Enterprise Risk and Opportunity Management provides much-needed guidance tailored specifically to the technological sector. While most enterprise risk management guides are written for traditional businesses and finance firms, this book translates effective enterprise risk and opportunity management (EROM) principles into strategies and practices that work for government, nonprofit, and for-profit organizations in the technological space. Originally designed for noncommercial pioneering enterprises like NASA, an entire chapter is now devoted toward applying the methods to profit-making technological enterprises.
A 40-year veteran of the tech sector, Dr. Allan Benjamin outlines risk management strategies for organizations in which the advancement and integration of science and technology within complex systems is necessary for accomplishment of the mission. Commercial EROM strategies do not translate directly when the development and implementation of risky technologies is the organization's primary objective, and clumsy or near-sighted implementation can easily cripple progress. This book provides authoritative guidance tailored to the sector's specialized needs.
- Maximize opportunity while effectively managing risk
- Understand the core principles of the technological EROM approach and its interfaces with the management of the organization
- Comprehend the intricacies of aggregating risks and opportunities from lower to higher levels of the organization
- Gain expert insights specific to the technology sector
- Mitigate and control the risk that comes with pursuing discovery
In practice, EROM in this sector involves working with mostly qualitative data, and is characterized by high uncertainty. Managing risk without handicapping the organization requires a specific set of adjustments to traditional EROM, and a more nuanced approach to the idea of "acceptable risk. Balance is key in technological EROM, and Enterprise Risk and Opportunity Management provides foundational guidance, real-world strategy, and enlightening examples for getting it right.
Keywords: enterprise risk management; EROM; scientific risk management; technological risk management; fundamental risk management; risk management principles; risk management in discovery; nonprofit risk management; government risk management; high uncertainty risk management; NASA risk management; risk management in research; risk management in science; managing risk; managing opportunity costs; technical enterprise risk; tech sector risk management; high risk model; risk management strategies; specialized risk management; core risk management; basic research risk management; ERM, Institutional & Corporate Finance