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Summary

Praise for Enterprise Risk Management and COSOA Guide for Directors, Executives, and Practitioners"This book represents a unique guide on how to manage many of the critical components that constitute an organization's corporate defense program." -Sean Lyons, Corporate Defense Management (CDM) professional"This book provides a comprehensive analysis of enterprise risk management and is invaluable to anyone working in the risk management arena. It provides excellent information regarding the COSO framework, control components, control environment, and quantitative risk assessment methodologies. It is a great piece of work." -J. Richard Claywell, CPA, ABV, CVA, CM&AA, CFFA, CFD"As digital information continues its exponential growth and more systems become interconnected, the demand and need for proper risk management will continue to increase. I found the book to be very informative, eye-opening, and very pragmatic with an approach to risk management that will not only add value to all boards who are maturing and growing this capability, but also will provide them with competitive advantage in this important area of focus." -David Olivencia, President, Hispanic IT Executive CouncilOptimally manage your company's risks, even in the worst of economic conditionsThere has never been a stronger need for sound risk management than now. Today's organizations are expected to manage a variety of risks that were unthinkable a decade ago. Insightful and compelling, Enterprise Risk Management and COSO reveals how to:Successfully incorporate enterprise risk management into your organization's cultureFoster an environment that rewards open discussion of risks rather than concealment of themQuantitatively model risks and effectiveness of internal controlsBest discern where risk management resources should be dedicated to minimize occurrence of risk-based eventsTest predictive models through empirical data

Preface
Introduction
Motivation
Organizational Risk Management
Risk Assessment Process
Risk Management at the Board Level
Importance of Proper Risk Management
Purpose of this Book
Organization of this Book
Summary
Notes
The State of the Art
COSO and Other Control Frameworks
An Introduction to Risk
Introduction
Definition of Risk
Risk Management Strategy
Scope of a Risk Management Engagement
Economics of Risk Management
Influences in Risk Assessments
Summary
Recognized Control Frameworks
COSO and COSO-ERM
Introduction
Control Frameworks and Professional Standards
Managing Risk and Internal Control
Holistic Risk Assessments and Erm
Organizational Risks
The Coso-Erm Framework
Summary
Notes
Other Control Frameworks
Introduction
Summary
Notes
Qualitative Control Concepts
What is Control?
What Can Go Wrong / Causes of Exposures
Effects of Computers/Automationon Problems
The System of Internal Control
Control Assessment
Understand the System
List the Potential Problems
Estimate the Inherent Risk of Each Problem
Segregate Controls and Fundamental Activities
Classify the Controls
Functions of Controls
Assess the Effectiveness of Controls
Assess the Adequacy of Control Over Each Problem
Appraise Adverse Consequences That Result
The Control Evaluation Matrix
How Much Control is Enough / too Much?
Notes
Core Concepts
Quantitative Assessment
Inter-Related Systems
Documentation
The Assessment Process
Monitoring
Quantitative Control Relationships
Introduction
Systems Control Functions
Preliminary Risk & Potential Incidents
Anyone Can Build A Model...
Precision of Results
Sensitivity of Results
Summary
Notes
Inter-dependent Systems
Interdependencies
Hierarchy of Systems
Knowledge Framework
Documentation
Objective
Elements of Control Documentation
Common Documentation Formats
Documentation Tools
Notes
The Process for Assessing Internal Control
How Does This Fit into COSO?
System Assessments Steps
Summary
Notes
Monitoring Internal Controls
COSO Monitoring Guidance
The Control Environment
Potential Monitoring Problems
Controls over Controls to Assure Effective Monitoring
Assessing the Monitoring Function Under COSO
Notes
Assessments of Selected Systems
Accounting Policies and Procedures
Business Cycle Applications
General and Infrastructure Systems
Trusted System Providers
Spreadsheet Applications
Fraud
Accounting Policies and Procedures
The Accounting Environment
Conversion from GAAP to IFRS
What Can Go Wrong with Accounting Policies and Procedures?
Reliance on Application Systems
Controls Over Accounting Policy Selection and Application
Notes
Business Process Applications
Purpose
Application Components, Structure, and Architecture
What Can Go Wrong With Applications?
Typical Application Controls
Application Assessment Model
General and Infrastructure Systems
The Environment
CobiT for Control of IT
What Can Go Wrong With General Systems?
Controls Over General Systems
Trusted System Providers
The Environment
How Much to Trust Trusted Systems?
Provider Problems
Internal Controls Over Trusted Systems
Trusted Provider Assessment Model
Spreadsheet Applications
The Environment
Applications of Spreadsheets
What Can Go Wrong with Spreadsheet Applications
e.Spreadsheet Controls
Spreadsheet Model
Notes
Fraud
The Environment
How to Commit Financial Statement Fraud
Occupational Fraud Model
External Fraud
Computer security example model
Notes
Governance
Uniform Accounting
Reporting on Internal Control
Internal Audit Roles
What is An Audit Committee to Do?
Reporting on Internal Control
The Environment
Perception of Risk
Results of Modeling
Summary
Notes
What is An Audit Committee to Do?
The Environment
Sarbanes-Oxley Specifications for the Audit Committee
Internal Audit
Audit Committee Structure
Reports and Presentations to the Audit Committee and Board
Summary
Review and Acceptance of Assessments
Introduction
Summary Description of the Assessment Model
Basic Modeling Concept
Question Points in an Assessment Review
Appendix
Internal Control Sections of the Sarbanes-Oxley Act
"Sec. 301. Public Company Audit Committees

Sec 404. Management Assessment of Internal Controls
Sec. 407. Disclosure of Audit Committee Financial Expert
Index
Table of Contents provided by Publisher. All Rights Reserved.

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