Future ERM Models and Frameworks
When looking forward to future models and frameworks of Enterprise Risk Management, it is worth looking back, to see what they looked like originally, and make comparisons. For instance, the COSO ERM framework introduced in 2004 was an industrial and attempted professional measure to help organisations identify, understand and prioritise
COSO Internal Control, The Basics
COSO is the acronym of the Committee of Sponsoring Organizations of the Treadway Commission, originally established in 1985 to combat corporate fraud, led by James Treadway Jr. The Committee comprised of special-interest organisations in the accounting and auditing industry, including the American Accounting Association; Financial Executives International; the Institute of
Is Your Business Continuity And Response Plan Enough To Keep You Covered
If your answer is Yes, then you’re probably in a minority. Many firms have realised, to their detriment, how woefully unprepared they were in keeping the business running in the face of the pandemic. Most businesses took a hit, and many have shuttered permanently. Others are still struggling, holding on
ORM and Organisational Prosperity, Is there a Link
All organisations want to be successful, or at least do well enough to satisfy their shareholders, and keep their various stakeholder groups happy. They also want this prosperity to be continuous, and, ideally, to increase over time. But there is one barrier that must be considered, inherent in all business
Appreciating how enterprise risk management works is crucial
Just implementing Enterprise Risk Management (ERM) doesn’t mean that all your organisation’s risks will magically disappear. That’s not how ERM works. It works when you keep working at it. But what does this mean, especially for companies which are convinced that ERM is the way to go, but lack the funds
Pro and Cons of Outsourced vs In-house risk management function
Risk management is best done in-house. Why? Because regardless of whether administrative risk management activities are contracted out to a third party or not, the practical management of risk will ultimately still have to be conducted by the organisation. However, this does not mean that companies should start from scratch where
How can risk managers operationalise strategic risk management?
When coming to grips with strategic risk, it’s helpful to consider why you need to manage it in the first place. After all, you already have a strategy – but what if it doesn’t work? Risk and strategy have a symbiotic relationship. You can’t have one without the other; one drives
Why should risk managers care about investment risk management?
Organisations cannot risk not caring about their investments. All investments, even the bluest of blue chips, carry a degree of risk; and all analysts agree that investment risk can never be eliminated. So the question of whether organisations should care about their investments or not, should not arise. It just