Operational Risk Management
A Case
Study Approach to Effective Planning and Response
By Mark D. Abkowitz
In the world we live in today, disasters occur on a daily basis.
To paraphrase George Santayana: Those who cannot learn from risk exposures are doomed to repeat them. In this book the author uses a case study approach to identify the basic risk factors that we need to consider in developing a risk management program. Chapter 1 provides coverage on why disasters happen and the risk patterns that were present. The remainder of the book then applies these risk factors to fifteen case studies that will help us learn from the past.
The case studies include the following events; the Hyatt Regency walkway collapse, the Bhopal disaster, Chernobyl, the USS Cole, the World Trace Center (September 11, 2001), the London Transit bombings, Mt. Saint Helens, and Hurricane Katrina. The final chapter presents a risk factor scorecard with the 10 risk factors matched against each case. The results provide an interesting analysis of the lessons learned. The value in this book is obviously the risk factors and auditors should be able to use them in evaluating your organization’s risk planning.
JK 2010