World Class Risk Management
Book written by Norman Marks
Book review by Paul Calatayud
“World Class Risk Management,” by Norman Marks, is a comprehensive look at enterprise risk management, or ERM. It explores some common standards, such as COSO, FAIR, and ISO 31000, as benchmark standards for adopting ERM. ERM is done in our daily lives, its role being to document and manage risks, as opposed to make decisions about them. Risk acceptance belongs within top management of the company.
This book spends half its pages providing great insight into the most popular ERM standards. It also provides excellent examples of how ERM is playing out in our daily lives. Where it is lacking in meeting the nomination criteria, from my point of view, is in presenting any tangible ways ERM is being used within enterprises. I would suggest this book for those who want a deeper understanding of ERM and an introduction to the standards. It does not provide meaningful ways to apply ERM, however, which would have made it an especially critical book for readers to be aware of.
This book is a great educational read for developing an understanding of the ERM standards, and it provides good examples from our daily lives to support the concepts of risk management and ways to accept risk in an enterprise. Where I feel it falls short of a recommendation for nomination is in the application of these standards.