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- Risk Management: A Risk Mapping Guide From AFP
- Members:$75
- Non-Members:$125
- Format: E-document
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Summary
The latest edition in AFP's electronic document series. This convenient risk management document offers articles that share lessons learned and expertise from leading practitioners, a sample risk management process checklist and risk mapping methodology. Includes a sample Excel Workbook for managing checklists and making risk maps!
The focus on identifying and managing risk at every level of a company intensifies as the risks continue to increase, from potential control failures related to recent compliance fortifications, to disasters from summer after summer of record breaking storms.
Recent business news also has revealed plenty of examples of customer data security and financial reporting control failures that caused huge reputation scars, lagging investor confidence, and possible closures of a few companies.
A great complement to the popular electronic document Disaster Recovery: A Guide From AFP, this guide is a good resource to help start development of a risk management process, or to review an existing process.
EXCERPT
Mounting regulatory and legislative compliance requirements, and the risks associated with failing to comply, have quickly joined the ranks of fraud, increased global competition, private customer information disclosure and identity theft. The reputation damage brought about by a failure to adequately address any of these risks is just the same.
And the push for risk management programs doesn't end there. Credit rating agencies have included risk management reviews in the rating of corporate debt (Moody's) and in their management interviews (S&P). Regardless of an organization's business prospects and credit worthiness, poorly structured risk management plans in this case can have a direct impact on an organization's cost of funds.
Moreover, insurers might not offer best pricing for coverage, or might not extend coverage at all to companies that do not have formal risk management programs in place.
The tools available to managers who develop programs have evolved beyond traditional insurance products into complex financial models, complicated financial products and intricate deal structures. With all of the products and methodologies available, where should someone begin? Or, better yet, what should someone do if they have already started the process and things aren't going so well? Go to step one: identify and understand the risks to business objectives.
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