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1、Unit 9 Risk and Crisis Management,A birds-eye view,Defining risk Risk management Enterprise risk management Crisis and crisis management,What is risk?,The possibility of loss, injury, disadvantage or destruction. “Anything that can go wrong will.”,QQ,Decision-making under Uncertainty,Decision must b
2、e based on the balance of both reward and harm related to the particular time and circumstances.,A Parable,There Is No Business Without Risk,FINANCIAL: cash, credit, and negotiable instrument HUMAN: knowledge, skills, commitment of staff PHYSICAL: land, building, and equipment INTANGIBLE: reputation
3、 and brand,Why take risks, though?,Risk & Return,trade-off,trade-off,No risk,No return,Risk Management,Definition: A process which supports better decision-making by creating a greater understanding of risks and their impacts.,Risk Management,Purpose: To improve safety, quality, and business perform
4、ance. To increase firm value. Cannot eliminate risk but to put people in a position to make sound decisions about when and where to place bets.,Risk Management,Techniques: AVOID DIVERSIFY CONTROL SHARE TRANSFER ACCEPT,Enterprise Risk Management,ERM is the application of basic risk management princip
5、les to all risks facing an organization.,Basic ERM Principles,Identifying loss exposures Measuring loss exposures Evaluating different methods for handling risk Risk assumption Risk transfer Risk reduction Selecting a method Monitoring results,ERM Risk Categories,Hazard risk 灾难风险 Financial risk 金融风险
6、 Operational risk 运营风险 Strategic risk 战略风险 Credit risk 信用风险,“New” ERM- 1990s and beyond,Enterprise Risk Management Initial focus on avoiding derivative disasters Developing into optimizing firm value Chief Risk Officer 首席风险执行官 Sarbanes-Oxley Act in the U. S. 2002 SOX法案 Increased focus on risk models
7、,Chief Risk Officer 首席风险执行官,Reports to CFO, CEO or Board 向首席财务官、首席执行官或董事会报告 Responsible for managing all aspects of risk 负责管理公司所有方面的风险 Understand technology 了解技术 Communication skills 交流技巧,Future of ERM,ERM will continue as risk consolidation and aggregation Process increases value of risk management
8、 skills Management is concerned with risk control issues Chief Risk Officer will be a visible figure in an organization Many paths to CRO, diverse skills required ERMs role in optimization has a long way to go Potential benefit is worth pursuing for pioneers,What is a crisis?,Home “here” or home “th
9、ere” Physical or emotional May involve an Individual or many Death or serious illness Natural disaster Civil unrest Monetary Health Concerns,Crisis & Crisis Management,A crisis is an abnormal situation, or even perception, which is beyond the scope of everyday business and which threatens the operat
10、ion, safety and reputation of an organisation. Crisis management is the process by which the organisation manages a wider impact, such as media relations, and enables it to commence recovery.,Crisis Management & Business Continuity,Two key phases should be undertaken when responding to a crisis: Imm
11、ediate Response - CM Recovery - BC,Crisis Management Process,STOP model: Strategic (for example, the Board) Tactical (the crisis centre) Operational (for example, the location where the incident is being managed and recovery is taking place),Roles of CMT,Establish what has happened Assess the impact
12、 Resolve any conflicts of interest Identify and prioritise actions required Retain control,After the Crisis,Take some time Review and revamp procedures Be prepared for the next crisis!,FYI,A Crisis Management Plan is like an insurance plan- you hope you never have to use it, but if you do, you want
13、the plan to be the best plan possible!,Crisis Management Plan,People involved and their tasks Methods for identifying crises Methods for involving management Lines of communication Mechanisms for reporting Process for decision making Equipment, facilities and occupation of crisis management centre Levels of control and authority limits,
