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									                    Risk Management Reports
                                               February, 2004
                                              Volume 31, No. 2
                                        Risk Management Resources


Since I started Risk Management Reports in 1974, I’ve tried to follow and comment on the contributions
to our developing discipline made by associations, universities, conferences, discussion groups,
periodicals, books, and, more recently, websites. I’ve posted summaries of my suggestions on the Useful
Information page of our website (www.riskreports.com). Last November, the participants in the Council of
Risk Management, a North American semi-annual discussion group sponsored by The Conference Board
of Canada, asked me to prepare a grand summary of risk management resources. Unsurprisingly, I
found, with the help of many of my readers, a cornucopia of materials, ranging widely in content, style and
value. This issue presents the conclusions of this effort. I admit that it is a personal view. It is not all
encompassing: it is limited to those resources that I have read, used and find of significant value. It is
deliberately multidisciplinary, as I believe strongly that the future of the discipline lies in our ability to reach
out to all practitioners to enrich our own work. And, of course, as this list is out of date the moment it is
published, I intend to modify it continuously. It is posted on the“Useful Information” page of the website.

Many of us fall into the trap of reading too narrowly. We think we are overwhelmed by direct
responsibilities and must read only materials directly pertinent to our daily work. We also tend to select
those writers who support our predilections, avoiding those who challenge what we support. That’s
dangerous! In a rapidly changing and closely interconnected world, we need to listen to contrary voices.
This is especially true in risk management, where numerous sub-specialties compete for attention and
pre-eminence. Is risk management a child of safety and health, of public policy, of finance, of insurance,
of engineering, or of auditing? Each contributed to its growth but none is the dominant player. That’s why
we need to read and research more broadly, listening to all these different voices clamoring for attention.

Risk managers should ask hard questions of any tapped resource.

    Is it reliable? Does the material offer value to practitioners in public policy, finance, safety, security,
    insurance, etc? Do the authors know what they are talking about?

    Is it easy to access? Is the writing free from the prevailing and atrocious business jargon and clichés
    clogging our communication channels? Clarity of expression is essential.

    What is its cost, if any? Are its issues and conditions up-to-date? Does it have timeless qualities that
    give it permanent value?

    Is it concerned with both strategic and tactical issues? Does it address my particular problems and, at
    the same time, the larger issues of my own and other organizations?

    Finally, does it challenge my thinking? Materials and ideas that support only preconceived
    conclusions are dangerous.

My resource list for 2004 is made up of associations, academic centers, conferences, discussion groups,
websites, periodicals, and books. Please let me know if I’ve overlooked any of your particular favorites.
Associations

These are groups of risk management practitioners that focus on various aspects of risk
practice. Most are membership organizations that require annual dues. It’s important to understand the
issues and ideas of groups outside our own.

    AIRMIC Association of Insurance & Risk Managers (insurance UK) (www.airmic.com)

    ARIA American Risk & Insurance Association (academic North America) (www.aria.org)

    ASSE American Society of Safety Engineers (safety) (www.asse.org)

    CAS Casualty Actuarial Society (insurance North America) (www.casact.org)

    CIRANO Centre Interuniversitaire de Recherche en Analyse des Organisations (Canada)
    (www.cirano.qc.ca)

    FERMA Federation of European Risk Management Associations (insurance) (www.ferma-asso.org)
    (also connected to IFRIMA, the International Federation of Risk and Insurance Management
    Associations)

    FEI Financial Executives Institute (finance North America) (www.fei.org)

    GARP Global Association of Risk Professionals (global finance) (www.garp.com)

    IIA Institute of Internal Auditors (audit/control, governance) (www.theiia.org)

    IRM Institute of Risk Management (insurance global) (www.theirm.org)

    NACD National Association of Corporate Directors (governance North America)
    (www.nacdonline.org)

    PRIMA Public Risk Management Association (insurance US) (www.primacentral.org)

    PRMIA Professional Risk Managers’ International Association (global finance) (www.prmia.org)
    (pronounced “premia”)

    RAPA Risk Assessment & Policy Association (global public policy) (www.piercelaw.edu/risk/rapa.htm)

    RIMA Risk Management Institution of Australasia (insurance) RMA Risk Management Association
    (credit) (www.rmahq.org)

    RIMS Risk & Insurance Management Society (insurance North America) (www.rims.org) (and its
    international counterpart, IFRIMA)
    SOA Society of Actuaries (actuarial North America) (www.soa.org)

    SRA Society for Risk Analysis (global public policy) (www.sra.org)
Academic Centers

While more than 100 colleges and universities around the world teach various forms of risk management,
only a few operate separate“ centers” on the subject. Many of these produce free newsletters and
periodic papers.

    Center for Risk Management (part of Resources for the Future, Washington) – (www.rff.org)

    Georgia State University – Center for Enterprise Risk Management and Assurance Services
    (www.cermas.gsu.edu)

    Harvard University – Center for Risk Analysis (part of the Harvard School of Public Health)
    (www.hcra.harvard.edu)

    London School of Economics – Centre on Risk & Regulation (www.lse.ac.uk)

    Monash University – Australasian Risk Management Unit (flexlearn@buseco.monash.edu.au)

    University of Colorado – Natural Hazards Institute (www.colorado.edu/hazards)

    University of Pennsylvania – Risk Management & Decision Processes Center
    (http:/grace.Wharton.upenn.edu/risk/)

    University of Virginia – Center for Risk Management of Engineering Systems Waterloo University –
    Institute for Risk Research (http:/irr.uwaterloo.ca)

Conferences

Periodic gatherings of those interested in risk management often produce challenging papers as well as
the opportunity to share ideas with compatriots. One problem with conferences is that some have become
too heavily commercialized with vendor sponsors and trade exhibits, reducing the value and the credibility
of their content.

    Conference Board (New York): annual Enterprise Risk Management ("ERM") conference (fall)

    Conference Board of Canada: annual ERM conference (spring)

    FERMA: annual conference in Europe in fall

    GARP: annual meeting in New York, February

    IIA: annual ERM conference (late summer)

    NoRMaC: annual Risk Institutes (fall – Washington)

    PRMIA: emphasis on local chapter meetings; ERM conference in spring

    RIMA: annual conference (Australasia, in fall)

    RIMS: four day annual conference (April); Canadian conference (fall); also local chapter meetings

    RiskWaters: periodic commercial conferences

    SOA: annual meeting (spring)

    SRA: annual meeting (late fall)
Discussion Groups

This grouping includes interactive discussion sites for practicing risk managers. Using the facilities of the
Internet, many risk managers are developing their own small, focused, discussion groups. This is one of
the fastest-growing and most useful low-cost mechanisms for sharing problems and solutions.

    Council on Risk Management – (www.conferenceboard.ca)

    Council of Chief Risk Officers – (www.conferenceboard.ca)

    IRM Member Discussion Forum – primarily insurance (www.theirm.org)

    Informal Risk Management Association (IRMA) – Mike Murphy’s global discussion group
    (Michael.Murphy@fin.gov.on.ca)

    Public Entity Risk Institute – periodic week-long electronic risk seminars (www.riskinstitute.org)

    Risk Communication Group – public policy (www.sra.org)

    RiskMail – primarily insurance (www.riskmail.com)

    Risk Professionals E-Group – primarily insurance (www.rims.org)

Websites

Both commercial and nonprofit websites offer considerable information on risk management topics,
including extensive links to other organizations. Association websites top this list (see above).

    Bank for International Settlements: (for Basel 2) (www.bis.org)

    Committee of Chief Risk Officers: for energy trading companies (www.ccro.org)

    COSO (Committee of the Sponsoring Organizations of the Treadway Commission):
    (www.erm.coso.org)

    Emergency Preparedness Canada: (www.epc-pcc.gc.ca/)

    ERisk: extensive data, daily news, links (finance) (www.Erisk.com)

    Federal Emergency Management Agency (US): (www.fema.gov/)

    Geneva Association: insurance (www.genevaassociation.org)

    Nonprofit Risk Management Center: nonprofit focus (www.nonprofitrisk.org)

    PRMIA: try its search engine (ROSE: Risk Online Search Engine) but you must become a member
    (http://prmiamembers.c.tclk.net/maabqfPaa0jXca5qCd0e/)

    Public Entity Risk Institute: nonprofits and governments (www.riskinstitute.org)

    Queensland Education: a site filled with practical applications from Australia
    (http://education.qld.gov.au/strategic/policy/guidelines/risk/)

    Risk Center: finance-focus (www.riskcenter.com)

    RiskInfo: broad RM subjects (www.riskinfo.com)
    RiskWorld.com: public policy (www.riskworld.com)

    Standards Australia: special risk management site; information on ANZ4360
    (www.riskmanagement.com.au)

    United Nations International Strategy for Disaster Reduction (ISDR): public policy issue
    (www.unisdr.org)

Periodicals

What to read regularly? These are my personal choices, covering a broad band of periodicals. In addition
there are many other publications devoted specifically to tactics such as credit management, hedges,
derivatives, insurance, foreign exchange, emergency planning, security, safety & health, etc.

Daily

    The New York Times (www.nytimes.com)

    Wall Street Journal (www.wsj.com)

    Financial Times (www.ft.com)

Weekly

    The Economist (www.economist.com)

    Semi-monthly, Monthly, Bimonthly or Quarterly CFO (www.cfo.com)

    Economics and Portfolio Strategy (Peter Bernstein’s incisive essays on finance and investing)
    (www.peterlbernsteininc.com)

    Enterprise Risk (www.informa.com)

    Foresight (www.rirg.com)

    Geneva Papers on Risk & Insurance (www.genevaassociation.org)

    Global Reinsurance (www.globalreinsurance.com)

    Harvard Business Review (www.hbr.org)

    Journal of Risk Research (www.tandf.co.uk)

    Natural Hazards Review (journal-services@asce.org)

    Risk Analysis (www.sra.org)

    Risk & Regulation (www.lse.ac.uk)

    Risk Management (www.rims.org)

    Risk Management: An International Journal (www.perpetuitypress.com)

    Risk Management Reports (www.riskreports.com)
   Sigma (www.swissre.com)

   Wilson Quarterly (www.wilsonquarterly.com)

Semi-monthly, Monthly, Bimonthly or Quarterly

   CFO (www.cfo.com)

   Economics and Portfolio Strategy (Peter Bernstein’s incisive essays on finance and investing)
   (www.peterlbernsteininc.com)

   Enterprise Risk (www.informa.com)

   Foresight (www.rirg.com)

   Geneva Papers on Risk & Insurance (www.genevaassociation.org)

   Global Reinsurance (www.globalreinsurance.com)

   Harvard Business Review (www.hbr.org)

   Journal of Risk Research (www.tandf.co.uk)

   Natural Hazards Review (journal-services@asce.org)

   Risk Analysis (www.sra.org)

   Risk & Regulation (www.lse.ac.uk)

   Risk Management (www.rims.org)

   Risk Management: An International Journal (www.perpetuitypress.com)

   Risk Management Reports (www.riskreports.com)

   Sigma (www.swissre.com)

   Wilson Quarterly (www.wilsonquarterly.com)

Books

The number of books on risk management has exploded in the last five years. Look for those that stand
the test of time: books to which you refer several times a year and portions of which you reread
occasionally. Here is my personal starting list:

   Peter Bernstein, Against the Gods: The Remarkable Story of Risk, (1997): Easily tops this list in
   terms of value and prose quality. John Adams, Risk, (1995)

   Peter Schwartz, The Art of the Long View, (1991)

   Vernon Grose, Managing Risk: Systematic Loss Prevention for Executives, (1986)

   David McNamee and Georges Selim, Risk Management: Changing the Internal Auditor’s Paradigm,
   (1998)

   Vlasta Molak, Editor, Fundamentals of Risk Analysis and Risk Management, (1997)
    Douglas Hoffman, Managing Operational Risk, (2002)

    Carol Alexander, Operational Risk: Regulation, Analysis & Management (2003)

    Harold Skipper, Editor, International Risk and Insurance, (1998)

    Robert J. Shiller, The New Financial Order: Risk in the 21st Century (2003)

    William Leiss, In the Chamber of Risks: Understanding Risk Controversies (2001)

    George Head and Melanie Herman, Enlightened Risk Taking, (2002)

    James Lam, Enterprise Risk Management, (2003)

    Kristin S. Shrader-Frechette, Risk and Rationality: Philosophical Foundations for Populist Reform
    (2000)

    Edward Tenner, Why Things Bite Back: Technology and the Revenge of Unintended Consequences,
    (1996)

And finally, a book that is essential for anyone using English as the primary means of
written and oral communication, a perfect example of the “timeless” book:

    William Strunk, Jr. and E. B. White, The Elements of Style, (1979)

For other suggested books, see:

    Institute of Internal Auditors: Risk Management Readings (www.theiia.org/iia/index.cfm?doc_id=1604)

    RiskWaters: more than seventy books on financial, credit and market risks (www.riskbooks.com)

    IRMA: Mike Murphy’s selection of top books (Michael.Murphy@fin.gov.on.ca)

								
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