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ENTERPRISE RISK MANAGEMENT TEXTBOOK
A new textbook published last fall by The Institutes is helping risk managers to apply enterprise risk management concepts to their organizations.
The Institutes, the operating name of the Insurance Institute of America and the American Institute for Chartered Property Casualty Underwriters, published the first edition of its Enterprise Risk Management textbook late last year.
The organization spent more than a year conducting research and working with ERM practitioners and academics to compile the textbook, which helps students apply ERM concepts to practical situations, said Michael Elliott, senior director of knowledge resources for the Malvern, Pa.-based organization.
The textbook's extensive subject matter, as well as its ease of use, has earned The Institutes a 2014 Innovation Award from Business Insurance.
Risk managers “can benefit from expanding their knowledge into other areas of risk within their companies,” said Mr. Elliott, who curated the content included in the textbook. “The Institutes developed this as an extra course for our associate risk management program to expand the knowledge of risk managers (and) to allow them to look at all the various types of risks in their organizations.”
Mr. Elliott said The Institutes gathered input and course materials from members of several risk management organizations, including the Risk & Insurance Management Society Inc., the Public Risk Management Association and the Federation of European Risk Management Associations.
As a result of such wide input, Mr. Elliott said the Enterprise Risk Management textbook teaches risk managers how to apply ERM practices in settings around the globe. For example, it includes an exercise on how the United Kingdom's Corporate Governance Code can affect risk management practices.
Risk managers who want to learn more about ERM can purchase print or digital editions of the Enterprise Risk Management textbook, and study the course materials at their own pace. The textbook costs $200, but it can be purchased at a discount through contributing organizations such as RIMS.
Students who learn concepts in the textbook and complete an exam through The Institutes can earn associate in risk management enterprise risk management designation known as an ARM-E.
Mr. Elliott said he believes the textbook will be an important teaching tool for risk managers as more strive to apply ERM principles in their workplaces.
“We're really happy with this product, and we think it will help the industry and help risk managers understand the big picture of enterprise risk management,” Mr. Elliott said.
All of the entries for the 2014 Business Insurance Innovation Awards were reviewed by an independent panel of judges, all of whom are risk management professionals.