Public Sector Risk Management
Peter Young Ph.D. E.W. Blanch
Sr Chair in Insurance, University of St Thomas Graduate School of Business, USA.
Martin Fone M.A. (Cantab); A.C.I.I. Vice President of Munich-American RiskPartners.
Pioneered the development of self-insured retention programmes for local authorities in
the United Kingdom.
Provides a comprehensive
framework for the management of Public Sector Risk Management
Endorsed by The Institute of
Risk Management (IRM) and by The Association of Local Authority Risk Managers (ALARM) on
their public risk management programs
A new risk management
textbook raises challenging questions about current practices in the public sector,
according to its authors. It will be recommended reading for the new syllabus in public
sector risk management developed by the Institute of Risk Management and Alarm for the IRM
qualification.
Corporate Insurance Risk - Nov 2000
With additional input from Liz Taylor, chief executive of ALARM, it will be one of the
recommended text books for the new syllabus in public sector risk management developed by
ALARM and the Institute of Risk Management. Kevin McGlone, ALARM chairman, said "Our
members are calling for education in risk management. We are developing a vocational route
for training and accreditation. Passing this examination will be integral to development
opportunities".
Government IT Manchester - December 2000
In brief
The management of risk is a
fundamental purpose of government. Whether risks arise from the physical environment, the
economic environment, or even from changes in voter preferences, public institutions have
a broad responsibility to assess and address the risks that impact the community they
serve and their organisation.
Public bodies are operating
in a dynamic environment. The imposition of a Best Value regime is forcing them not only
to perform more efficiently, effectively and responsively but also to develop best
practices and benchmarking criteria to demonstrate their performance. At the same time,
the ever-increasing delegation of responsibilities from central government and the
European Union has widened their exposure to risk. Public institutions are now encouraged
to partner with the private sector and outsource some of their traditionally retained
services, generating agency and delegation exposures. In such an environment, controlling
the cost of risk has become a real priority.
But risk management is not just about preventing losses and reducing costs. Increasingly,
risk management is defined as the co-ordinated management of all risks. This definition
serves to encompass risk-taking where it serves to meet overall organisational objectives.
This broader view of risk management, known as 'organisation risk management,' asserts
that risk management is a general management function that permeates an organisation, is
linked to the organisation's overall strategic plan, and serves to enable the operational
achievement of organisational goals and objectives. Under this frame of reference, risk
management is not something a risk management department practices on a public body; but
rather an organisational value that informs and supports all managers' and employees'
duties and activities.
Risk management is a central purpose of public institutions. 'Public Sector Risk
Management' addresses the major challenges facing public bodies today and provides the
basic tools necessary for implementing a risk management programme. It introduces the
subject of risk management through the development of a framework known as 'Organisation
Risk Management' (ORM), which establishes the premise of risk management as an
organisation-wide endeavour. Readers will learn of the governing concepts and principles
of ORM in the public sector, but will also see how those concepts and principles translate
into practice. Various ready-to-use tools and techniques are provided, which will enable
readers to translate information into immediate use within their organisations.
'Public Sector Risk Management' is ideal for practising risk managers, senior managers,
and elected members desiring an accessible, but thorough, introduction to the subject .
Risk, uncertainty, and the
management of public sector risks; Public sector risk management: an introduction; Risk
assessment; Risk control; Asset exposures to risk; Liability exposures to risk; Risk
financing principles; Insurance; Member owned organisations and intergovermental pooling;
Risk management programme administration; Risk management decision analysis.
Readership: Risk management
professionals in the finance industry who deal with Public Sector Risk; Members of The
Institute of Risk Management (IRM) and the Association of Local Authority Risk Managers
(ALARM); Practising risk managers; Senior managers and elected members of local
authorities; Health trusts; Educational institutions; Government agencies and other public
institutions.
368 pages