New regulatory requirements have raised the bar on compliance and significantly expanded the remit of risk management departments in financial institutions. The compliance imperative requires banks to implement a firm-wide risk management framework complete with analytical models for the...

Making sense of operational risk practices in the financial services sector is a challenge. There is a temptation to explain the wide variety of approaches as a characteristic of the early stage of development in which the genre resides. Based on the evidence of three case studies, this paper...

Enterprise risk management, under the leadership of chief risk officers (CROs), has the promise to bring enterprise-wide risks, which threaten the achievement of the firm's strategic objectives, into the open and under control. Its organizational significance is that, by providing a process to...

The Kursk, a Russian nuclear-powered submarine sank in the relatively shallow waters of the Barents Sea in August 2000, during a naval exercise. Numerous survivors were reported to be awaiting rescue, and within a week, an international rescue party gathered at the scene, which had possessed...

This brief follow-up complements the case on The LEGO Group: Stepping Up in Asia (9-113-054), and discusses the aftermath of the scenario planning session, in which LEGO managers contemplated the risks of their new Asian strategy. The scenario planning exercise played a role in managers'...

On January 1, 2012, the LEGO Group announced a major new initiative to enhance its market penetration in Asia. Later in the year, a cross-functional group of senior managers gathered at company headquarters to discuss the status of the Asian initiative and the risks associated with it. The aim...