Risk Insights
Enterprise Risk Management: From Incentives to Controls
is the first book authored by James Lam. Published in May 2003 by
Wiley, the book has ranked #1 best selling among 25,000 risk management
titles on Amazon.com. Several professional associations and college
programs have adopted the book as their core ERM curriculum, including
the Society of Actuaries for its Level 8 Exam (most advanced level).
It has been translated into Chinese, Indonesian, Japanese, and Korean. Independent
book reviews include:
“Enterprise Risk Management….is
the work of James Lam, the first person to carry the title Chief
Risk Officer (at GE Capital and Fidelity)….For one of the
clearer and broader views of the discipline in some years, I rank
this book in my Top Ten of resource materials.”
- Risk Management Reports,
September 2003
“A ‘must read’ for aspiring
risk managers….In summary, if I were seeking a career in risk
management, and certainly if I were aspiring to a position as CRO
in a firm, I would be remiss if I did not read this book. Those
in the field or considering it as a career should read and consider
Lam’s ideas….”
- The John Liner Review, Fall
2003
“Enterprise Risk Management: From Incentives
to Controls is a well-written introduction to ERM.…it’s
a page-turner and a welcome addition to risk management literature.”
- GARP Risk Review, May/June
2003
Recent Books
- “Overview of Enterprise Risk Management,” Financial Modeling and Risk
Management, Wiley-Fabozzi Series, 2008
- “Implementing an ERM Programme: Critical Do’s and Don’ts,” Euromoney
Derivatives and Risk Management Handbook, 2007/08
- “ERM Dashboard – the Next Big Idea in Risk Management,” Euromoney
Derivatives and Risk Management Handbook, 2006/07
- “Managing Risk Across the Enterprise: Challenges and Benefits,” Risk
Management – A Modern Perspective, Academic Press, Elsevier, 2006
- “Enterprise Risk Management – From Incentives to Controls,” China
Financial Publishing House (Chinese translation), 2006
Recent Articles
- “My Top 5 References,” GloriaMundi.org, June 2007
- “Operational Risk Management – Beyond Compliance to Value
Creation,” Executive White Paper, Open Pages, June 2007
- “Best Practices in Developing an ERM Dashboard,” Credit
Technology (Portuguese) June 2007
- “Enterprise Risk Management at Asian Banks: From Challenges
to Strategies,” Executive White Paper, Asia Risk Management
Institute, January 2007
- “Emerging Best Practices in Developing Key Risk Indicators
and ERM Reporting” Executive White Paper, Cognos, January 2007
Recent Media and Citations
- “Getting off Track” Risk Magazine, April 2008
- “Genius or Blunder?” Risk Magazine Cover Story, March 2008
- “The Complex Role of CRO is Reexamined” US Banker, March
2008
- “What’s Wrong with Risk Management?” The Risk Desk, March
2008
- “Volatility Accelerates Rise of the Risk Manager” Financial
News Online, November 2007
Recent Speeches
- U.S. AgBank, Annual Stockholders Meeting, Board Training on
Economic Capital and Enterprise Risk Management, March 27, 2008,
San Francisco, CA
- Federal Home Loan Bank System, Chief Risk Officer
Conference, March 5, 2008, Cincinnati, Ohio
- Federal Home Loan Bank of Cincinnati, Senior Staff Meeting,
March 4, 2008, Cincinnati, Ohio
- Villanova University, MBA Class on Enterprise Risk
Management, December 15, 2007, Webcast
- Standard & Poor’s, ERM Summit, Keynote address, December 13,
2007, New York, NY
- Federal Home Finance Board, Office of Supervision 2007
Annual Conference, December 12, 2007, Washington, DC
- Society of Actuaries, Capital Efficiency Seminar, Economic
Capital Management, November 7, 2007, Atlanta, Georgia
[Full listing of
published works and speeches]
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ERM Book:
Ranked #1 Best Seller Among 25,000 Risk Management Titles on Amazon.com
[Buy]
[Excerpt]
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Articles and Citations
Widely noted as the first
ever chief risk officer, Lam is Mr. Enterprise Risk Management, championing the
practice for the past decade or more. Today, he is one of the few who can say, "I told
you so."
Treasury & Risk Management
June 2006
A pioneer in automation techniques around
risk management, Lam was also an early advocate of enterprise risk management.
Treasury & Risk Management
June 2005
“ERM, for which
we collected no fewer than a dozen definitions….We’ll
use James Lam’s definition…ERM, he says, is the integrated
management of business risk, financial risk, and operational risk
and risk transfer to maximize a firm’s shareholder value.”
CIO Magazine
November 1, 2004
“In the wake of
the Sarbanes-Oxley Act of 2002 and more stringent corporate governance
and compliance requirements, ERM – no matter who is in charge
– is here to stay, says Lam.”
AICPA Journal of Accountancy
June 2004
“James Lam, top
risk advisor….has done much for the risk profession over the
years – like many, he’s advanced the art and science of
risk management and measurement. But more importantly, he’s
helped to raise the overall stature of the role across industries
and geographies in a very short period.”
The Risk Desk
July 2003
“Mr. Lam contends
that the Enron bankruptcy as well as other past experiences with defaults
points up the importance not only of adopting sound market and credit
risk practices, but also good liquidity risk management. ‘You
have to ask yourself, what if one of my major counterparties defaults?
How will I manage the direct credit risk and the market risk associated
with open positions? Plus, do I have sufficient liquidity to give
me enough time to work these things out? In a situation like that,
if you don’t have time, you’re dead.’”
Global Financial Markets
Spring 2002
“Lam should know:
He is a poster executive for ERM, pioneering the strategy in the mid-1990s
at Fidelity Investments, where he had the distinction of being the
first CRO in history, a title he actually coined. But in financial
services, ERM has lived up to its promise.”
Treasury & Risk Management
March 2002
“Lam argues that
managing risk by silos simply doesn’t work, because the risks
are highly interdependent and cannot be segmented and managed solely
by independent units in the firm.”
FRBNY Economic Policy
Review
March 2001
“There’s
a tension. The marketplace is more volatile. At the same time, Wall
Street wants more predictability then ever,” says James Lam.
Wall Street Journal
July 7, 2000
“He’s widely
credited with creating the title of chief risk officer…Judging
by the number of CROs following in his pioneering footsteps, Lam may
have inadvertently spawned a minor revolution.”
CFO Magazine
September 2000
“Ultimately, all
risk-intensive businesses need to develop risk management as a source
of competitive advantage, to optimize risk and return of the overall
business portfolio and increase the transparency of risk to senior
management, directors, and outside constituencies such as shareholders
and regulators,” says Lam.
American Banker
February 12, 1999
“At one global
enterprise [Fidelity] we encountered an outstanding individual with
the title “Chief Risk Officer.” He is, we believe, the
first of a new breed.”
Price Waterhouse Review
December 1998
“The case studies in this chapter
profile companies that serve as examples of best practice in the field
of business risk management…Fidelity has an integrated approach
to managing risk, though this was not always the case.”
The Economist Intelligence
Unit
1998
“The Financial
Risk Manager of the Year Award was developed to recognize the contributions
of an individual [James Lam] who has advanced the profession of financial
risk management.”
Global Association of
Risk Professionals
November 1997
“James Lam is
one of the industry’s most outspoken advocates of firmwide integrated
risk management.”
Derivatives Strategy
October 1997
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