Enterprise Risk Management Integrating with Strategy and ...
Enterprise Risk Management Integrating with Strategy and EnterprisePReiskrfMoarnmagaenmceen:t Integrating with Strategy anTdhPeerAfourmdaitnocer:'sThReoAleuditor's Role
Joe MaleszewskiJ,oInespMecatolersGzeenwersakl ia,nVdiDceirePctroersoidf Ceonmt pfloiarnAceudit May 17, 2018 Florida Agricultural and Mechanical University flbog.edu August 25, 2021
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Presentation Outline
? Risk ? Risk Management ? Enterprise Risk Management ? Risk Management Frameworks ? COSO ERM Framework ? Role of Audit ? Q&A
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RISK: AS OLD AS TIME
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Risk Defined
Risk is the probability that an event will occur and adversely affect the achievement of objectives.
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Risk Assessment Defined
Risk Assessment is the identification and analysis of risks to the achievement of an organization's objectives for the purpose of determining how those risks should be managed.
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TRADITIONAL RISK MANAGEMENT V. ERM
Traditional Risk Management Past-focused Segmented/Siloed
Enterprise Risk Management Future-focused Enterprise-wide
Little or no knowledge of overall organizational risks
Broad perspective on overall organizational risk
Focused on preventing loss within business unit (tactical)
Focused on enhancing value, capitalizing on opportunities, and managing all risks across entire organization (strategic)
Scope: physical and financial assets Scope: entire asset portfolio
Siloed risk mitigation
Enterprise-wide risk mitigation
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ERM Milestones
YEAR 1900s 1974 1987 1992
MILESTONE Risk Management: Logical, disciplined approach to future uncertainties
Gustave Hamilton Risk Management Circle
COSO: Report on Fraudulent Financial Reporting
COSO: Internal Controls: Integrated Framework Cadbury Report: Financial Aspect of Corporate Governance CoCo: Canadian Institute of Chartered Accountant's Criteria for Control Framework
1993 Chief Risk Officer
1995 First Risk Management Standard: AS/NZS 4360
1996 COBIT: IT Governance
1999 GAO: Standards for Internal Control in Federal Government
2004 COSO: ERM ? Integrated Framework
2009 ISO 31000: Suite of Risk Management Standards
2016 OMB: Circular A-123 requires Federal Agencies to implement ERM and Internal
Controls
2017 COSO: ERM ? Integrating with Strategy and Performance
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About COSO . . .
> 600,000
professionals
? Originally formed in 1985, COSO is a joint
initiative of five private sector organizations and is dedicated to providing thought
leadership through the development of frameworks and
guidance on enterprise risk management (ERM), internal control, and fraud deterrence.
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