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
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
Is There A Link Between ORM and Organisational Prosperity
Operational risk is something all organisations have to deal with. It is inherent in all business activities, and can include fraud, physical damage, business disruption, transaction failures, legal and regulatory breaches, employee health and safety hazards. If not carefully managed and monitored, it may result in financial losses for the
What Can You Expect from Future ERM Models and Frameworks
What is Enterprise Risk Management (ERM), and what are organisations looking for, when they implement it? ERM may be described as methods of risk management that are applied to identify and mitigate risks faced by the entity (or enterprise). By applying the principles of ERM and its tools, users hope
The Fundamentals of COSO Internal Control
According to COSO, internal control is a process designed to provide reasonable assurance of the effectiveness and efficiency of operations; reliability of financial reporting; and compliance with applicable laws and regulations. These relate to the business’s objectives, performance, profitability and resources; its financial health; and its compliance with the laws
What Should You Look For, When Auditing Risk Management?
IERP’s recent Tea Talk drew a sizeable online audience because it addressed an issue that is growing in importance in corporate circles: providing independent assurance. Speaker Ramesh Pillai, Group MD of Friday Concepts (International) shared thoughts and experiences on what risk professionals can do to add value to the risk
What Do Operational Risk Managers Really Do For The Company?
Operational risk relates to losses resulting from inadequate or failed internal processes, people and systems, or external events. These may occur in an organisation’s day-to-day operations, and may involve internal resources and systems, procedures and the organisation’s employees. Operational risk may also result in data loss, equipment malfunction or high
Whose Role Is It To Manage Operational Risk?
What is operational risk? It is usually defined as the prospect of loss resulting from inadequate or failed procedures, systems or policies or other external events. Generally, it is understood to be the uncertainties and hazards that an organisation has to deal with in the course of its day-to-day business