This book develops the notion that companies can succeed on the basis of risk management, much as companies compete on efficiency, costs, labor, location, and other dimensions. The reality of risk and how it impacts companies is that it is much more definite, often catastrophic and looks more like a shock. This is striking, as a difference between firms on risk different than a marginal difference in operating efficiencies, for example. Competing on Risk Management requires a discipline, a commitment to using information and recognizing shocks and then acting upon those to redistribute assets. This book will examine how leading firms that compete on risk have done this and showcase best practices and impacts to the capital structure of firms and their organizational formation.
Sample Chapter(s)
Introduction (33 KB)
Chapter 1: Introduction and Book Overview (179 KB)
Contents:
- Introduction to Risk
- Overview of Risk Decisions
- Dealing With Shocks — Large Scale Risks Impacting Markets and Industries
- Operations Pose Embedded Risks to the Enterprise
- Reliance on Technology Increases Operational Risk — Often It Is Not Obvious
- Dealing With Contagion and Persistence in Risks
- Risk Management as a Corporate Competency
- Protecting the Enterprise From Itself — Learning From History, Again
- Forming an Organization That Competes on Risk: Organizational Implications
- Developing a Culture for Sound Risk Management
- Toyota: Dealing With Crisis in a Major (Foreign) Market
- Communicating Risk Information in the Enterprise
- Benefits of Competing on Risk
Readership: Business professionals and students interested in the topic of risk management.
“Professor Walker provides an excellent perspective on risk management and its importance in corporate strategy and running a global business. I highly recommend this book to executives, board members and anyone else who truly wants to understand the key concepts of risk management.”
Harry M Kraemer, Jr.
Executive Partner of Madison Dearborn Partners and
former Chairman and CEO of Baxter International Inc.
“This book addresses risk management as a corporate competency that is important to the success of the organization and is an excellent read for executives and board members seeking to develop winning risk management strategies.”
Dennis Chookaszian
Former Chairman and CEO of CNA Insurance Company
“The events of 2008 showed that risk was mispriced and misunderstood by many businesses. There were winners and losers. This book will help you be a winner with risk!”
Donald P Jacobs
Dean Emeritus of the Kellogg School of Management
“In this engaging analysis of risk management, Dr. Russell Walker takes a holistic look at the competitive advantages of risk and how to approach volatility and uncertainty. Dr. Walker provides strong historical context for risk and then explores how it impacts modern business organizations in diverse ways — from operational risk in the supply chain to technological risks inherent in digital processes. Drawing from theory and practice, Dr. Walker highlights various real-world cases of risk management, including examples from the 2008 recession. Of special benefit is his focus on how top firms successfully compete on risk. Anyone seeking an accessible and rich consideration of risk will gain valuable insight from Dr. Walker's treatment of this ever-present market force.”
Dipak C Jain
Dean of INSEAD
“Of special interest are the many relevant case studies that help the reader to identify decisions that led to catastrophe or to success. Winning with Risk Management is highly recommended for any engineer, and especially for professionals with risk analysis responsibilities.”
Product Development & Management Association
Russell Walker, PhD is a world expert on the application of analytics in business and risk management. As Associate Director of the Zell Center for Risk Research and Clinical Associate Professor at the Kellogg School of Management of Northwestern University, Russell Walker has developed and taught programs on Enterprise Risk, Operational Risk, Corporate Governance, and Analytical Consulting.
He is often quoted in the Financial Times, the International Herald Tribune, the Washington Post, and CNN among other news media, and has been invited to share his perspective internationally, at the IESE Business School in Spain, the Sasin Graduate Institute of Business Administration in Thailand, and the Indian School of Business in India. Russell Walker also consults with businesses on harnessing analytics in their enterprise and developing risk management solutions.
He holds an MBA from the Kellogg School of Management and an MS and PhD from Cornell University. He lives in Highland Park, Illinois. Russell Walker can be reached at russell@walkerbernardo.com.
