ISBN 9780749453794,Managing Risk in Extreme Environments: Front-line business lessons for corporates and financial institutions

Managing Risk in Extreme Environments: Front-line business lessons for corporates and financial institutions

Author:

Duncan Martin

Publisher:

Kogan Page Ltd

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ISBN 9780749453794
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ISBN 9780749453794
Publisher

Kogan Page Ltd

Publication Year 2008
ISBN-13

ISBN 9780749453794

ISBN-10 0749453796
Binding

Paper Back

Number of Pages 192 Pages
Language (English)
Subject

Business & management

High-profile disasters, from floods to terrorist attacks, appear in our newspapers and on our TV screens almost daily. However, the coverage rarely mentions risk or risk management. How do people and organizations really manage risk in such extreme circumstances?

You¯re an infectious disease consultant on an isolation ward in Toronto and your "atypical pneumonia" patient isn¯t responding to antibiotics...
You¯re off duty when the reactor melts down and you have to replace your boss who is in hospital with radiation poisoning...
You¯re the first emergency services personal on the platform after a bomb explodes on the London Underground and you have to decide who to save...

When it really is a matter of life and death, how do risk management strategies stand up to the pressure? And do these radical situations have a practical relevance for risk management policies in today¯s business and financial worlds?

Managing Risk in Extreme Environments looks at real-life examples and case studies ¯ from epidemics and terrorism to floods and earthquakes ¯ in order to extract risk management practices that have been tested in adverse conditions and shown to succeed. In drawing out such practices, Duncan Martin shows how these vital lessons can be transferred effectively to the less extreme operational environments in which most of us work.

Managing Risk in Extreme Environments offers an informative and gripping account of how risk management works in extreme situations.

The author presents nine case studies of risk management strategies and practices in extreme environments: novel epidemics, wildfires, terrorism, extreme humanitarian aid, mountain rescue, nuclear reactors, extractive industries, floods and earthquakes. These authoritative case studies provide a detailed assessment of the similarities and differences between these environments, and also a comparison with risk management in corporates and financial institutions.

The author uses these powerful examples to identity seven "laws" of extreme risk management. In doing so, he illustrates the implications for risk management in general, and shows how such lessons can be applied effectively in less extreme operational environments within the business and banking sectors.

About The Author
Duncan Martin was educated at the University of Cambridge and the University of Pennsylvania (Wharton). He has worked in over a dozen countries and speaks five languages. He is presently Head of Wholesale Credit Risk Analytics at Royal Bank of Scotland in London. Prior to joining RBS, he was Director of Strategies Risk Management at Dresdner Kleinwort, and a senior consultant at both Oliver Wyman & Company and Booz Allen & Hamilton.

Table of Contents
Introduction
Part 1 Case Studies
Epidemic
Outbreak
An implicit risk appetite
Threat level increasing
Application to business
Wildfire
Natural fire loads
Fire season planning
Controlled burns
Fighting fires
Smokejumping
Summary
Application to business
Terrorism
Iraq
The military
Risk seeking
Government response
Intervention upstream
Application to business
Extreme humanitarian aid
No accident
Logistics
MSF leaves Afghanistan
Demining
Application to business
Mountain
Avalanche
Freedom to die
No holiday allowance
Application to business
Meltdown
Liquidation
An impossibility
As low as reasonably practicable
Safety culture
War
Hubris and humility
Application to business
Extraction
Gas fire
Aceh
Zero casualties
Repair diving
Legislation and safety culture
Application to business
Flood
A 1 in 100 year storm?
Flood protection
Models in the community
Limiting development in flood plains
Rising waters
Summary
Application to business
Earthquake
Disaster in Bam
Coordination problems
Strong structures, rapid response
Contingency planning and SEMS
Summary
Application to business
Part II Themes
Managing risk in extreme environments
Think, plan, do
Epidemic
Wildfire
Terrorism
Extreme humanitarian aid
Mountain
Meltdown
Extraction
Flood
Earthquake
So what?
Lessons for the risk management process
From rethinking to replanning
Models
Contingency planning
Specific lessons
The seven laws of extreme risk management
Death focuses the mind
Honesty matters
Reality beats simulation
Standards drive success
Beware unintended consequences
Stuff happens
Risk managers need a loud voice and a thick skin
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