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on 22-Apr-10 04:25.
ERM: The Importance of Senior Management Buy-In and Leadership
Originally Published: May 01, 2008
The members discussed four major themes in the practical application of ERM oversight. The first topic they addressed was engaging management in the task of risk management. This theme permeated the rest of their discussions on the governance of risk management, identifying and prioritizing key risks, and ERM in action.
Engaging Management in the Task of Risk Management
The committee agreed that CEO involvement and buy-in was the priority to establishing effective enterprise wide risk management. They cited that CEOs were not taking the lead on this initiative for several reasons. The committee observed that top management didn't fully understand the concepts behind ERM, it seemed like an undertaking involving a change in culture, could not quantify the results, and felt they didn't receive a tangible return on investment.
on 22-Apr-10 04:24.
ERM: Building on Section 404
Originally Published: April 01, 2006
Once a company completes their initial compliance with Section 404 of the Sarbanes-Oxley Act, they don't necessarily address the requirements needed to fully implement enterprise risk management (ERM). However, most companies that have taken this first step are developing more discipline and more control awareness within their business. The next important goal is to address the eight ERM components
on 22-Apr-10 04:23.
Governance, Risk and Compliance Handbook: Technology, Finance, Environmental, and International Guidance and Best Practices
By Anthony Tarantino
Reviewed by A. Rafeq, CISA, CGEIT, CIA, CCSA, FCA
Governance at the enterprise level has been gaining increasing prominence due to requirements of business, management and regulators. Regulations such as the US Sarbanes- Oxley Act and similar regulations worldwide have pushed governance to the forefront and have made implementing governance and control frameworks a compliance requirement. This has made it imperative for enterprises to understand governance, risk and compliance requirements as relevant.
Compliance has emerged from a peripheral concern of auditors and lawyers to an area that encompasses an entire organization as well as its suppliers, customers and other stakeholders. All business managers, from mid-level to executive, need to understand the multitude of compliance initiatives designed to improve transparency in financial reporting and good corporate governance.
on 22-Apr-10 04:23.
Enterprise Governance, Risk and Compliance Platforms
Originally Published: July 01, 2009
With increasing expectations for more effective enterprise-wide risk management, the demand for software platforms related to enterprise governance, risk and compliance (GRC) is on the rise. In this article, Forrester Research, Inc. provides summaries of its analysis of their evaluation of fourteen enterprise GRC platform vendors to determine the strengths and weaknesses of each one.
GRC products have been transforming to meet the growing demands from business professionals. While the original GRC products aimed to address the needs of a specific segment within a company, the demand today is for more flexible platforms that support several risk and compliance domains. The common technologies that these enterprise-wide platforms require include data mapping, workflow management, content management and reporting to track and evaluate GRC status.
In addition to the platform technologies, vendors offer varying applications to meet the distinctive functions business are searching to find. Companies that have implemented GRC platforms generally have experienced results that include greater efficiency, reduced risk and improved strategy.
on 22-Apr-10 04:21.
Emory University's ERM Implementation
Originally Published: December 01, 2008
The process of implementing ERM at Emory University began with its introduction by the chair of Emory's audit and compliance committee, who was familiar with the merits of ERM from his work as a bank executive. Emory had recently hired a new executive team consisting of the university's president, provost and executive vice president for finance and administration, which was developing a comprehensive strategic plan and launching a capital campaign. The support of senior leadership helped the ERM program gain traction and made managers accountable for their progress.
The Emergence of ERM at Emory
Recent corporate governance failures and public criticism of adverse events at other universities prompted the leadership at Emory University to undertake an ERM initiative. After the tragedy at Virginia Tech, there was increased pressure to share information about risks across campuses to develop a coordinated response to risks.
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