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
