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Risk Assessment for Mid-Sized Organisations: COSO Tools for a Tailored Approach, 2nd Edition

Risk Assessment for Mid-Sized Organisations: COSO Tools for a Tailored Approach, 2nd Edition

  • Author:
  • Publisher: John Wiley & Sons
  • ISBN: 9781940235080
  • Published In: November 2017
  • Format: Paperback , 128 pages
  • Jurisdiction: International ? Disclaimer:
    Countri(es) stated herein are used as reference only

List Price: HKD 560.00

HKD 498.40 Save HKD 61.60 (11%)

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    Companies often struggle with the concept of enterprise risk management. The heart of ERM is the risk assessment process that has evolved from the COSO framework. This resource offers practical examples and explanations that lay out a clearly defined framework for approaching enterprise risk management from start to finish. It identifies risk at the entity level in small and medium size enterprises, and allows you to develop a tailored approach to an organization’s risk management requirements.

    The publication features tightly written strategies and helpful diagrams that translate COSO guidelines into tactical plans and it includes a free download containing:

    • A set of Excel worksheets that show how following the ERM tactics will impact quantitative financial measurements
    • A PowerPoint presentation for training staff that are involved in the ERM process

    Together this approach will allow you to create a solid structure for a risk management process that helps you avoid the internal and external risks that damaged so many organizations in the recent past. You will be able to:

    • Create a common language to define, identify, evaluate, and manage risk
    • Establish and agree on risk tolerances and risk appetite
    • Identify risk management expectations, current gaps, and risk owners
    • Leverage cross-functional expertise to manage risk to within acceptable levels
  • INTRODUCTION: EMBRACING ENTERPRISE RISK MANAGEMENT: PRACTICAL APPROACHES FOR GETTING STARTED 1

    Overview and the Question of ‘Where to Start?’ 1

    Keys to Success 2

    Theme 1. Support From the Top Is a Necessity 2

    Theme 2. Build ERM Using Incremental Steps 3

    Theme 3. Focus Initially on a Small Number of Top Risks 4

    Theme 4. Leverage Existing Resources 5

    Theme 5. Build on Existing Risk Management Activities 5

    Theme 6. Embed ERM Into the Business Fabric of the Organisation 5

    Theme 7. Provide Ongoing ERM Updates and Continuing Education for Directors and Senior Management 6

    Initial Action Steps and Objectives 6

    Step 1. Seek Board and Senior Management Leadership, Involvement and Oversight 8

    Step 2. Select a Strong Leader to Drive the ERM Initiative 8

    Step 3. Establish a Management Risk Committee or Working Group 9

    Step 4. Conduct the Initial Enterprise-wide Risk Assessment and Develop an Action Plan 10

    Step 5. Inventory the Existing Risk Management Practices 11

    Step 6. Develop Your Initial Risk Reporting 13

    Step 7. Develop the Next Phase of Action Plans and Ongoing Communications 14

    Continuing ERM Implementation 15

    Chapter Summary 16

    Where to Start: Draft Action Plan for an ERM Initiative 16

    1 COMPELLING REASONS FOR ENTERPRISE RISK MANAGEMENT 21

    The Evolution of the COSO Internal Control: Integrated Framework to the COSO ERM Framework 23

    2 ENTITY-WIDE RISK ASSESSMENT 25

    Risk Tolerance 26

    Materiality 27

    Objective Setting 31

    3 IDENTIFYING RISK: ENTITY-LEVEL VERSUS ACTIVITY-LEVEL 33

    Risk Assessment 38

    Probability 39

    Potential Impact 41

    4 RISK MANAGEMENT 45

    Control Maturity 47

    Residual Risk 48

    5 ACTIVITY-LEVEL RISK ASSESSMENT 51

    Understanding the Approach: Financial Reporting 51

    Workshop Prerequisites 52

    Risk Factor Rating System 53

    Risk Factor Scale 54

    Weighting of Risk Factors 54

    Activity-Level Risk Factor Rating Table Guidelines 57

    Activity-Level Inherent and Fraud Risks 59

    6 UNDERSTANDING AND COMMUNICATING RISK APPETITE 61

    Enterprise Risk Management and Decision Making 62

    Develop Risk Appetite 62

    Communicate Risk Appetite 62

    Monitor and Update Risk Appetite 62

    Can it Be Done? 63

    Overview 64

    Risk Appetite Is an Integral Part of Enterprise Risk Management 64

    Considerations Affecting Risk Appetite 64

    Steps in Adopting Risk Appetite 66

    Risk Appetite Statements 66

    Characteristics of Effective Risk Appetite Statements 67

    Reluctance to Embrace Risk Appetite 68

    Risk Appetites Are Not All the Same 68

    Examples of Risk Appetite Statements 69

    Risk Appetite and Risk Tolerance 71

    Linking Risk Appetite and Risk Tolerance 72

    Examples of Risk Tolerance Statements 74

    Developing Risk Appetite 75

    Facilitated Discussions 75

    Discussions Related to Objectives and Strategies 76

    Development of Performance Models 78

    Communicating Risk Appetite 78

    Broad Risk Appetite Statement 79

    Risks Related to Organisational Objectives 79

    Categories of Risk 80

    Risk Appetite Cascades Through the Organisation 81

    Monitoring and Updating Risk Appetite 82

    Creating a Culture 82

    Roles 83

    Summary of Risk Appetite Considerations 86

    EPILOGUE 89

    REFERENCES 91

    APPENDIX A: KEY TERMS 93

    APPENDIX B: SAMPLE RISK LIBRARY 95

    APPENDIX C: SAMPLE HEAT MAPS 97

    APPENDIX D: SAMPLE CONTROL MATURITY MODELS 103

    APPENDIX E: SAMPLE COMPANY MODEL MAPPED TO

    ENTITY-WIDE RISK LIBRARY 107

    APPENDIX F: EXAMPLES OF RISK ASSESSMENT REPORTING 115

    APPENDIX G: SAMPLE OF A FINANCIAL REPORTING RISK LIBRARY (INHERENT AND FRAUD RISKS) 125

  • Scott McKay is a partner at Cherry, Bekaert & Holland LLP and has been named practice leader for the firm’s risk advisory services group. He formerly was employed with Cree, Inc. as the company’s corporate controller and at McGladrey & Pullen LLP where he performed audit, awareness and risk advisory services for both public and private companies in a variety of industries. He is a Certified Public Accountant (CPA) in California and North Carolina and maintains several other professional credentials. He frequently is requested to speak on a variety of risk management topics at universities, professional institutions and other organizations.

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