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New Frontiers in Enterprise Risk Management
of: David L. Olson, Desheng Wu
Springer-Verlag, 2008
ISBN: 9783540786429 , 236 Pages
Format: PDF, Read online
Copy protection: DRM
Preface
5
Contents
7
Part I Preliminary
10
Introduction
11
Part I: Preliminary
11
Part II: ERM Perspectives
12
Part III: ERM Technologies
12
Part IV: Applications of ERM in China
13
Thanks to Authors
14
End Notes
14
The Human Reaction to Risk and Opportunity
15
Introduction
15
Risk and Risk Events
16
Ductile Systems
16
The Value of the System
18
Social Amplification of Risk
19
The Perception of Risk, Dread and Knowledge
20
The Processing of Risk: Emotion Versus Reason
22
Quantification as a Coping Mechanism
23
Incentives and Operational Risk
24
Conclusion
27
End Notes
28
Part II ERM Perspectives
31
Enterprise Risk Management: Financial and Accounting Perspectives
33
ERM and Finance Operations: Key Financial Risks
33
The Accounting Perspective: The COSO ERM Cube
40
Conclusions
44
End Notes
45
An Empirical Study on Enterprise Risk Management in Insurance
47
Enterprise Risk Management in Insurance
47
Multidisciplinary Views of Risk
48
Insurance Industry Practice
50
Discussion
55
Conclusion
60
End Notes
61
Supply Chain Risk Management
65
Supply Chain Risk Management Process
65
Supply Management
67
Demand Management
68
Product Management
69
Supply Chain Disruption
69
Supply Chain Risks
69
Multiple Criteria Selection Model
71
Conclusions
73
End Notes
74
Two Polar Concept of Project Risk Management
77
Risk Management Processes
77
Equilibriant RMPs and Related Gaps
78
A Two Polar RMP Framework for Projects
83
Conclusion
96
End Notes
97
Part III ERM Technologies
101
The Mathematics of Risk Transfer
103
Hedge Funds of the Twenty-First Century
103
Pricing Risk
105
Collateralized Fund Obligations
111
Non-Gaussian Returns
113
Challenges in the New Century
118
End Notes
120
Stable Models in Risk Management
121
Introduction
121
Stable Laws: Simulation and Calibration
122
GARCH Calibration and Some Numerical Problems
129
End Notes
132
Hybrid Calibration Procedures for Term Structure Models
133
Introduction
133
Preliminaries
134
Explicit Pricing Formulas
136
Hybrid Calibration Procedures
141
Risk Measures
148
Conclusion
151
End Notes
151
The Sarbanes-Oxley Act and the Production Efficiency of Public Accounting Firms
153
Introduction
153
Background and Hypothesis Development
154
Research Design
156
Empirical Estimation and Results
160
Conclusion
166
End Notes
168
Credit Risk Evaluation Using Neural Networks
171
Introduction
171
Review of Quantitative Credit Risk Prediction Techniques
172
Neural Network Basics
178
Discussion of Models and Results
180
Conclusions and Discussion
185
End Notes
186
Applying the Real Option Approach to Vendor Selection in IT Outsourcing
189
Information Technology Outsourcing
189
Review of Literature
190
Data and Methodology
193
Results
195
Conclusions and Future Study
198
End Notes
199
Part IV Applications of ERM in China
201
Assessment of Banking Operational Risk
203
Oprisk and Measurement Research
203
Assessment of Oprisk on DS Evidential Theory
206
Indicators of Oprisk’s Assessment
209
Model Structure and Demonstration
211
Conclusion
213
The Function of DS Evidential Theory in Oprisk Assessment
214
End Notes
215
Case Study of Risks in Cailing Chemical Corporation
217
Risk Composition of Cailing Chemical Corporation
217
Risk Assessment
222
Risk Analysis
223
Risk Distribution of Cailing Chemical Corporation
225
Conclusions
227
End Notes
229
Information Technology Outsourcing Risk: Trends in China
231
Introduction
231
Information Systems Risk
231
COSO Application of IS Risk Management
233
IS Risk Identification and Analysis
234
Outsourcing Risks
238
Tradeoffs in ERP Outsourcing
239
Outsourcing Risks in China
240
Conclusions
243
End Notes
243
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