Petter Kapstad Pořadí knih

Proactive risk management is a prevalent topic in the corporate world, yet its execution is challenging due to the "wild uncertainty" we face rather than clear probabilities. This book examines high-level strategies for navigating this complex landscape, emphasizing the importance of organizational culture and analytics in reducing vulnerability to unexpected events. It outlines three generic strategies for enhancing resilience and antifragility: insurance, buffers, and flexibility. Interestingly, the book suggests that not all firms prioritize resilience; some may benefit from embracing "big-wave surfing" to maximize exposure to unpredictable events. It delves into theories of risk-taking, illustrating that the focus extends beyond merely minimizing risk. Through detailed examples from companies like Norwegian, Netflix, and BP, the book clarifies how misunderstood "Swans" operate and the mechanisms behind them. It shifts the discussion from individual biases to organizational challenges, positioning Swans as critical strategic moments for firms. Additionally, it highlights the distinctions among different types of Swans and presents practical applications related to the strategies of insurance, buffers, and flexibility, offering valuable insights for navigating uncertainty in business.

In this book, two experts on the topic raise the question of why many ERM programmes end up as box-checking silos with almost no connection to important decision-making processes, whereas others are empowered and end up having a profound impact on the firm’s culture, governance structures, and strategy process. The book establishes a path to empowered ERM by drawing on insights from theory and hard-won lessons from practice. Success factors enabling this transition are thoroughly discussed in a start-to-finish narrative describing the theoretical underpinnings of ERM, its proven best practices, and onto more advanced topic such as risk budgeting and the integration of ERM into strategic decision-making.