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Many risk management lessons can be learned from the financial crisis of 2008, and we begin this part with a chapter addressing this topic: Chapter 32, "Constructive Dialogue and ERM: Lessons from the Financial Crisis." In this chapter, Tom Stanton eloquently examines the critical distinctive factors between successful and unsuccessful firms in the crisis and refers to the presence or absence of these factors as constructive dialogue. Successful firms managed to create productive and constructive tension between those in the firm who wanted to do deals or offer certain financial products and services and those who were responsible for limiting risk exposures. Instead of simply deciding to do a deal or not, successful firms considered ways to hedge risks or otherwise reduce exposure from doing the deal. Thomas H. Stanton is a Fellow of the Center for Advanced Governmental Studies at Johns Hopkins University, a director of the Association of Federal Enterprise Risk Management, a former director of the National Academy of Public Administration, and a former member of the federal Senior Executive Service.

An important objective in this book is to provide global coverage about ERM by including insightful applications in various countries. Poland, after the transition into the free market economy in 1989, became open to knowledge and transfer of the best practices from around the world. Chapter 33, "Challenges and Obstacles of ERM Implementation in Poland," draws on years of research, both formal and informal, and documents the country's first approaches to ERM implementation. The successes, challenges, and weaknesses are described and provide a valuable lesson for other countries, regions, or even organizations in how they might go about implementing ERM. Two experts on ERM implementation in Poland teamed together to write this chapter. Zbigniew Krysiak, PhD, is an associate professor of finance at the Warsaw School of Economics in Poland. He is the author or coauthor of more than 100 publications, intended both for practitioners and for the academic community, concerning finance, risk management, financial engineering, and banking. His coauthor, Slawomir Pijanowski, PhD, is president of the POL- RISK Risk Management Association in Poland, where he is responsible for development of good risk management practices for the Polish market. He is coauthor of the Polish book titled Risk Management for Sustainable Business published by the Polish Ministry of the Economy and has many other accomplishments in the area of risk management.

Chapter 34 entitled "Turning Crisis into Opportunity: Building an ERM Program at General Motors" was written by leaders of ERM at GM – Marc Robinson, Lisa Smith, and Brian Thelen. This case study chronicles the ground-up implementation of ERM at General Motors Company (GM), starting in 2010 after it emerged from bankruptcy. While GM recognizes that its ERM is a work in progress, there have been important successes both in improving the management of risk and making better business decisions. Critical to these successes has been a clear strategic vision on adding value for the business leaders that are the true risk owners, unique decision tools such as game theory, and a continuous improvement mindset, including robust lessons learned. The study describes the lessons learned during implementation and some of the unique approaches, tools, and techniques that GM has employed. Examples of senior management reporting are also included.

The last case study in the book is also extremely insightful because it provides an excellent example of an ERM application at a company in Asia. The authors demonstrate in Chapter 35 how Astro, a Malaysia-based media company, uses ERM to grow through international acquisitions, and how it implements enterprise risk management not only to ensure sound risk management by its foreign subsidiaries and joint ventures, but also to make better risk/return decisions on its portfolio of direct investments. Both authors are authorities on ERM implementation globally. Ghislain Giroux Dufort is President of Baldwin Risk Strategies Inc., a consulting firm advising boards of directors and management teams on risk governance and ERM and has over 25 years of experience. Patrick Adam Kanagaratnam Abdullah is the Vice President of ERM for Astro Overseas Limited (AOL), Malaysia. He specializes in the implementation of ERM practices across AOL's investments and has over 21 years of experience in various areas of risk management.

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