Risk management is a very complex field which may differ by industry, type of business and economical and regional dependencies. In my opinion, risks are definitely part of every business and every economic activity. If all managers were able to understand the negative potential of risks, their importance for business development and their complexity, it would be beneficial to them. In this publication, I would like to simply present the facts and knowledge based on my professional experience. In this book you may find the most important information which might help all readers explore this relatively unknown area of modern risk management.

About the author

Roman Lindauer has more than 25 years of practical experience for international companies (British Airways, Johnson & Johnson, KPMG ). He began his career in 1991 in the field of Financial Management. Since 2003 he has also covered area of Risk Management through internal controls under Sarbanes – Oxley Act methodology (SOX404) and ISO 31000. During his professional practice he implemented several times a comprehensive system of internal controls in the local branches of foreign companies (T- Mobile, Accenture, SAP, ABB), led the testing and certification projects related to SOX404/COSO.

Roman graduated from British Open University Business School and completed a one-semester course at George Washington University. He currently teaches at US LIGS University, Cambridge Business School and at the University of Economics in Prague. He is a graduate of a wide range of management training and constantly monitors new trends in the area of risk management, compliance, internal audit and strategic corporate development.

1. Personal Remark 
2. Introduction 
3. Brief History of Risk Management 
4. What Is Risk 
   
   1. What Is Risk Management? 
   2. What Is Risk Assessment? 
   3. Who Makes Risk Management Decisions? 
   4. Understand the Key Components of Risk 
   5. Communicate Risk Consistently 
   6. Make Informed Risk Management Decisions 
   7. Summary of Risk Management 
5. What is Quality 
   
   1. Brief Look at Quality Systems 
   2. ISO 
   3. Kaizen 
   4. Lean 
   5. Six Sigma 
   6. Hamburger University 
   7. How Do We Differentiate Between Professional and Amateur? 
6. Sarbanes-Oxley Act and Its Implications 
   
   1. Preface 
   2. U.SCapital Market 
   3. The ENRON Story 
   4. The MCI WorldCom Story 
   5. Lessons Learnt 
   6. Sarbanes-Oxley Act 
   7. Evolution of SOX 
   8. COSO 
7. Compliance 
   
   1. Definition of Compliance 
   2. Definition of Risk Compliance 
   3. Definition of Corporate Compliance 
   4. What Is Compliance 
   5. What Is Non-Compliance 
   6. Who Is an Auditor 
   7. Audit Run 
   8. Audit Statements 
   9. How to Deal with Auditors 
8. Process Driven Organizations and Operation Excellence principles 
   
   1. Process Definition 
   2. Organization and Processes 
   3. Executive Processes 
   4. Managerial Processes 
   5. Supportive Processes 
   6. Operational Excellence 
   7. Key Performance Indicators (KPIs) 
   8. Key Risk Indicators (KRI) 
9. Internal Controls and Risk Mitigation 
   
   1. Definition 
   2. Suggestions for Effective Control Environment 
   3. Internal Controls Principles 
   4. Implementation of Internal Controls 
   5. Examples of Internal Control Wording 
   6. Recommendations 
10. Process Maps 
    
    1. Definition 
    2. Process Management 
    3. Process Risks 
11. Final Recommendations and Remarks 
12. Closing Note

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