COSO Enterprise Risk Management

by Robert Moeller

• ISBN13: 9780471741152
• ISBN10: 0471741159
• eBook ISBN(s): 9780470148396
• Format: Hardcover
• Copyright: 2007-04-01
• Publisher: Wiley

Summary

Praise for COSO Enterprise Risk Management "COSO ERM is a thoughtful introduction to the challenges of risk management at the enterprise level and contains a wealth of information on dealing with it through the use of the COSO framework. Detailed procedures covering a wide variety of situations are followed by a thorough explanation of how each is deployed. As a project management professional, I appreciate how the author addresses the need for risk management at a project level. His background as someone who 'practices what they preach' and realizes the impact of the Sarbanes-Oxley auditing rules comes through clearly in the book, and it should be mandatory reading for anyone seeking to understand how to tackle their own ERM issues." -Greg Gomel, PMP, CQM, CSQE, ITIL, Director, Project Management, Insight North America "This volume clearly and comprehensively outlines the usefulness of COSO Enterprise Risk Management guidance. It should provide considerable benefit to those having governance responsibilities in this important area." -Curtis Verschoor, L & Q Research Professor, School of Accountancy and MIS DePaul University, Chicago Transform your company's internal control function into a valuable strategic tool Today's companies are expected to manage a variety of risks that would have been unthinkable a decade ago. More than ever, it is vital to understand the dimensions of risk as well as how to best manage it to gain a competitive advantage. COSO Enterprise Risk Management clearly enables organizations of all types and sizes to understand and better manage their risk environments and make better decisions through use of the COSO ERM framework. A pragmatic guide for integrating ERM with COSO internal controls, this important book: Offers you expert advice on how to carry out internal control responsibilities more efficiently Updates you on the ins and outs of the COSO Report and its emergence as the new platform for understanding all aspects of risk in today's organization Shows you how an effective risk management program, following COSO ERM, can help your organization to better comply with the Sarbanes-Oxley Act Knowledgeably explains how to implement an effective ERM program COSO Enterprise Risk Management is the invaluable working resource that will show you how to identify risks, avoid pitfalls within your corporation, and keep it moving ahead of the competition.

Author Biography

Robert R. Moeller, CPA, CISA, CISSP, is an internal audit specialist and project manager with a strong understanding of information systems, corporate governance, and security. He has over twenty-five years of experience in internal auditing, ranging from launching new internal audit functions in several companies to serving as audit director for a Fortune 50 corporation. He held positions with Grant Thornton (national director of computer auditing) and Sears Roebuck (audit director). A frequently published author and professional speaker, he provides insights into many of the new rules impacting internal auditors today as well as the challenges audit committees face when dealing with Sarbanes-Oxley, internal controls, and their internal auditors.

Table of Contents

Preface

Importance of Enterprise Risk Management Today

COSO Risk Management: How Did We Get Here?

COSO Internal Controls Framework

COSO Internal as a Recognized Standard

Origins of COSO ERM

Risk Management Fundamentals

Fundamentals: Risk Management Phases

Other Risk Assessment Techniques

Risk Management Fundamentals Going Forward

Components of COSO ERM

ERM Definitions and Objectives: A Portfolio View of Risk

COSO ERM Framework Model

Other Dimensions of the ERM Framework

COSO ERM Organization Objectives

ERM Risk Objective Categories

COSO ERM Entity and Unit Level Risks

Putting It All Together

Implementing an Effective ERM Program

Roles and Responsibilities of an Enterprise Risk Management Function

ERM Communications Approaches

CRO and an Effective Enterprise Risk Management Function

Integrating ERM with COSO Internal Controls

COSO Internal Controls: Background and Earlier Legislation

COSO Internal Control Framework

COSO Internal Controls and COSO ERM Compared

Sarbanes-Oxley and COSO ERM

Sarbanes-Oxley Background

SOx Legislation Overview

SOx and COSO ERM

Importance of ERM in the Corporate Board Room

Board Decisions and Risk Management

Board Organization and Governance Rules

Audit Committee and Managing Risks

Establishing a Board-Level Risk Committee

Audit and Risk Committee Coordination

COSO ERM and Corporate Governance

Role of Internal Audit in ERM

Internal Audit Standards for Evaluating Risk

COSO ERM for More Effective Internal Audit Planning

Risk-Based Internal Audit Findings and Recommendations

COSO ERM and Internal Audit

Understanding Project Management Risks

Project Management Process

Project-Related Risks: What Can Go Wrong

Implementing COSO ERM for Project Managers

Establishing a Program Management Office (PMO)

Information Technology and ERM

IT and the COSO ERM Framework

Application Systems Risks

Effective IT Continuity Planning Worms, Viruses, And System Network Risks

IT and Effective ERM Processes

Establishing an Effective Risk Culture

First Steps to Launching the Culture - An Example

Promoting the Concept of Enterprise Risk

Building the COSO ERM Culture: Risk-Related Education Programs

Keeping the Risk Culture Current

ERM Worldwide

ERM "Standards" Versus an ERM Framework

ERM and ISO

Convergence Of Risk Management Standards And Practices

COSO ERM Going Forward

Future Prospect for COSO ERM

COSO ERM and ISO

Learning More about Risk Management

ERM: New Professional Opportunities

Index

Table of Contents provided by Publisher. All Rights Reserved.