Integrated Risk Management
Creators: name: Hawkins, John Walter
Publisher: name: unknown
Year: 2000

description: A review and analysis of the meanings of enterprise risk management and integrated risk management, the theoretical benefits to be derived from the use of these approaches to risk management, some products and applications of an integrated risk management approach and the views of some practitioners.
The first objective of this study was to try to determine whether there was yet a consensus on the use of the terms 'enterprise risk management' and 'integrated risk management', along with their variants.
Having determined that such a consensus does not really exist, working definitions of these terms are proposed and the theoretical and regulatory cases for enterprise risk management (the management of all the risks facing an enterprise on a comprehensive and holistic basis) and integrated risk management (the management of financial and/or insurable risks on an integrated basis) are reviewed, along with the place of insurance in corporate finance theory and certain aspects of insurance linked securities.
Theoretical examples are given of the benefits likely to be derivable from an integrated risk management approach and descriptions provided of integrated risk management products available and published descriptions of their use. The likely providers of integrated risk management products are evaluated and structural implications for companies considered.
A summary is then provided of structured interviews with several sophisticated risk management practitioners and advisers concerning the impact of the Turnbull Guidelines and progress in the use and application of integrated risk management products.
The study concludes with a summary of key issues and some suggestions for further research.
description: A review and analysis of the meanings of enterprise risk management and integrated risk management, the theoretical benefits to be derived from the use of these approaches to risk management, some products and applications of an integrated risk management approach and the views of some practitioners. The first objective of this study was to try to determine whether there was yet a consensus on the use of the terms 'enterprise risk management' and 'integrated risk management', along with their variants. Having determined that such a consensus does not really exist, working definitions of these terms are proposed and the theoretical and regulatory cases for enterprise risk management (the management of all the risks facing an enterprise on a comprehensive and holistic basis) and integrated risk management (the management of financial and/or insurable risks on an integrated basis) are reviewed, along with the place of insurance in corporate finance theory and certain aspects of insurance linked securities. Theoretical examples are given of the benefits likely to be derivable from an integrated risk management approach and descriptions provided of integrated risk management products available and published descriptions of their use. The likely providers of integrated risk management products are evaluated and structural implications for companies considered. A summary is then provided of structured interviews with several sophisticated risk management practitioners and advisers concerning the impact of the Turnbull Guidelines and progress in the use and application of integrated risk management products. The study concludes with a summary of key issues and some suggestions for further research.