Skip to main content
Poole College of Management
Enterprise Risk Management Initiative

Filtered Results

Nov 1, 2013

Create Synergies between Risk Management and Internal Audit

Companies are always scanning the business landscape for the next way to get ahead, to gain a competitive advantage, and to take the next step, particularly in the area of risk management. Most companies have some form of risk management, whether the traditional silos or the more robust enterprise risk management, and their purpose ranges from protecting assets to pursuing opportunities. These same companies often have an over-looked, or at least underutilized asset, in their internal audit function. Internal audit understands the business operations and controls; however, they share a common goal with risk management, which is to improve the effectiveness of risk management. This common goal leads to a potential synergy that can help a company reach that next step in risk management. The Risk Insurance Management Society ("RIMS") and The Institute of Internal Auditors ("IIA") joint white paper highlights the why, the how, and the proof that leveraging your internal audit function in risk management can not only work, but work well.

May 1, 2012

Lack of Senior Manager Support Impairs Risk Management

Here's a new twist to "risk management" one of the most damaging risks an organization may face is "management" itself. The article "Risky Management" in Disaster Recovery Journal highlights the realities of how management's attitude and embrace of risk management approaches can undermine the organization's effectiveness at managing key risk events. Although many executives understand that risk management benefits everyone, not all share this view. The article outlines three categories of management that have a negative effect on an enterprise's risk management strategies: management that ignores reasoned words, management that works against others' efforts and management that is nonexistent in the execution of a plan.

Jun 1, 2009

Internal Audit’s Role in Managing Reputation Risk

Reputational risks and corporate missteps are having more significant impacts on bottom lines and stakeholder perceptions of companies than ever before. Therefore, companies are recognizing the importance of reputational risk and placing a greater emphasis on reputational risk management. Internal audit departments can play a significant role in helping companies manage reputational risks through their advisory and monitoring efforts.

Mar 1, 2009

Key Areas of Concern in Corporate Governance

Strong corporate governance is essential for boards as they are positioned to lead the way in implementing measures that contribute to economic growth and sustainability. There are four areas of corporate governance the National Association of Corporate Directors (NACD) has identified as being the most important and of immediate concern: risk oversight, corporate strategy, executive compensation, and transparency. Within each area of concern, the NACD provides recommendations from their Key Agreed Principles to Strengthen Corporate Governance for U.S. Publicly Traded Companies document as well as addresses future challenges boards will face in improving governance practices in each area.

Jan 1, 2009

Limitations of Traditional Risk Models in Forecasting Risk

The current economic crisis has upset many common assumptions about the global financial system and shaken investor confidence. While there are unique aspects to this crisis, it is important to understand that severe economic crises in general are not rare events. Traditional methods of modeling risk often fail to reflect the frequency of declines and when these declines will occur. It is important for investors to rely on more than the output from traditional risk models in assessing the potential risk associated with investments.

Jun 1, 2007

Risk Language

Internal Auditor published an article titled, The Language of Risk, which stresses the need for a clear risk language throughout all organizations. By using a common language, different levels of a business can communicate more effectively. Without a common risk language, lots of time can be wasted in clarifying risk issues that are miscommunicated