Management

ENTERPRISE RISK MANAGEMENT

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Iam pleased to welcome this important collection of authoritative papers on
enterprise risk management. This subject has, unfortunately, operated below
the visibility screen of most CEOs for many years. In the financial institutions,
where regulations require a risk management process, most bank CEOs viewed it as
a compliance process, much like internal audit and internal controls. They did not
view risk management as a strategic process nor one that demanded much of their
time and attention. As a consequence, most businesses have limited ability to assess
its risk from rapid growth, increased complexity in financing and securitization,
and globalization. Company executives have not been the only ones failing to
pay sufficient attention to the topic. Few MBA, accounting, or finance programs
departments featured courses and training in enterprise risk management.
The events of 2007–2009 have made the gaps in knowledge, training, and attention
to risk management abundantly clear, albeit in a highly costly and tragic
manner. Businesses, business schools, regulators, and the public are now scrambling
to catch up with the emerging field of enterprise risk management. This
subject must become a priority for students to study, executives to practice, and
regulators to verify. Fraser and Simkins have produced an impressive contribution
to the field, one that I believe will help to educate many. I hope this book, beyond
its educational and attention-directing mission, will also stimulate the production
of other articles and books so that a common body of knowledge can be developed
for this vital profession. We are indebted to John Fraser and Betty Simkins for
organizing the impressive author team and the editing of this book.

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English

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NONE

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