As an PRIMA ISO 31000 faculty member, I’d like to share three book recommendations with you. Whether you are heading to the beach or are looking for something to enjoy over your morning coffee, I think these books have something to offer if you are already involved in enterprise risk management (ERM), or if you are planning implementation in the future.
The first book is Managing Risk and Performance: A Guide for Government Decision Makers, by Thomas H. Stanton and Douglas W. Webster, Wiley Press, 2014. This book is a treasure chest of risk management information, specifically focused on government. The chapters of the book merge the principles of modern enterprise risk management practice with the needs of federal agency managers to understand and manage the risks of their organizations. For me, this book serves as a mini-library of risk management topics and real challenges encountered by various contributing subject matter experts in public sector risk management field.
The second book I would recommend is Risk and Crisis Management in the Public Sector, by Lynn Drennan and Allan McConnell, Routledge, 2007. This book focuses more on risk management around crisis situations. I found the information on the elements of a “crisis”, and the connection of crisis management and risk management to be very insightful. The book methodically covers the nature of risk and crisis; drivers for risk and crisis management; assessing and responding to risks; contingency planning and crisis preparedness; and post-crisis actions. This book has more of an international-flavor to it, and reminds us that aspects of enterprise risk management have been practiced abroad for a number of years. It concludes with an excellent case study on managing risk in public service organizations with a personal account by Ed van Thijn, former Mayor of Amsterdam.
And lastly, if you are looking for more ERM literature, I would recommend is Enterprise Risk Management – A Guide for Government Professionals, by Dr. Karen Hardy, Jossey-Bass (Wiley Brand) Publishing, 2015. This book is one of the more recent publications on enterprise risk management. In this textbook-like publication, Hardy covers the ERM fundamentals, but also makes the connection to managing risk in a governmental environment. Readers will appreciate the “stage setting” in her introduction as she relates top risk areas in governmental organizations to the public sector, and her use of specific examples of risk management in federal government organizations. The book covers the main frameworks and standards, and includes information on best practices in federal agencies. It also addresses some of the unique challenges of building a risk culture in public sector entities
There are relatively few books and articles that focus on risk management in the public sector. These three are worth adding to your professional reading list. Have you found any other books particularly useful? What other publications do you follow to increase your knowledge of ERM?
By: William T. “Tim” Wiseman, MBA, ARM-E
Assistant Vice Chancellor for Enterprise Risk Management at East Carolina University
Summary of Qualifications
5+ years of experience as East Carolina University’s Chief Risk Officer and enterprise risk management program developer
25+ years of progressive management experience and expertise in finance operations, resource management, strategic leadership of complex, diverse, and effects-based enterprises, and operational risk management and control
Associate in Risk Management – Enterprise-Wide Risk Management (ARM-E)
Military comptroller assignments at army division, corps, and major command levels
6 years of experience in governance of a non-profit ministry organization in multiple positions of stewardship and oversight
Certified Defense Financial Manager with Acquisition Specialty (CDFM-A (RET))
Department of Defense legislative liaison subject matter expert
Faculty member for PrepAdemy - teaching both ERM and Risk Financing Courses
As the Chief Risk Officer for East Carolina University (ECU), Tim is charged with developing, implementing and sustaining the university’s enterprise risk management program. He leads ECU’s effort to recognize, measure, and assess business risk from an enterprise perspective. Additionally, Tim assists in the establishment of effective monitoring and control measures, and advises senior administration officials on risk considerations related to strategic decision-making.
Prior to joining East Carolina University, Tim served over 25 years in the Army as a Finance Corps officer and resource manager, serving with distinction in both command and staff positions at all ranks and levels from captain to colonel. Tim’s diverse assignments included tours with the 25th Infantry Division (L), Schofield Barracks, HI; 1st Armored Division, Bad Kreuznach, Germany; XVIII Airborne Corps and US Army Special Operations Command, Fort Bragg, NC; US Army III Corps, Fort Hood Texas; and the Office of the Assistant Secretary of the Army for Financial Management and Comptroller-Congressional Budget Liaison, The Pentagon. His last military assignment was as the Chief of Staff for the United States Army’s Cadet Command at Fort Monroe, Virginia. This headquarters directed the operations of the Army ROTC programs at over 273 universities including the Army ROTC program at East Carolina University.
Tim’s experience as a senior leader in finance and resource management in the Army included enterprise-wide risk management responsibilities in financial controls, management internal control systems, and prevention of fraud, waste and abuse. He regularly applied advanced/composite risk management practices and principles to high-risk military training activities involving complex systems, weaponry and integrated personnel and financial operations in large organizations.
At East Carolina University since 2009, Tim has served as primary ERM advisor to ECU’s chancellor, senior leaders, and the board of trustees on matters of institutional risk and response. He has completed numerous risk consultations and special reviews in support of management decisions, and has developed a clear message, focus, and direction for the university’s ERM program and culture. He chairs a forty member risk committee, and has successfully established an effective two-year model for risk identification, assessment, treatment, and monitoring/adjustment.
An avid proponent of ERM best practices and principles, Tim has been a willing coach and mentor to other risk management professionals attempting to establish or mature their ERM programs. Tim has presented at various risk management forums to include RIMS, URMIA, FERM and AGA conferences and workshops, and is also a faculty member for PrepAdemy, an online training company offering courses to help prepare risk management professionals for certification and designation examinations.
URMIA – University Risk Management and Insurance Association
PRIMA – Public Risk Management Association
RIMS – Risk and Insurance Management Society
ASMC – American Society of Military Comptrollers
AUSA – Association of the United States Army
B.S. in Business Administration, University of Arkansas, Fayetteville, AR
MBA, Syracuse University, Syracuse, NY
M.S. in National Resource Strategy, National Defense University, Washington, D.C.
ARM-E designation, Associate in Risk Management-Enterprise-Wide Risk Management designation, Insurance Institute of America
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