If I were to advise anyone new to the ERM function, my advice would be to read as broadly and much as possible. Read every standard or whitepaper you can find. ERM is such a broad discipline that all knowledge seems to be useful at some time or another.
- Walt Williams, Manager ERM/ Lowe's Companies, Inc. / RIMS ERM Committee Member 2011
This inventory is a compilation of titles and short descriptions of books pertaining to Enterprise Risk Management (ERM) and related topics that former and current members of RIMS ERM Committee have found useful in practice. Please click here to view in PDF format and/or print.
On Enterprise Risk Management:
Against the Gods: The Remarkable Story of Risk by Peter Bernstein
Peter Bernstein has written a comprehensive history of man's efforts to understand risk and probability, beginning with early gamblers in ancient Greence, continuing through the 17th-century French mathematicians Pascal and Fermat and up to modern chaos theory. Along the way he demonstrates that understanding risk underlies everything from game theory to bridge-building to winemaking.
Beyond COSO: Internal Control to Enhance Corporate Governance by Steven J. Root
A practical guide to complying with Committee on Sponsoring Organizations of the Treadway Commission (COSO) Report, the book clearly explains the intricacies of the report, describes techniques for complying with the report, and supplies a host of ready-to-use internal control documentation.
COSO Enterprise Risk Management: Understanding the New Integrated ERM Framework by Robert Moeller
Described as a pragmatic guide for integrating ERM with COSO internal controls, the book attempts to bridge COSO's 2004 Integrated Framework with its internal controls framework. "In the book...Robert Moeller aims to help business professionals at all levels - from staff internal auditors to corporate board members - understand risk management and make effective use of the COSO ERM framework. In COSO Moeller identifies the process and guidance required to become better at evaluating, embracing, and managing business uncertainties and risks in order to protect and enhance enterprise value.
Enterprise Risk Management: From Incentives to Controls by James Lam
Text offers insights, practical advice, and real-world case studies exploring every aspect of enterprise risk management. The book is organized into four comprehensive sections: Risk Management in Context, The Enterprise Risk Management Framework, Risk Management Applications, and A Look to the Future. A favorite among ERM practitioners.
"Enterprise Risk Management for Dummies" by Beaumont Vance and Joanna Makomaski
Enterprise Risk Management for Dummies offers a valuable start up guide for ERM first timers. You get easy-to-understand ERM terms and helpful instruction along with tools on how to get started developing your ERM program today. Wtih this book, you'll better understand what "risk" is - and why everyone needs to have it, how to identify risks in a variety of ways, and most importantly, how to effectively manage risk. (Available through RIMS Bookstore - limited availability).
Enterprise Risk Management: Today's Leading Research and Best Practices for Tomorrow's Executives edited by John Fraser and Betty Simkins
Enterprise Risk Management offers a broad overview of the different types of techniques: the role of the board, risk tolerances, risk profiles, risk workshops, and allocation of resources, while focusing on the principles that determine business success. This book also discusses market, and operational risk, as well as the evolving requirements of the rating agencies and their importance to the overall risk management in a corporate setting. The editors sought out practitioners to contribute their experiences in using enterprise risk management within the context of their business activities.
Enterprise-Wide Risk Management: Developing and Implementing edited by Jean-Paul Louisot and Christopher Ketcham
The Institutes, through their Center for the Advancement of Risk Management Education (CARME), joined with RIMS to create a foundational textbook for senior risk practitioners and those seeking the ARM-E designation. The book is designed to introduce ERM concepts that prepare for implementation of an ERM project and/or to assist other stakeholders in the implementation process. It assumes an understanding of the fundamentals of risk management.
Managing Operational Risk: 20 Firmwide Best Practice Strategies by Douglas G. Hoffman
Guide to managing operational risk in financial institutions. Covers all the bases from the basics of what operational risk is to how to design and implement sophisticated operational risk management systems.
Simple Tools and Techniques for Enterprise Risk Management by Robert J. Chapman
This straightforward book, aimed at the implementers and practitioners of ERM, provides a highly structured approach so you can easily implement processes in your own organization. You'll find a number of case studies and practical examples from a variety of industries. The chapters are organized in a way that leads you through ERM implementation and include risk identification techniques, risk modeling methods, and the underlying statistics.
Surviving and Thriving in Uncertainty: Creating the Risk Intelligent Enterprise by Frederick Funston and Stephen Wagner
In the book, the authors suggest that effective risk taking is needed in order to innovate, stay competitive, and drive value creation. Based on their combined decades of experience as practitioners, consultants, and advisors to numerous business professionals throughout the world, Funston and Wagner discuss the adoption of 10 essential and practical skills to improve agility and resilience.
Success Stories: Public Entities Adopt ERM Best Practices by Kristina Narvaez
This book is a six-step approach to show how to develop and implement an Enterprise Risk Management Program within your organization. This book will cover how various public entities are addressing risk identification, risk assessment, risk analysis, implementation of their ERM program, monitoring and evaluating their ERM program.
Risk Quantification: Management, Diagnosis, and Hedging by Laurent Condamin, Jean Paul Louisot, and Patrick Naim
This book offers a practical answer for the non-mathematician to all the questions any business man always wanted to ask about risk quantification, and never dares to ask.
The Flaw of Averages: Why We Underestimate Risk in the Face of Uncertainty by Sam L. Savage and Jeff Danziger
In The Flaw of Averages, the author describes common avoidable mistakes in assessing risk in the face of uncertainty. Savage presents complex concepts in plain English. Along the way, he shows why plans based on average assumptions are wrong, on average, in areas as diverse as healthcare, accounting, the War on Terror, and climate change. He finishes the book with a discussion of the emerging field of Probability Management. The book includes a Red Word Glossary that defines statistical terms in plain English.
The Failure of Risk Management: Why It's Broken and How to Fix It
by Douglas W. Hubbard
The book takes a close look at misused and misapplied basic analysis methods and shows how some of the most popular "risk management" methods are no better than astrology! Using examples from the 2008 credit crisis, natural disasters, outsourcing to China, engineering disasters, and more, Hubbard reveals critical flaws in risk management methods - and shows how all of these problems can be fixed. The solutions involve combinations of scientifically proven and frequently used methods from nuclear power, exploratory oil, and other areas of business and government. Finally, Hubbard explains new forms of collaboration across all industries and government can improve risk management in every field.