Making enterprise risk management pay off : How Leading by Safari Tech Books Online

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Value Lesson 15 Successful companies are good at managing silos of risk. Enterprise-wide risk management offers them more effective risk management at potentially lower costs. The study companies have chosen different routes toward their goal of permeating their organizations with the risk awareness needed to make enterprise-wide risk management work for them. 2 summarizes each study company’s approach to the problem. Of course, these approaches could change as systems mature over time. In 1998, Chase introduced SVA as a mechanism to connect performance evaluation and incentives to manage risk.

In each of the study companies, enterprise-wide risk management is championed at the highest ranks. , believed strongly in the importance of viewing risk management as a primary component of good management. The rapid, successful introduction of enterprisewide risk management at Unocal was possible only because of his personal commitment. Karl Primm in Internal Audit, and George Walker in Health, Environment, and Safety at Unocal spearheaded the risk management efforts in their areas and provided the cooperation and synthesis between the two corporate functions that was essential to the integration of the process.

These units are responsible for the tactical credit decision making. They approve significant new transactions and product offerings, have the final authority over credit risk assessment and monitor the credit risk profile of the business unit’s portfolio. Credit Risk Management for Consumers Assets Consumer credit risk management uses sophisticated portfolio modeling, credit scoring and decision support tools to project credit risks and establish underwriting standards. Risk parameters are established in the early stages of product development, and the cost of credit risk is an integral part of the pricing and evaluation of a product’s profit dynamics.

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