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Practice Aid: Enterprise Risk Management: Guidance For Practical Implementation and Assessment, 2018

Practice Aid: Enterprise Risk Management: Guidance For Practical Implementation and Assessment, 2018

  • Author:
  • Publisher: John Wiley & Sons
  • ISBN: 9781948306362
  • Published In: November 2018
  • Format: Paperback , 64 pages
  • Jurisdiction: International ? Disclaimer:
    Countri(es) stated herein are used as reference only

List Price: HKD 890.00

HKD 863.30 Save HKD 26.70 (3%)

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  • Description 
  • Contents 
  • Author 
  • Details

    This publication includes invaluable guidance for anyone responsible for or advising on an enterprise risk management process (ERM), whether the process is in its early stages or is already well established. This resource will help ensure the ERM process is well designed, well executed, and ultimately successful. Global, economic, and regulatory conditions as well as everyday internal risks can affect business operations, so it is important to have a process in place that identifies these events and manages risks. This guide leverages the concepts of existing frameworks as a foundation for providing illustrative examples, best practices, and guidance for implementing or assessing an enterprise risk management process.

  • 1 Overview of the Enterprise Risk Management Publication 1

    I. Introduction 1

    II. Who Should Use This Publication 2

    III. Conceptual Basis for This Publication 2

    2 ERM Benefits, Concepts, and Components 3

    I. Benefits of a Successful ERM Program 3

    II. ERM Concepts 4

    Definition of ERM 4

    Risks and Opportunities 4

    Risk in Strategy and Objective-Setting 4

    The Importance of Taking an Enterprise or Portfolio View of Risk 5

    Risk Appetite, Risk Tolerance, and Risk Profile 5

    Risk Inventory 6

    Emerging Risks 6

    Integration and Embeddedness 6

    III. Components of an ERM Program 6

    1.0 Governance and Culture 7

    2.0 Strategy and Objective Setting 8

    3.0 Performance 9

    4.0 Review and Revision 13

    5.0 Information, Communication, and Reporting 13

    3 ERM Roles and Responsibilities 15

    I. Organization Roles 15

    Board or Equivalent Roles 15

    Organization Management 16

    Internal Auditors 16

    II. The Role of External Parties in the ERM Process 17

    4 ERMProgramDevelopment 19

    I. Mobilize 19

    Establishing Appropriate Sponsorship and Resourcing 20

    ERM Sponsorship 20

    Commitment of Resources 20

    Establishing Roles and Responsibilities 21

    Program Governance 21

    Planning and Launch for an Initial Program Development Phase 21

    Timeline 21

    II. Current State Analysis 22

    Current State Considerations 22

    Creating an Initial Inventory of Activities and Outcomes and Gather Documentation 23

    Timeline 24

    III. Future State Operating Model Design 24

    Peer and Industry Analysis 24

    Developing a Target ERM Operating Model and Framework 25

    Developing the ERM Risk Appetite and Risk Tolerances 25

    Linking Current ERM Activities to the ERM Program Plan 27

    Documenting ERM Policies 27

    ERM Program Scalability and Related Considerations 27

    ERM Program Technology Considerations 27

    Timeline 28

    IV. Gap Analysis 28

    Preliminary Observations 28

    Recommendations 29

    Timeline 29

    V. Implementation and Reporting 29

    Developing Implementation Roadmap and Project Plan 30

    Designing Program Performance Measures and Reporting 30

    Communication and Training 30

    Changes to the Implementation Plan 30

    Timeline 31

    5 ERM Program Evaluation and Continuous Improvement. 33

    I. ERM Program Evaluation 33

    Approach to an ERM Program Evaluation 33

    II. Continuous Improvement 34

    Approach to Continuous Improvement 34

    Commitment to Continuous Improvement 36

    Glossary of Terms 37

    Appendix A—COSO and ISO 31000 Framework Mapping 39

    Appendix B—Example ERM Program Maturity Self-Assessment 45

    Appendix C —References 51

  • Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA and accounting profession nationally and globally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the accounting profession's technical and ethical standards.
    The AICPA's founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public interest.

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