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Risk from the CEO and Board Perspective
Book

Risk from the CEO and Board Perspective

What All Managers Need to Know about Growth in a Turbulent World

Mary Pat McCarthy and Timothy P. Flynn
McGraw-Hill, 2003

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Editorial Rating

8

Qualities

  • Applicable

Recommendation

This is an easily accessible, short and reasonably thorough introduction to the subject of risk. The authors touch on almost every dimension of the topic, including financial risk, operational risk, reputation risk, governance risk and even the risk of terrorist attack. The book might have been quite a bit shorter and somewhat more focused on corporate management if the authors, KPMG vice chairs Mary Pat McCarthy and Timothy P. Flynn had tightened their anecdotes about anti-terrorist preparations at the Olympic Games. However, they seem to have believed that they would lose readers unless they provided a few entertaining distractions, and they could be right. Though it breaks little new ground, it plows the old ground interestingly. getAbstract.com recommends this portable summary of useful information to the CEOs and board members who are its intended audience, as well as to anyone responsible for risk management.

Take-Aways

  • Every company lives in a world of risk.
  • Risk management is not a matter of avoiding all risks but rather of choosing the risks to take.
  • Managers need to think about their worst-case risk and how much risk they are willing to tolerate.

About the Authors

Mary Pat McCarthy is U.S. Vice Chair and Global Chair of KPMG’s Information, Communication and Entertainment business. Timothy P. Flynn is Global Managing Partner and Vice Chair of KPMG’s Audit and Risk Advisory Services.

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