Enterprise Risk Management Best Practices: From Assessment by Anne M. Marchetti

By Anne M. Marchetti

High-level assistance for enforcing company threat administration in any organizationA useful consultant to possibility administration exhibits enterprises the right way to enforce a good ERM resolution, beginning with senior administration and hazard and compliance pros operating jointly to categorize and check hazards during the firm. designated suggestions is supplied at the key probability different types, together with monetary, operational, reputational, and strategic parts, besides useful the best way to deal with dangers that overlap throughout different types. offers high-level assistance on tips on how to enforce firm probability administration throughout any organizationIncludes dialogue of the newest developments and most sensible practicesFeatures the position of IT in ERM and the instruments which are on hand in either review and on-going complianceDiscusses the most important demanding situations that must be conquer for a winning ERM initiativeWalking readers in the course of the construction of ERM structure and constructing on-going tracking and assessement strategies, this can be an important e-book for each CFO, controller and IT supervisor.

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Management should ensure that these objectives reflect expectations regarding the industry and economic environment as well as market demands and any internal documented quality requirements. Reporting Objectives Reporting relates to both internal and external requirements. Reliable reporting should provide management and external parties as well as any applicable regulatory agencies with required information. This information includes data such as flash reports, production detail, and financial statements and disclosures.

When choosing control activities, management should consider how each activity is related, if at all, to the others. 3 Control activities are the risk response. Ultimately, objectives, risk responses, and control activities should be clearly linked. A detailed example is outlined in Chapter 6. There are several types of descriptions of control activities, including preventive, detective, manual, automated (computer), and management controls. There are also numerous types of control activities. The COSO ERM—Integrated Framework lists these examples of control activities: ▪▪ Top-level review.

The information that is collected during the risk assessment process can be assembled into a single document for management and board of director review. This will facilitate the next steps in the risk management process and also help to ensure a comprehensive program. STEP 4: RISK RESPONSE Subsequent to the documentation and assessment of relevant risks, management must determine its response to each identified risk. indd 41 8/5/2011 11:40:35 AM 42 ◾ The ERM Process: Step by Step circumstances associated with each risk as well as what actually can be done about them, if anything.

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