Overview
- Proposes a framework for risk management theory
- Serves as an overview to facilitate understanding of the systematic fundamentals of enterprise risk management
- Is based on actual cases of risk management in Japan, China, South Korea
Part of the book series: Springer Texts in Business and Economics (STBE)
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Table of contents (17 chapters)
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The General Theory of Risk Management
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Risk Financing
Keywords
About this book
This book outlines risk management theory systematically and comprehensively while distinguishing it from academic fields such as insurance theory. In addition, the book builds a risk financing theory that is independent of insurance theory.
Until now, risk management (RM) theory has been discussed while the framework of the theory has remained unclear. However, this book, unlike previous books of this type, provides risk management theory after presenting a framework for it.
Enterprise risk management (ERM) is seen differently depending on one’s position. For accountants, it is a means for internal control to prevent accounting fraud, whereas for financial institutions, it quantifies the risk that administrators can take to meet supervisory standards. Therefore, most of the ERM outlines are written to suit the intended uses or topics, with no systematic RM overviews. This book discusses a systematic RM theory linked to the framework of it, unlike previous books that were written according to topic.
After the Enron scandal in December 2001 and WorldCom accounting fraud in June 2002, several laws were enacted or revised throughout the world, such as the SOX Act(Sarbanes-Oxley Act) in the United States and the Financial Instruments and Exchange Law and Companies Act in Japan. In this process, the COSO(Committee of Sponsoring Organizations of Treadway Commission) published their ERM framework, while the ISO (International Organization for Standardization) published their RM framework. The author believes that the competition between these frameworks was an opportunity to systematize RM theory and greatly develop it as an independent discipline from insurance.
On the other hand, the Great East Japan Earthquake that occurred on March 11, 2011, caused enormous losses. Also, because pandemics and cyber risks are increasing, businesses must have a comprehensive and systematic ERM for these risks associated with their business activities
Authors and Affiliations
About the author
Hongmu Lee is a professor of risk management and insurance at Waseda University, Tokyo, where he received his Ph.D.
He is also the president of the Insurance and Risk Management Institute of Waseda University. The institute aims to carry out research internationally in cooperation with industry and the academic world on insurance and risk management. He has authored several books and articles in academic and professional journals, mainly in Korea and Japan.
Bibliographic Information
Book Title: Risk Management
Book Subtitle: Fundamentals, Theory, and Practice in Asia
Authors: Hongmu Lee
Series Title: Springer Texts in Business and Economics
DOI: https://doi.org/10.1007/978-981-16-3468-0
Publisher: Springer Singapore
eBook Packages: Business and Management, Business and Management (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2021
Hardcover ISBN: 978-981-16-3467-3Published: 26 November 2021
Softcover ISBN: 978-981-16-3470-3Published: 27 November 2022
eBook ISBN: 978-981-16-3468-0Published: 25 November 2021
Series ISSN: 2192-4333
Series E-ISSN: 2192-4341
Edition Number: 1
Number of Pages: XXIV, 248
Number of Illustrations: 20 b/w illustrations, 82 illustrations in colour
Topics: Risk Management