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on 22-Apr-10 03:09.
Audit Committee Oversight of Enterprise Risk Management
Originally Published: April 01, 2008
Key stakeholders are pressuring boards of directors to better handle near-term risks and to identify strategic risks that might affect future operating performance. More companies are implementing enterprise risk management (ERM) to identify strategic and operating risks, in addition to financial risks, and define the organization's overall risk appetite.
Rising Expectations for the Audit Committee
Boards are seeking more risk intelligence to help them evaluate the trade-offs between risk and return when weighing strategic alternatives. The audit committee is responsible for oversight of the internal and external auditors as well as financial reporting. In part because the assessment of internal controls over financial reporting is risk-based, the audit committee is increasingly being charged with overseeing management's risk policies and discussing the enterprise's key risk exposures with management. Audit committees charged with risk oversight are placing demands on management for more information about key risk exposures and risk management processes.
on 22-Apr-10 03:08.
The State of Enterprise Risk Management at Colleges and Universities
Originally Published: July 01, 2009
The Association of Governing Boards of Universities and Colleges and United Educators conducted a survey in June 2008 regarding attitudes, practices, and policies about ERM at American colleges and universities. There were over 600 respondents from a mix of private and public schools of different sizes, with presidents and chancellors, CFOs, governing board members, chief academic officers, and risk managers comprising most of the respondents. Survey responses indicate that higher education is lagging behind private industry in considering risk at the strategic level.
on 22-Apr-10 03:08.
ENTERPRISE RISK MANAGEMENT: A DAILY EXERCISE
By Dave Lindorff
While the financial meltdown was a sock in the eye for risk management as it had been practiced, the crisis has also underscored the need for organizations to put in place a well-integrated and solid process according to a soon-to-be-released report from Marsh Inc.'s enterprise risk management (ERM) practice and GovernanceMetrics International, the corporate governance research and ratings group.
The report highlights the case of Tyco International, a $20-billion diversified industrial company, which seven years ago was a risk manager's nightmare. Its CEO indicted and later convicted of defrauding shareholders of $400 million and its books cooked beyond recognition, Tyco was often mentioned in the same breath as Enron and WorldCom. Today, broken up, restructured and under completely new management, Tyco has put risk management front and center in its strategic planning and operations.
"Today risk management is a component of how this company operates on a day-to-day basis," says John Jenkins, Tyco's corporate secretary. "So, for example, with strategic planning, it's not a matter of the risk manager sitting on the side and suddenly chiming in; it's just a component of the whole process."
That, Christie Kaufman, vice president of Marsh Risk Consultancy and one of the three authors of the Marsh/GMI study tells Treasury & Risk in an exclusive, is the way risk management ought to work.
on 22-Apr-10 03:07.
Book Review: Making ERM Pay Off
Originally Published: December 31, 2001
Risk is defined as, "any event or action that will adversely affect an organization's ability to achieve its business objectives and execute its strategies successfully." A business that is unable to manage risks will eventually disappear. Historically, businesses have managed risks under what is called a "silo method." Under this method risks such as insurance risk, technology risk, financial risk, and environmental risk would all be managed independently in separate departments. This book introduces an emerging risk management technique known as enterprise risk management (ERM). ERM is an integrated approach to managing risks that involves personnel from every level in an organization. It is also a continuous process that broadly focuses on all business risks and opportunities.
The demand for ERM has been driven largely by the increased use of technology and the Internet. This "New Economy" has created and complicated many different types of risk. The effects of these new risks can be seen in several recent instances where businesses suffered considerable financial losses, decreased shareholder value, damaged reputations, and bankruptcy. ERM provides a process that helps prevent these undesirable events. Its goal is to create, protect, and enhance shareholder value by managing the uncertainties that could either negatively or positively influence achievement of the organization's objectives.
This book presents in-depth case a
on 22-Apr-10 03:05.
Using Technology to Support ERM: A Case Study
Originally Published: December 31, 2003
Company Background and Risk Goals: Zions Bancorporation is a financial services company that operates six bank charters across the western United States. With the diverse, broad services that it offers, comes a complicated risk profile. One of the main questions of management was what type of technology system would fit the company's needs and facilitate meeting Sarbanes-Oxley Section 404 requirements. Zions came up with three goals for its risk framework:
• Allow Zions to effectively manage risk and cut losses
• Increase shareholder value and customer service
• Meet regulatory requirements
The overarching goal was also to fit this all into one system with a common framework in order to suit management's plans.
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