{"product_id":"the-two-headed-coin-isbn-9781119794202","title":"The Two Headed Coin","description":"\u003cp\u003e\u003cb\u003eDiscover the interplay between strategy and risk in this insightful new resource from two experts in the financial industry who have applied their knowledge to multiple industries\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIn \u003ci\u003eThe Two Headed Coin\u003c\/i\u003e, accomplished authors James L. Darroch and David Wm. Finnie deliver an insightful exploration of the interplay between strategy and risk that underlies the operational framework of successful organizations. You'll learn which risks are fundamental to the strategic positioning and goals of your organization and which are not. You'll also discover the importance of an independent risk function, e,g., the CRO, and its invaluable role as part of the strategic process.\u003c\/p\u003e \u003cp\u003eYou'll also find:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eA thorough discussion of the notion of competitive advantage and how it relates to risk\u003c\/li\u003e \u003cli\u003eAn exploration of consumer perception and reputation as an asset to be managed\u003c\/li\u003e \u003cli\u003eHow to use scenario planning and real options to provide a framework for managing uncertainty\u003c\/li\u003e \u003cli\u003eHow a focus on culture and ethics can minimize the risk of large losses due to adverse behaviors\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003ePerfect for risk management and strategy professionals \u003ci\u003eThe Two Headed Coin\u003c\/i\u003e will also earn a place in the libraries of executives and managers who wish to improve their ability to integrate strategic and risk thinking to create competitive advantage.\u003c\/p\u003e \u003cp\u003ePreface: Risk is Good and Uncertainty is the Reality! xi\u003c\/p\u003e \u003cp\u003eAcknowledgments xxv\u003c\/p\u003e \u003cp\u003eAbout the Authors xxix\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Strategy and Risk: Two Sides of the Same Coin 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStrategic Positioning and Risk 6\u003c\/p\u003e \u003cp\u003eStrategy and Risk in a Start-Up 7\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Executing on the Plan and Discovering New Risks 17\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Assumption of Goal Congruence and the Importance of Culture 21\u003c\/p\u003e \u003cp\u003eConclusion 27\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Which Risks to Keep 31\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStrategic Positioning and Risk Governance 38\u003c\/p\u003e \u003cp\u003eHow Does Risk Management Help Close the Gap Between Strategy Formulation and Execution? 40\u003c\/p\u003e \u003cp\u003eConclusion: Embracing and Managing Risk 42\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 How Do We Achieve Independent Risk Governance and Improve Performance? 47\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Do We Mean by ERM? 51\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Who Has the Specific Knowledge to Design the Risk Architecture? Why You Need an Independent Risk Function 61\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Strategy-Risk-Governance Process 61\u003c\/p\u003e \u003cp\u003eMeeting the Objective and the Categorization of Risks 69\u003c\/p\u003e \u003cp\u003eThe Risk Architecture 71\u003c\/p\u003e \u003cp\u003eCreation of a Risk Function 73\u003c\/p\u003e \u003cp\u003eConclusion 76\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Enterprise Risk Management and Competitive Advantage 79\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow Does Strategy Affect Randomness? 86\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 What Reputation Do We Want? With Whom? 91\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eManaging Reputation Risk 99\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Uncertainty, Scenario Planning, and Real Options 105\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eReal Options 113\u003c\/p\u003e \u003cp\u003eConclusion 116\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Risk Culture and Ethics: Can You Have Excellence and Consistency at the Same Time? 121\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Advisor-Customer Encounter 124\u003c\/p\u003e \u003cp\u003eControl Systems, Discretion, and Ethics 127\u003c\/p\u003e \u003cp\u003eCulture, Ethics, Performance, and Risk Management 135\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 The Top of the Pyramid: The CEO as Integrator of Strategy and Risk and the Board as the Fourth Line of Defense 141\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe CEO: The Operational Integration of Strategy and Risk 145\u003c\/p\u003e \u003cp\u003eThe Board: The Governance Integration of Strategy and Risk 145\u003c\/p\u003e \u003cp\u003eThe Board Provides More Than Oversight 146\u003c\/p\u003e \u003cp\u003eEpilogue: Decision-Making at the Restaurant: Creating and Executing a Risk-Aware Strategy 151\u003c\/p\u003e \u003cp\u003eAppendix I: Risk Transformation and the Need for an Integrated Risk Approach 157\u003c\/p\u003e \u003cp\u003eAppendix II: Resiliency 161\u003c\/p\u003e \u003cp\u003eBibliography 167\u003c\/p\u003e \u003cp\u003eIndex 183\u003c\/p\u003e \u003cp\u003e\u003cb\u003eD\u003csmall\u003eR\u003c\/small\u003e. JAMES L. DARROCH\u003c\/b\u003e is currently CIT Chair in Financial Services, Schulich School of Business, York University and Associate Professor, Policy, Schulich School of Business, York University. James is a sought-after expert in strategy and financial services education. In 2017, James and his co-author Patricia Meredith won the distinguished Donner Prize (award for the best public policy book by a Canadian) for \u003ci\u003eStumbling Giants: Transforming Canada’s Banks for the Information Age\u003c\/i\u003e.\u003c\/p\u003e\u003cp\u003e\u003cb\u003eDAVID W\u003csmall\u003eM\u003c\/small\u003e. FINNIE\u003c\/b\u003e is a senior corporate executive with over 20 years’ experience leading large and mid-sized multinationals and Fortune 100 companies in the building and optimization of their financial, capital, and risk management strategies and capabilities. In addition to risk management expertise, he also offers strengths as a strategic business leader helping to define and implement business growth strategies and drive new business development. David has published four short articles on risk management, governance, and strategy.\u003c\/p\u003e  \u003cp\u003eIn \u003ci\u003eThe Two Headed Coin: Unifying Strategy and Risk in Pursuit of Performance\u003c\/i\u003e, distinguished risk and strategy professionals James L. Darroch and David Wm. Finnie deliver a wide-ranging and insightful analysis of the interplay and relationship between risk management and strategy in organizational success. The authors explore the tradeoffs and tensions between strategy and risk management, including how to determine which risks are fundamental to the strategic positioning of the firm and how non-fundamental risks can be managed to enhance performance.\u003c\/p\u003e\u003cp\u003eThroughout the book, Darroch and Finnie focus on the importance of embedding risk management into every part of your organizational and strategic planning, creating an inclusive, integrated, and seamless process that captures the interdependencies that unite risk and strategy.\u003c\/p\u003e\u003cp\u003eYou’ll discover a thorough discussion of what competitive advantage actually means and how it relates to risk, as well as a fresh perspective on consumer reputation and perception as an asset to be managed. You’ll learn to use scenario planning and real options as a framework for managing uncertainty. Finally, you’ll find out how to focus on culture and ethics in order to minimize the risk of large losses caused by adverse behaviors.\u003c\/p\u003e\u003cp\u003e\u003ci\u003eThe Two Headed Coin\u003c\/i\u003e offers readers a modernized view of the Chief Risk Officer and how they have an invaluable role to play as part of the strategic process. Also, the importance of the Chief Executive Officer and their role as the locus of the reconciliation of strategic risk decisions is explored.\u003c\/p\u003e\u003cp\u003ePerfect for risk management professionals in financial institutions, \u003ci\u003eThe Two Headed Coin\u003c\/i\u003e is also an ideal resource for any executive, business leader, or manager who seeks to improve their ability to integrate strategic and risk thinking to create competitive advantage.\u003c\/p\u003e   \u003cp\u003ePraise for \u003cb\u003eTHE TWO HEADED COIN\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003e“David and James bring the keen eyes of experienced practitioners, theorists, and educators to \u003ci\u003eThe Two Headed Coin\u003c\/i\u003e. That unique combination of perspectives is necessary to convey to others the successful integration of strategy and risk to our pursuit of corporate goals. This ambition is at the heart of their book and I enjoyed the opportunity to read it.”\u003cbr\u003e\u003cb\u003e—David R. Koenig,\u003c\/b\u003e author, \u003ci\u003eGovernance Reimagined\u003c\/i\u003e and \u003ci\u003eThe Board Member’s Guide to Risk\u003c\/i\u003e\u003c\/p\u003e\u003cp\u003e“I greatly enjoyed reading this book. The use of a readily understood business to provide examples of the concepts developed through the book is helpful in putting risk, strategy, governance, and the integration of these into the practical context of real life.”\u003cbr\u003e\u003cb\u003e—Francois Desjardins,\u003c\/b\u003e former President and CEO, Laurentian Bank\u003c\/p\u003e\u003cp\u003eEXPLORE THE VITAL AND UNBREAKABLE CONNECTION BETWEEN RISK AND STRATEGY\u003c\/p\u003e\u003cp\u003eAlthough it’s often relegated to an isolated silo, risk management is a fundamental part of strategic planning. And in \u003ci\u003eThe Two Headed Coin\u003c\/i\u003e, authors James L. Darroch and David Wm. Finnie show you the interplay between the two interconnected forces of risk and strategy. You’ll discover how to identify those risks that are essential to the strategic positioning and goals of your organization and those that can be translated into risks that the organization has the capability to manage.\u003c\/p\u003e\u003cp\u003eA rigorous and practical perspective on competitive advantage undergirds and informs more specific discussions of individual executive and leadership positions like the Chief Risk and Executive Officers. You’ll also find out how an unrelenting focus on culture and ethics can minimize the risk of sustaining large losses caused by aberrant and adverse behaviors. Finally, you’ll learn how to use real options and scenario planning to create an uncertainty management framework.\u003c\/p\u003e\u003cp\u003eIdeal for professionals who manage risk in financial institutions, \u003ci\u003eThe Two Headed Coin\u003c\/i\u003e is an indispensable resource for business leaders who hope to create enduring competitive advantage by integrating their organization’s concept of risk into their long-term strategic planning.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990358769893,"sku":"NP9781119794202","price":39.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119794202.jpg?v=1761787502","url":"https:\/\/k12savings.com\/es\/products\/the-two-headed-coin-isbn-9781119794202","provider":"K12savings","version":"1.0","type":"link"}