By Harry Cendrowski
Compliment for firm possibility administration and COSO: A advisor for administrators, Executives, and Practitioners"Enterprise threat administration and COSO is a finished reference e-book that provides middle administration of danger instruments in a necessary and organizedway. while you are an inner auditor who's attracted to chance administration, exploring this booklet is without doubt one of the most sensible how you can achieve an figuring out of company chance administration issues."—Naly de Carvalho, FSA Times"This ebook represents a different consultant on easy methods to deal with the various severe parts that represent an organization's company safety program."—Sean Lyons, company safety administration (CDM) professional"This e-book presents a entire research of firm chance administration and is useful to somebody operating within the danger administration enviornment. It presents very good information about the COSO framework, regulate parts, keep watch over surroundings, and quantitative hazard overview methodologies. it's a nice piece of work."—J. Richard Claywell, CPA, ABV, CVA, CM&AA, CFFA, CFD"As electronic info maintains its exponential progress and extra platforms turn into interconnected, the call for and want for correct threat administration will proceed to extend. i discovered the publication to be very informative, eye-opening, and intensely pragmatic with an method of threat administration that may not purely upload price to all forums who're maturing and transforming into this potential, but additionally will offer them with aggressive virtue during this vital zone of focus."—David Olivencia, President, Hispanic IT government CouncilOptimally deal with your company's dangers, even within the worst of monetary conditions.There hasn't ever been an improved want for sound hazard administration than now. modern companies are anticipated to regulate quite a few hazards that have been unthinkable a decade in the past. Insightful and compelling, firm chance administration and COSO finds how to:Successfully comprise company possibility administration into your organization's cultureFoster an atmosphere that rewards open dialogue of hazards instead of concealment of themQuantitatively version dangers and effectiveness of inner controlsBest figure the place possibility administration assets might be devoted to reduce incidence of risk-based eventsTest predictive versions via empirical information
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Extra info for Enterprise Risk Management and COSO: A Guide for Directors, Executives and Practitioners
Nevertheless, changing an established culture can prove difficult. Consider the example of General Motors (GM), a recent casualty of the economic crisis. In 1982, long before the company filed for bankruptcy in June 2009, GM was falling victim to increased competition in the automotive industry. GM stock had plummeted from $78 1/2 per share in December 1976 to $38 1/2 in December 1981. GM’s management recognized 20 Key Tenets of Enterprise Risk Management that the corporation needed a significant cultural change to adapt to increasing competition.
However, such practices would undoubtedly be cost prohibitive. They may also stifle innovation in fast-moving organizations focused on bringing disruptive technologies to market. Within these fast-paced environments, employees need to be able to make decisions rapidly, but with vigilance. If an organization has been effective at creating a culture centered on risk awareness, pockets of risk are likely to be detected wherever they reside. Even the best risk management practices and processes can be subverted by an insular corporate culture that is unfocused on risk management.
Dealing with predictable risks is arguably just as important as dealing with black swan events. However, the predictable nature of the risk allows the organization to take advantage of various enterprise risk management techniques. This is the subject of this book’s second section on quantitative risk management. Moreover, within the remainder of this chapter, we also emphasize how the creation of a culture of risk management can assist organizations in dealing with predictable risks. Benefits of a Risk Management–Focused Culture By creating a culture of risk management at the enterprise level, companies can better (1) identify the risks they face, (2) evaluate the consequences of these risks, and (3) make enterprise decisions with this information in mind.
Enterprise Risk Management and COSO: A Guide for Directors, Executives and Practitioners by Harry Cendrowski