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Enterprise Risk Management Initiative

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Jun 17, 2020

ISO’s Risk Management Framework

ISO’s Risk Management-Guidelines is a widely embraced framework for implementing ERM in any type of organization.  Issued by the International Organization for Standardization (ISO), ISO 31000:2018 provides guidelines on managing risks to help business leaders create and protect entity value through the management of risks in the context of decision making. The Framework bases the management of risks on principles, a framework, and process.

Jun 17, 2020

COSO’s ERM Framework

One of the most widely embraced ERM frameworks is COSO’s Enterprise Risk Management – Integrating with Strategy and Performance issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Originally issued by COSO as the Enterprise Risk Management – Integrated Framework in 2004, the framework was revised in 2017 to strengthen the emphasis on the integration of ERM with strategy and performance.

Nov 29, 2016

Five Recurring Themes for Enhancing Risk Oversight

Article by Mark S. Beasley: Over the past month I have had the opportunity to meet and talk with a number of risk management executives who have engaged with us at our ERM Initiative Advisory Board meeting, our ERM Roundtable Summit, and our inaugural ERM in Higher Education workshop, and I have traveled to Europe to participate in ERM conferences there. In all these experiences I have observed a number of common themes related to opportunities to strengthen ERM processes. These opportunities seem to transcend organizational size, industry, and geographic location. Let me highlight five challenges that ERM leaders view as opportunities to strengthen the value of their organization's ERM efforts.

May 21, 2016

A Strengthened Risk Culture for a Stronger Future

Discover how to strengthen governance and manage emerging risks by fostering open communication at the board level. Learn the importance of a diverse, knowledgeable board in identifying and addressing risks while seizing new opportunities.

May 15, 2012

Allegations of Risk Management Overrides Swirl at JPMorgan Chase

JPMorgan's $2 billion loss underscores the importance of risk management and culture, as executives face scrutiny for sidelining risk concerns.

Feb 1, 2012

Is it Necessary to Have a Separate Risk Committee?

A hot topic in risk management discussions within organizations is the debate about whether a separate risk committee is necessary for a company to have effective enterprise risk management processes. The authors of this Conference Board article believe “It depends.” The risk management process is a very individualized process. Organizations need to take a long look in the mirror to ensure that a separate risk committee would not create more unnecessary bureaucracy. By learning the business and its strategies more intimately, the organization can determine the risk environment of the firm at a higher level, which in turn will give insights into the necessity/requirement of having a separate risk committee.

Jan 1, 2012

Risk Committees

While most often the board of directors delegates risk oversight to the audit committee, increasingly boards of creating separate board level risk committees charged with that responsibility. This is particularly true for financial services firms, given requirements imposed by the Dodd-Frank legislation for larger banks to form separate risk committees. In an effort to assist companies who are considering the establishment of a board risk committee, Deloitte has organized a resource guide of ideas, recommendations, and specific tools. This resource will help assist those entities that will need to be in compliance with the Federal Reserve’s requirements developed to implement the provisions of Dodd-Frank. Although the guide is helpful for companies that must comply with the new Dodd-Frank regulations, it can be useful for any company that wishes to obtain more information on risk governance and oversight.

Nov 1, 2011

2011 RIMS ERM Survey

Explore the growing acceptance of Enterprise Risk Management (ERM) in companies, as revealed by the RIMS 2011 ERM Survey. Discover key findings on ERM leadership roles, adoption motivators, frameworks used, and the maturity of ERM programs across various industries. Learn how companies are progressing in their ERM implementation and areas needing improvement.

Dec 1, 2009

A Balance Between Bureaucracy and Personalization

Neil Baker explores how the economic downturn exposed flaws in traditional risk management systems. Highlighting Bristol-Myers Squibb and The Home Depot, Baker illustrates the effectiveness of simple, personalized approaches to risk management over complex bureaucratic systems.

Aug 1, 2009

A New Landscape for Risk Management and Oversight

Ernst & Young's research highlights the shift towards a holistic view of risk management, emphasizing dynamic risk assessments and the critical role of boards and audit committees in risk oversight. Explore essential questions for evaluating risk management processes and aligning them with company strategy.