundesbank, Commonwealth Bank of Australia, Deutsche Bank, HSBC and ORX), as well as from across academia.
Non-financial Risk Management instils in the reader a greater understanding of the complex relationships between the components of NFRs through the real-world experience of the authors. This book not only demonstrates the various components of non-financial risks, and highlights the state-of-the-art approaches for their management, but shows what can be learned from a risk-mitigation perspective (including, but not limited to, Covid-19), allowing readers to better implement efficient and effective methods and processes.
The 26 chapters are divided into five parts, each with an illuminating introduction written by the editor:
- Part 1 – The Origins of Non-Financial Risk Management: a look at the history of NFR, starting with Basel and enterprise risk management, and moving through the psychology of NFR and finally to its taxonomy.
- Part 2 – Governance of Non-Financial Risk Management: risk culture, the three lines of defence and agile governance structures.
- Part 3 – Tools and Instruments for Non-Financial Risk Management: risk mitigation is looked at in depth, and chapters elucidate real-world management techniques.
- Part 4 – Focus Areas of Non-Financial Risk Management: a deep dive into information security, conduct risk, reputational risk, financial crime and more.
- Part 5 – The Future of Non-Financial Risk Management: chapter authors predict which NFRs will be tomorrow’s hot topics.
This title is aimed at regulators, academics, auditors, consultants or anyone working within risk management, either from a risk-taker (1st line of defence), risk oversight (2nd line of defence) or auditing (3rd line of defence) vantage point, wanting to better understand where non-financial risk came from and where it is heading to.
| ISBN | 9781782724421 |
|---|---|
| Navision code | MNFR |
Write Your Own Review
Thomas Kaiser
Thomas Kaiser has been working in risk management for more than 25 years. He is the founder of Professor Kaiser Risk Management Consulting and teaches Risk Management as an honorary professor at Goethe University as well as at other institutions. He is also active in executive education at Goethe Business School in Frankfurt and elsewhere and is organizing and leading conferences and seminars as well as speaking at conferences nationally and internationally. In his long-time affiliation with KPMG, he was responsible for advising leading banks and insurance companies globally on Non-Financial Risk Management and related topics such as risk culture and ESG risk. Kaiser has also had managerial positions at Deutsche Bank, Commerzbank and HypoVereinsbank on Operational Risk and started his career at WestLB with market risk topics.
Kaiser is co-author/editor of the RiskBooks titles “An Introduction to Operational Risk” and “Reputational Risk Management in Financial Institutions” and has written numerous articles and several other books. He is an associate editor of the “Journal of Operational Risk” as well as a member of the advisory board of FIRM (Frankfurt Institute of Risk Management and Regulation) and various other industry associations.
Kaiser holds a master’s degree in business administration from Saarbrücken University and a PhD in financial econometrics from Tübingen University.
Foreword
John Lee (Maybank)
Preface
Thomas Kaiser (Professor Kaiser Risk Management Consulting and Goethe University)
Introduction
Thomas Kaiser (Professor Kaiser Risk Management Consulting and Goethe University)
PART I: The Origins of Non-Financial Risk Management (with an introduction from the editor)
1. The complete history of operational risk regulation (abridged)
Marcus Haas (Deutsche Bundesbank)
2. Financial institutions and nonfinancial risk: learning from the corporate approach
Thomas Poppensieker (McKinsey & Company)
Sebastian Schneider (McKinsey & Company)
Michael Thun (McKinsey & Company)
3. The Painful Financial Side of NFR
Frank Romeike (RIskNet)
Stefan Koppold (Traton)
4. “Risk Management is about managing risk” and “It’s all about people”: Psychology might be more important than models
Tatjana Schulz (KPMG)
5. The confusion of Babel: What’s in the name NFR – Taxonomy
Mike Finlay (RiskBusiness)
Jodie Ezell (Stifel Financial)
PART II: Governance of Non-Financial Risk Management (with an introduction from the editor)
6. “It’s the culture, stupid”: Risk Culture as the key building block of NFR Management – and why some banks have come through the Covid-19 pandemic better than others
Bodo Schmidt (DZ BANK)
Thorsten Scheibel (DZ BANK)
7. “Do you know who is who”? – Three Lines of Defence in the context of Non-Financial Risk
Bina Lehmann (Deutsche Bank)
8. “Herding cats”? – NFR Divisions as truly diverse units
Sebastian Rick
9. “Just do it” – partially self-organizing governance structures for NFR frameworks
Christoph Reitze (Aareal Bank)
PART III: Tools and Instruments for Non-Financial Risk Management (with an introduction from the editor)
10. A Risk by Any Other Name: Identification, classification and agendas
Sergio Scandizzo (European Investment Bank)
11. Old But Gold? Mastering the RCSA Despite Covid-19
Jonas Hampl (Danske Bank)
Johanna Sax (Danske Bank)
12. Biases in Scenario Analyses and how to mitigate them
Claudia Meyer (Allianz)
Andreas Seibt (Allianz)
13. When scenarios are not severe enough: Stress Testing for non-financial risk
Eckart Koerner (Clearstream Banking)
14. Ending NFR in NFR – from Excel sheets to professional IT systems for NFR management
Owe Lie-Bjelland (Corporater)
15. Breaking up with Risk Management – using the power of controls for good not the prevention of evil
Mike Ritchie (Deloitte)
Matthew Saines (National Bank of Australia)
PART IV: Focus areas of Non-Financial Risk Management (with an introduction from the editor)
16. It won’t be over after Covid-19: Pandemics and operational resilience
Simon Ashby (Vlerick Business School)
17. Dealing with IT complexity and innovation: Delivering business resilience and customer outcomes
Tara Cahill (Commonwealth Bank of Australia)
18. Protecting the New Gold - Information Security
Mareike Reus
19. Conduct risk and the impact of Covid-19
Andrew Sheen (AJ Sheen Consulting)
Peter McCormack (Independent Consultant)
20. From lawsuits to models: Compliance Risk and Financial Crime
Bernhard Gehra (Boston Consulting Group)
Norbert Gittfried (Boston Consulting Group)
Georg Lienke (Boston Consulting Group)
21. Others are doing it cheaper: But can they really? Opportunities and risks in outsourcing
Marion Bürgers (HSBC)
22. Managing reputation and stakeholders
Ariane Chapelle (University College London and Ariane Chapelle Consulting)
Carmen Rollins (Complutense University of Madrid and Ariane Chapelle Consulting)
PART V: The Future of Non-Financial Risk Management (with an introduction from the editor)
23. ESG Risk as a new (and very important) trigger for NFR
Petra Obermann
24. Looking into the crystal ball: what will NFR Management look like in 2030?
Sebastian Fritz-Morgenthal (Bain)
Hagen Rafeld (Goldman Sachs)
Gerhard Schröck (Bain)
25. This time will be different: An alternative future of NFR Management
Christian Hunt (Human Risk)
26. Right time, right place: The drive for change in operational and non-financial risk
Simon Wills (ORX)
Luke Carrivick (ORX)