In today’s challenging global economy, business opportunities and risks are constantly changing. There is a need for identifying, assessing, managing and monitoring an organization’s business opportunities and risks. The concept of enterprise risk management (ERM) helps to redefine the value proposition of risk management by elevating its focus from the tactical to strategic level. ERM is about designing and implementing capabilities for managing the risks that matter.
Many are asking questions about the value proposition of ERM and practical steps on how to implement it. The purpose of this publication is to address some of the most commonly asked questions with respect to ERM. It offers ideas, suggestions and insights to executives responsible for ERM implementation.
This publication covers:
- The Fundamentals of ERM
- The COSO Enterprise Risk management – Integrated Framework
- The role of:
- Executive Management
- The Director
- Chief Risk Officer
- Internal Audit
- Risk Management Oversight Structure
- Risk Management Vision and Objectives
- Conducting Risk Assessments
- Relevance to Sarbanes-Oxley Compliance
This booklet is intended for use as a reference tool. It is not a legal analysis or a detailed “cookbook” of steps to take in every situation. Accordingly, companies should seek out appropriate advisors for counsel on specific questions as they evaluate their unique circumstances. As companies gain more experience with implementing ERM, Protiviti will update this publication from time to time.
Download the entire booklet:
(153 pages, 2.3 MB)