Enterprise risk management bibliography
The following list highlights some selected texts which may be of use to those working in ERM. Articles marked with * are available free of charge to members of the Actuarial Profession via the Athens portal.
Adams, M. and Hillier, D. (2000). The effect of captive insurer formation on stock returns: an empirical test from the UK. Journal of Banking and Finance, 24, p.1787-1807. Request from library
Apgar, D. (2006). Risk intelligence: learning to manage what we don't know. Harvard Business School Press.
Australia. HIH Royal Commission. (2003). The failure of HIH Insurance. - Commonwealth of Australia.
Barton, T.L., Shenkir, W.G. and Walker, P.L. (2002). Making enterprise risk management pay off. Financial Times/Prentice Hall.
Bazerman, M.H. and Watkins, M.D. (2008). Predictable surprises: the disasters you should have seen coming, and how to prevent them. Harvard Business School Press.
Beasley, M.S., Clune, R. and Hermanson, D.S. (2005). Enterprise risk management: an empirical analysis of factors associated with the extent of implementation. Journal of Accounting and Public Policy, 24(6), p.521-531. Download paper
Beasley, M.S., Pagach, D. and Warr, R. (2008). Information conveyed in hiring announcements of senior executives overseeing enterprise-wide risk management processes. Journal of Accounting, Auditing and Finance, 28(3), p.311-332.
Beinhocker, E.B. (2006). The origin of wealth: evolution, complexity, and the radical remaking of economics. Random House Business.
Beretta, S. and Bozzolan, S. (2008). From internal auditing to enterprise risk management: the case of the Telecom Italia Group in Woods, M., Kajüter, P. and Linsley, P. (eds.), International risk management: systems, internal control and corporate governance (Chapter 3). CIMA Publishing.
Bernstein, P.L. (1996). Against the gods. The remarkable story of risk. John Wiley. Request from library
Bernstein, P.L. (2007). Capital ideas evolving: the improbable origins of modern Wall Street. 2nd ed. John Wiley & Sons. Request from library
Bookstaber, R.M. (2007). A demon of our own design. Markets, hedge funds, and the perils of financial innovation. John Wiley & Sons. Request from library
Calandro, J. Jr and Lane, S. (2006). An introduction to the enterprise risk scorecard. Measuring Business Excellence, 10(3), p.31-40.
Caouette, J.B., Altman, E.I., Narayanan, P. and Nimmo, R. (2008). Managing credit risk: the great challenge for global financial markets. 2nd ed. John Wiley & Sons.
Chew, D.H. (ed) (2008). Corporate risk management. Columbia University Press - contains readings from Journal of Applied Corporate Finance Request from library
Clarke, C.J. and Varma, S. (1999). Strategic risk management: the new competitive edge. Long Range Planning, 32(4), p.414-424.
Committee of Sponsoring Organizations (2004). Enterprise Risk Management – Integrated Framework Download paper
Crouhy, M., Galai, D. and Mark, R. (2000). Risk management. McGraw-Hill Professional.
Culp, C.L. (2001). The risk management process: business strategy and tactics. John Wiley & Sons.
Dembo, R.C and Freeman, A. (1998). Seeing tomorrow. Rewriting the rules of risk. John Wiley & Sons. Request from library
Derman, E. (2007). My life as a quant: reflections on physics and finance. John Wiley & Sons.
* Dickinson, G. (2001). Enterprise risk management: its origins and conceptual foundation. The Geneva Papers on Risk and Insurance, 26(3), p.360-366. Request from library
Dingell, J. (Rep: U.S. House of Representatives). (1990). Failed promises insurance company insolvencies. Report by the Subcommittee on Oversight and Investigations of the Committee on Energy and Commerce.
Dowd, K. (2005). Measuring market risk. 2nd ed. John Wiley. Request from library
Dowd, K., Bartlett, D.L., Chaplin, M., Kelliher, P.O.J. and O'Brien, C.D. (2008). Risk management in the UK insurance industry: the changing state of practice. International Journal of Financial Services Management, 3(1), p.5-23. Request from library
* Dowd, K. and Blake, D. (2006). After VaR: the theory, estimation, and insurance applications of quantile-based risk measures. Journal of Risk and Insurance, 73(2), p.193-229. Request from library
Fox, L. (2004). Enron: the rise and fall. John Wiley & Sons.
Galbraith, J.K. (1955). The great crash, 1929. Hamish Hamilton.
Grant, K.L. (2004). Trading risk. Enhanced profitability through risk control. John Wiley & Sons. Request from library
Hacker, J.S. (2008). The great risk shift: the new economic insecurity and the decline of the American dream. OUP USA.
Institute of Chartered Accountants in England and Wales (1999). Internal Control. Guidance for Directors on the Combined Code. Download paper
Institute of Risk Management (2002). A Risk Management Standard. Download paper
Jackson, C.W. (2005). Business fairy tales. Thomson.
* Kleffner, A.E., Lee, R.B. and McGannon, B. (2003). The effect of corporate governance on the use of enterprise risk management: evidence from Canada. Risk Management and Insurance Review, 6(1), p.53-74. Request from library
* Knopf, J.D., Nam, J. and Thornton, J.H. (2002). The volatility and price sensitivities of managerial stock option portfolios and corporate hedging. Journal of Finance, 62(2), p.801-813. Request from library
Lam, J. (1999). Enterprise-wide risk management and the role of the chief risk officer, ERisk. Download paper
Levitt, S. and Dubner, S.J. (2005). Freakonomics: a rogue economist explores the hidden side of everything. Allen Lane. Request from library
Lewis, M. (2006). Liar's poker. Hodder Paperbacks.
* Liebenberg, A.P. and Hoyt, R.E. (2003). The determinants of enterprise risk management: evidence from the appointment of chief risk officers. Risk Management and Insurance Review, 6(1), p.37-52.
Linsley, P. and Shrives, P.J. (2006). Risk reporting: a study of risk disclosures in the annual reports of UK companies, British Accounting Review, 38(4), p.387-404.
Lowenstein, R. (2004). Origins of the crash: the great bubble and its undoing. Penguin Books.
Mahar, M. (2003). Bull!: A history of the boom, 1982-1999: What drove the breakneck market and what every investor needs to know about financial cycles. HarperBusiness.
Mandelbrot, B.B. and Hudson, R.L. (2005). The (mis)behaviour of markets: a fractal view of risk, ruin and reward. Profile Books. Request from library
* Mayers, D. and Smith, C.W. (1982). On the corporate demand for insurance. Journal of Business, 55(2), p.281-296. Request from library
Mehrling, P. (2005). Fischer Black and the revolutionary idea of finance. John Wiley & Sons.
* Meulbroek, L.K. (2002). The promise and challenge of integrated risk management. Risk Management and Insurance Review, 5(1), p.55-66. Request from library
* Miller, K.D. (1992). A framework for integrated risk management in international business. Journal of International Business Studies, 23(2), p.311-331. Request from library
* Nance, D.R., Smith, C.W. and Smithson, C.W. (1993). On the determinants of corporate hedging. Journal of Finance, 48(1), p.267-284. Request from library
* O'Brien, C.D. (2006). The downfall of Equitable Life in the United Kingdom: the mismatch of strategy and risk management. Risk Management and Insurance Review, 9(2), p.189-204. Request from library
* Palmer, T. and Wiseman, R. (1999). Decoupling risk taking from income stream uncertainty: a holistic model of risk. Strategic Management Journal, 20, p.1037-1062. Request from library
Partnoy, F. (2004). Infectious greed: how deceit and risk corrupted the financial markets. Profile Business.
Poundstone, W. (2006). Fortune's formula: the untold story of the scientific betting system that beat the casinos and Wall Street. Hill & Wang.
Rebonato, R. (2007). The plight of the fortune tellers: why we need to manage financial risk differently. Princeton University Press. Request from library
Ropeik, D. and Gray, G. (2002). Risk: a practical guide for deciding what's really safe and what's dangerous in the world around you. Topeka Bindery.
Schwartz, P. (1997). The art of the long view: planning for the future in an uncertain world. John Wiley & Sons.
Shiller, R.J. (2003). The new financial order. Risk in the 21st century. Princeton University Press. Request from library
Shiller, R.J. (2005). Irrational exuberance. 2nd ed. Princeton University Press.
* Smithson, C. and Simkins, B.J. (2005). Does risk management add value? A survey of the evidence. Journal of Applied Corporate Finance, 17(3), p.8-17. Request from library
Surowiecki, J. (2005). The wisdom of crowds: why the many are smarter than the few. Abacus.
Taleb, N.N. (2001). Fooled by randomness: the hidden role of chance in the markets and in life. TEXERE. Request from library
Taleb, N.N. (2005). Fooled by randomness: the hidden role of chance in the markets and in life. 2nd ed. Random House.
Taleb, N.N. (2008). The black swan: the impact of the highly improbable. Penguin Books. Request from library
* Tufano, P. (1996). Who manages risk? An empirical examination of risk management practices in the gold mining industry. Journal of Finance, 51(4), p.1097-1137. Request from library
Woods, M. et al (2008). International risk management. London: CIMA. [a series of chapters on various subjects by different authors] Request from library
Woods, M. (2007). Linking risk management to strategic controls: A case study of Tesco plc. International Journal of Risk Assessment and Management, 7(8), p.1074-1088.