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ERM Initiative Staff

Jul 1, 2010

How Did BP’s Risk Management Lead to Failure?

The news has been flooded with updates on the environmental impact of the BP oil spill on the gulf coast and the economic impact on businesses in the surrounding areas. Many are wondering: How could something like this happen? Why has it taken so long to fix? What was BP management thinking? The answers to these questions are centered on one element the financial world has been buzzing about since the financial crisis: risk management. This article points out the critical components of risk management that were absent at BP and compares them to the basic principles any company should employ to successfully manage risks.

Jun 28, 2010

Aligning Risk Appetite and Risk Exposure

The devastating effects of the global credit crisis can be linked to the failure of organizations to embed risk management within the foundation of strategic and operational processes. Now, increased pressures from all around call for an integrated and aligned approach to risk management. This white-paper explores how organizations can effectively align performance and risk management processes to not only reduce risk but also embrace opportunities.

Jun 11, 2010

Current State of the Internal Audit Profession and Risk Oversight

Discover PwC's 6th annual internal audit profession report, revealing insights from over 2,000 auditors across 50+ territories.

Jun 1, 2010

The People Side of Risk Intelligence

Learn how a Risk Intelligent Enterprise integrates talent management with risk strategies to enhance enterprise value and ensure the right talent is available when needed.

Jun 1, 2010

Global Risk Technology Survey

Discover findings from Aon’s 2009 global survey on risk management technology, highlighting its benefits, challenges, and impact on reducing the total cost of risk (TOCR) and driving strategy changes.

Jun 1, 2010

How Nonfinancial Companies Manage Risk

Explore S&P’s ERM evaluations, emphasizing risk culture, strategic integration, and credit rating impacts. Discover findings on board oversight, risk assessment practices, and leadership responsibilities.

Jun 1, 2010

ERM Insights and Operationalization

Discover emerging ERM trends from FERF’s report, with insights into operationalizing ERM, fostering risk-aware cultures, and balancing strategic and operational risk management.

Jun 1, 2010

Nine Hallmarks of Successful ERM

As organizations seek to strengthen their risk oversight, they are interested in learning from others about effective practices that ensure risk oversight provides strategic value. The Aon Global Risk Consulting report explored how ERM is being used, the extent to which it has been implemented and its effect on organizational goals. It provides an overview of nine distinguishing characteristics of successful ERM approaches. This report expands on the detailed results from the survey, including the point that ERM has continued to evolve as an accepted and required process to create value.

May 3, 2010

Organizations are Currently Focusing on Strategy and Growth, While Audit Committees Focus on Risks

KPMG's Spring 2010 Audit Committee Roundtables spotlighted critical steps for boards and committees to manage risks tied to growth strategies, focusing on financial disclosures, tax risks, and internal controls.

May 3, 2010

COSO Fraud Study 2010

The Committee of Sponsoring Organizations of the Treadway Commission (commonly known as COSO) has released the study, Fraudulent Financial Reporting: 1998-2007, An Analysis of U.S. Public Companies, that examines financial statement fraud allegations investigated by the U.S. Securities and Exchange Commission over a ten-year period. The study provides an in-depth analysis of the nature, extent, and characteristics of accounting frauds and provides helpful insights regarding new and ongoing issues that need to be addressed. The study examines nearly 350 alleged accounting fraud cases investigated by the SEC during the period, 1998-2007. Mark Beasley, Deloitte Professor of Enterprise Risk Management at NC State is one of the study's co-authors.