COSO Enterprise Risk Management: Understanding the New Integrated ERM Framework

✍ Scribed by Robert Moeller

• Publisher: Wiley
• Year: 2007
• Tongue: English
• Leaves: 385
• Edition: 1
• Category: Library

✦ Synopsis

Praise for COSO Enterprise Risk Management"COSO ERM is a thoughtful introduction to the challenges of risk management at the enterprise level and contains a wealth of information on dealing with it through the use of the COSO framework. Detailed procedures covering a wide variety of situations are followed by a thorough explanation of how each is deployed. As a project management professional, I appreciate how the author addresses the need for risk management at a project level. His background as someone who 'practices what they preach' and realizes the impact of the Sarbanes-Oxley auditing rules comes through clearly in the book, and it should be mandatory reading for anyone seeking to understand how to tackle their own ERM issues."--Greg Gomel, PMP, CQM, CSQE, ITIL, Director, Project Management, Insight North America"This volume clearly and comprehensively outlines the usefulness of COSO Enterprise Risk Management guidance. It should provide considerable benefit to those having governance responsibilities in this important area."--Curtis Verschoor, L & Q Research Professor, School of Accountancy and MISDePaul University, ChicagoTransform your company's internal control function into a valuable strategic toolToday's companies are expected to manage a variety of risks that would have been unthinkable a decade ago. More than ever, it is vital to understand the dimensions of risk as well as how to best manage it to gain a competitive advantage.COSO Enterprise Risk Management clearly enables organizations of all types and sizes to understand and better manage their risk environments and make better decisions through use of the COSO ERM framework.A pragmatic guide for integrating ERM with COSO internal controls, this important book:Offers you expert advice on how to carry out internal control responsibilities more efficientlyUpdates you on the ins and outs of the COSO Report and its emergence as the new platform for understanding all aspects of risk in today's organizationShows you how an effective risk management program, following COSO ERM, can help your organization to better comply with the Sarbanes-Oxley ActKnowledgeably explains how to implement an effective ERM programCOSO Enterprise Risk Management is the invaluable working resource that will show you how to identify risks, avoid pitfalls within your corporation, and keep it moving ahead of the competition.

✦ Table of Contents

COSO ENTERPRISE RISK MANAGEMENT......Page 5
CHAPTER 1: IMPORTANCE OF ENTERPRISE RISK MANAGEMENT TODAY......Page 19
COSO RISK MANAGEMENT: HOW DID WE GET HERE?......Page 20
COSO INTERNAL CONTROL FRAMEWORK......Page 22
COSO INTERNAL CONTROL FRAMEWORK AS A RECOGNIZED STANDARD......Page 35
ORIGINS OF COSO ERM......Page 36
CHAPTER 2: RISK MANAGEMENT FUNDAMENTALS......Page 38
FUNDAMENTALS: RISK MANAGEMENT PHASES......Page 40
OTHER RISK ASSESSMENT TECHNIQUES......Page 59
RISK MANAGEMENT FUNDAMENTALS GOING FORWARD......Page 64
CHAPTER 3: COMPONENTS OF COSO ERM......Page 65
ERM DEFINITIONS AND OBJECTIVES: A PORTFOLIO VIEW OF RISK......Page 66
COSO ERM FRAMEWORK MODEL......Page 70
OTHER DIMENSIONS OF THE ERM FRAMEWORK......Page 110
CHAPTER 4: COSO ERM ORGANIZATIONAL OBJECTIVES......Page 112
ERM RISK OBJECTIVE CATEGORIES......Page 113
COSO ERM ENTITY-AND UNIT-LEVEL RISKS......Page 125
PUTTING IT ALL TOGETHER......Page 127
CHAPTER 5: IMPLEMENTING AN EFFECTIVE ERM PROGRAM......Page 130
ROLES AND RESPONSIBILITIES OF AN ERM FUNCTION......Page 132
ERM COMMUNICATIONS APPROACHES......Page 159
CRO AND AN EFFECTIVE ENTERPRISE RISK MANAGEMENT FUNCTION......Page 161
CHAPTER 6: INTEGRATING ERM WITH COSO INTERNAL CONTROLS......Page 163
COSO INTERNAL CONTROLS: BACKGROUND AND EARLIER LEGISLATION......Page 164
COSO INTERNAL CONTROL FRAMEWORK......Page 174
COSO INTERNAL CONTROLS AND COSO ERM COMPARED......Page 195
CHAPTER 7: SARBANES-OXLEY AND COSO ERM......Page 197
SARBANES-OXLEY BACKGROUND......Page 198
SOX LEGISLATION OVERVIEW......Page 200
SOX AND COSO ERM......Page 226
CHAPTER 8: IMPORTANCE OF ERM IN THE CORPORATE BOARD ROOM......Page 228
BOARD DECISIONS AND RISK MANAGEMENT......Page 231
BOARD ORGANIZATION AND GOVERNANCE RULES......Page 235
AUDIT COMMITTEE AND MANAGING RISKS......Page 241
ESTABLISHING A BOARD-LEVEL RISK COMMITTEE......Page 247
AUDIT AND RISK COMMITTEE COORDINATION......Page 254
COSO ERM AND CORPORATE GOVERNANCE......Page 256
CHAPTER 9: ROLE OF INTERNAL AUDIT IN ERM......Page 257
INTERNAL AUDIT STANDARDS FOR EVALUATING RISK......Page 259
COSO ERM FOR MORE EFFECTIVE INTERNAL AUDIT PLANNING......Page 262
RISK-BASED INTERNAL AUDIT FINDINGS AND RECOMMENDATIONS......Page 279
COSO ERM AND INTERNAL AUDIT......Page 280
CHAPTER 10: UNDERSTANDING PROJECT MANAGEMENT RISKS......Page 282
PROJECT MANAGEMENT PROCESS......Page 285
PROJECT-RELATED RISKS: WHAT CAN GO WRONG......Page 301
IMPLEMENTING COSO ERM FOR PROJECT MANAGERS......Page 305
ESTABLISHING A PROGRAM MANAGEMENT OFFICE (PMO)......Page 308
CHAPTER 11: INFORMATION TECHNOLOGY AND ERM......Page 312
IT AND THE COSO ERM FRAMEWORK......Page 314
APPLICATION SYSTEMS RISKS......Page 316
EFFECTIVE IT CONTINUITY PLANNING......Page 326
WORMS, VIRUSES, AND SYSTEM NETWORK RISKS......Page 332
IT AND EFFECTIVE ERM PROCESSES......Page 334
CHAPTER 12: ESTABLISHING AN EFFECTIVE RISK CULTURE......Page 336
FIRST STEPS TO LAUNCHING THE CULTURE—AN EXAMPLE......Page 338
PROMOTING THE CONCEPT OF ENTERPRISE RISK......Page 340
BUILDING THE COSO ERM CULTURE: RISK-RELATED EDUCATION PROGRAMS......Page 346
KEEPING THE RISK CULTURE CURRENT......Page 347
ERM “STANDARDS” VERSUS AN ERM FRAMEWORK......Page 350
ERM AND ISO......Page 358
CONVERGENCE OF RISK MANAGEMENT STANDARDS AND PRACTICES......Page 360
FUTURE PROSPECT FOR COSO ERM......Page 363
COSO ERM AND ISO......Page 365
LEARNING MORE ABOUT RISK MANAGEMENT......Page 366
ERM: NEW PROFESSIONAL OPPORTUNITIES......Page 368
INDEX......Page 371
CONTENTS......Page 9
PREFACE......Page 12