Новая книга Нормана Маркса

Хорошая новость для профессионального сообщества по управлению рисками. На днях, Норман Маркс выпустил новую книгу по управлению рисками. В этот раз, посвященную в большей степени руководителям, нежели риск менеджерам.

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Risk Management in Plain English: A Guide for Executives: Enabling Success through Intelligent and Informed Risk-Taking by [Marks, Norman]

When COSO published its updated ERM Framework last year, I thought about what it would mean for my popular 2015 book, World-Class Risk Management.

Unfortunately, I didn’t see anything in the COSO update, nor in the recently published update of the ISO 31000 global risk management standard, that merited changing anything in the book. (Sad but true.) Frankly, setting aside all pretense of modesty, I think the concepts and guidance in my book are superior.

Instead, I decided to write a totally new book.

Risk Management in Plain English: A Guide for Executives (available from Amazon in hard copy and e-reader formats) has the sub-title, Enabling Success through Intelligent and Informed Risk-Taking.

It is based on a number of principles for effective risk management, which I have shared here many times. They include:

  • It’s not about avoiding harm (“doom management”), it’s about achieving success.
  • It’s about understanding what might happen, determining whether that’s OK, and then acting as needed.
  • To be successful, you need to be making informed and intelligent decisions. Those are where risks are taken. That is how you optimize the likelihood and extent of success: achieving objectives.
  • We should avoid techno-babble and use the language of the business.
  • Risk management can be considered effective when leaders of the organization and decision-makers at all levels assert that it is helping them be successful.
  • The periodic review of a list of risks is a small part of risk management.
  • It’s about helping leaders understand the likelihood of achieving objectives, not the out-of-context size of risks.
  • Risk management is effective management!

I have not tried, in the new book, to change my guidance for risk practitioners. I continue to look to World-Class Risk Management for that.

Risk Management in Plain English focuses much more on guidance for leaders of the organization. I have tried to explain to them, in business English, what effective risk management is – and what their role and responsibilities should be. It is deliberately concise and readily consumed by them.

My hope is that risk practitioners will find the new book useful, would consider sharing it with their leaders, and have a conversation about risk management after everybody has read the book.

Here is the table of contents:


Introduction. 3

I. Executive Summary. 4

II. Are we taking too much or too little risk?. 10

The possibility for gain as well as loss. 11

The level of risk is not a single point 12

III.     Risk and the CEO.. 14

Asking the right question. 14

Cognitive bias. 16

Leading by example. 17

The CEO and the CRO.. 17

IV. Risk and the Executive Leadership Team.. 19

Working to the same objectives. 20

V. Risk and the Executive. 21

The executive and the CRO.. 22

The extended enterprise. 23

Cross-functional decision-making. 24

VI. Risk Reporting, Review, and Appetite. 26

A recommended risk report 27

A list of risks or a heat map. 28

Reviewing a list of risks. 29

The risk du jour 30

How effective is your risk management program?. 32

VII.   Risk Management and the Board. 34

Is risk management effective?. 34

When the board takes risk. 34

Risk and the board’s agenda. 35

Should the board ensure the CRO is independent of management?. 36

VIII.  Risk Management and the Risk Office. 38

IX. Risk Appetite. 40

X. Converting Risk Management into Action. 46


I hope you will find it useful.

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