International risk management : systems, internal control and corporate governance / edited by Margaret Woods, Peter Kajüter and Philip Linsley.

This book is very practical in its international usefulness (because current risk practice and understanding is not equal across international boundaries). For example, an accountant in Belgium would want to know what the governance regulations are in that country and what the risk issues are that he/she needs to be aware of.

This book covers the international aspect of risk management systems, risk and governance, and risk and accounting. In doing so the book covers topics such as: internal control and corporate governance; risk management systems; integrating risk into performance management systems; risk and audit; governance structures; risk management of pensions; pension scheme risks e.g. hedging derivatives, longevity bonds etc; risk reporting; and the role of the accountant in risk management.

There are the case studies through out the book which illustrate by way of concrete practical examples the major themes contained in the book. The book includes highly topical areas such as the Sarbanes Oxley Act and pension risk management.

Preface	p. ix
List of Contributors	p. xi
Part A Risk Management Systems	p. 1
1 Risk Management, Internal Control and Corporate Governance: International Perspectives	p. 3
Introduction	p. 5
Economic foundations of corporate risk management and risk management regulation	p. 6
Regulatory requirements of risk management: An international comparison	p. 7
Risk management as an element of corporate governance and internal control	p. 15
Conclusions	p. 27
References	p. 27
2 A Commentary on the COSO Internal Control Framework and its links with Sarbanes-Oxley	p. 31
Introduction	p. 33
Historical background	p. 34
COSO 1992	p. 34
COSO 1992 and Sarbanes-Oxley	p. 37
COSO 2004: Enterprise risk management - Integrated framework	p. 40
How popular is ERM?	p. 42
SOX Section 404 versus ERM	p. 43
European Union regulations on risk and internal control certification	p. 45
Conclusion	p. 47
References	p. 47
3 From Internal Auditing to Enterprise Risk Management: The Case of the Telecom Italia Group	p. 49
Introduction: Corporate governance, internal auditing and risk management	p. 51
The change of a paradigm: From internal auditing to enterprise risk management	p. 52
At the heart of the new paradigm: Control and risk self-assessment	p. 57
Telecom Italia Group: The control and risk self-assessment project	p. 60
The internal control system and the function of internal audit	p. 60
Control and risk self-assessment in the Telecom Italia Group	p. 61
Telecom Italia Group: Beyond and after internal auditing	p. 67
The audit plan supervisor and the compliance managers	p. 68
The action plan monitoring system	p. 69
Profiles and roles of APM users	p. 70
Progress management and monitoring	p. 71
Conclusion: Lessons learned	p. 73
References	p. 76
Part B Risk and Governance	p. 79
4 Risk: Thoughts of a Non-executive Director	p. 81
Introduction	p. 83
Case Study 1 ESE	p. 85
Case Study 2 RI	p. 86
Case Study 3 YF	p. 88
Case Study 4 The Diocesan Board of Finance [DBF]	p. 91
Discussion	p. 95
Conclusions	p. 99
5 Managing Occupational Pension Scheme Risks	p. 101
Introduction	p. 103
The financial position and risks of defined benefit pension schemes	p. 104
Liability risk	p. 108
Asset risk	p. 115
Operational risks	p. 118
Overall scheme responses	p. 118
Concluding comments	p. 120
References	p. 121
6 Monitoring of the Risk Management System and the Role of Internal and External Audit	p. 123
Introduction	p. 125
The role of internal audit	p. 128
Recent changes in the role of internal audit	p. 129
External audit	p. 132
Conclusion	p. 139
References	p. 140
Part C Risk and Accounting	p. 143
7 The Role of the Management Accountant in Risk Management	p. 145
Introduction	p. 147
Accounting for risk	p. 147
Control of risk	p. 148
Further perspectives on risk	p. 150
Management accounting and risk management	p. 151
Risk stance: A framework for understanding	p. 157
The impact of risk stance	p. 159
Risk of control	p. 160
Conclusion	p. 161
Acknowledgements	p. 161
References	p. 161
8 Financial Risk Management	p. 163
Introduction	p. 165
Hedging	p. 166
Forwards	p. 166
Futures	p. 168
Options	p. 170
Swaps	p. 172
The rationale for corporate risk management and hedging	p. 174
Risk management in practice: The case of interest rate risk	p. 177
Summary	p. 183
References	p. 184
9 Risk Reporting: Development, Regulation and Current Practice	p. 185
Introduction	p. 187
Developing ideas of risk reporting: A call for volunteers	p. 188
Risk reporting regulation	p. 194
Current risk disclosure practice	p. 199
Conclusions	p. 205
References	p. 206
Index	p. 209

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