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
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
The Changing Dynamics Between ERM And Internal Audit
Enterprise Risk Management (ERM) and Internal Audit (IA) are not immune to change, asserted Ramesh Pillai, at an IERP Tea Talk recently. Commenting frankly and openly on the changing environment which was one of the greatest challenges confronting business today, he said rapid changes were complicated further by the uncertainties
Factors Influencing Accelerating Adoption Of ERM
More and more organisations are beginning to realise the effectiveness of Enterprise Risk Management (ERM) and are actively looking for ways of making it work for them. Many factors have come together to bring about this growing acceptance; education, internationally-accepted standards for risk management and best practices are just three
ERM vs IIA’s 3 LoD: Spot The Difference
The 3 Lines of Defence (3 LoD) concept is not new, having first started in the wake of the Dotcom Shakeout about 20 years ago. It was a turbulent time for many companies; people were not managing risk properly. Not only were there deficiencies in managing risk, risk identification, ownership,
What Is Missing In The ISO 31000 Guidelines
Drafted by the International Organization for Standardization, ISO 31000 is a set of guidelines that is intended to help organisation implement better risk management. It is designed to be used by any organisation operating in any industry. There is no certification for ISO 31000, unlike other ISO standards. With the
Audit Committee’s Guide To COSO 2013 And Internal Controls
In 1992, the Committee of Sponsoring Organisations of the Treadway Commission, COSO, introduced its Internal Control – Integrated Framework with the aim of helping organisations achieve operational objectives, better reporting and compliance. Most companies then did not have the sophisticated internal controls that are widely applied today. What was generally