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SUMMARY:Risk Management—the Revealing Hand - Anette Mikes - HEC Lausanne
DTSTART:20160526T120000Z
DTEND:20160526T130000Z
UID:TALK60804@talks.cam.ac.uk
CONTACT:Cerf Admin
DESCRIPTION:Many believe that the recent emphasis on enterprise risk manag
 ement function is misguided\, especially after the failure of sophisticate
 d quantitative risk models during the global financial crisis. The concern
  is that top-down risk management will inhibit innovation and entrepreneur
 ial activities. We disagree and argue that risk management should function
  as a Revealing Hand to identify\, assess\, and mitigate risks in a cost
 –efficient manner. Done well\, the Revealing Hand of risk management add
 s value to firms by allowing them to take on innovative\, therefore riskie
 r projects and strategies. But risk management must overcome severe indivi
 dual and organizational biases that prevent managers and employees from th
 inking deeply and analytically about their risk exposure. In this paper\, 
 we draw lessons from seven case studies about the multiple and contingent 
 ways that a corporate risk function can foster highly interactive and intr
 usive dialogues to surface and prioritize risks\, help to allocate resourc
 es to mitigate them\, and bring clarity to the value trade-offs and moral 
 dilemmas that lurk in those decisions.
LOCATION:Room W4.03 Judge Business School
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