COSO Enterprise Risk Management

A fully updated, step-by-step guide for implementing COSO's Enterprise Risk Management COSO Enterprise Risk Management, Second Edition 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. The Second Edition discusses the latest trends and pronouncements that have affected COSO ERM and explores new topics, including the PCAOB's release of AS5; ISACA's recently revised CobiT; and the recently released IIA Standards.* 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 Preparing professionals develop and follow an effective risk culture, COSO Enterprise Risk Management, Second Edition is the fully revised, invaluable working resource that will show you how to identify risks, avoid pitfalls within your corporation, and keep it moving ahead of the competition.

ISBN 047091288X   Weight (grammes) 854 ISBN13 9780470912881 (What's this?)   Published in Chichester Publisher John Wiley and Sons Ltd   Series title Wiley Corporate F&A Imprint John Wiley & Sons Ltd   Previous ISBN 9780471741152 Format Hardback   Height (mm) 258 Publication date 30 Sep 2011   Width (mm) 184 DEWEY 658.155   Spine width (mm) 31 DEWEY edition DC22   Academic level Professional / Scholarly Pages 366

Preface xi Chapter 1: Introduction: Enterprise Risk Management Today 1 The COSO Internal Controls Framework: How Did We Get Here? 2 The COSO Internal Controls Framework 3 COSO Internal Controls: The Principal Recognized Internal Controls Standard 14 An Introduction to COSO ERM 14 Governance, Risk, and Compliance 15 Global Computer Products: Our Example Company 16 Chapter 2: Importance of Governance, Risk, and Compliance Principles 21 Road to Effective GRC Principles 22 Importance of GRC Governance 23 Risk Management Component of GRC 25 GRC and Enterprise Compliance 26 Importance of Effective GRC Practices and Principles 28 Chapter 3: Risk Management Fundamentals 31 Fundamentals: Risk Management Phases 32 Other Risk Assessment Techniques 45 Chapter 4: COSO ERM Framework 51 ERM Definitions and Objectives: A Portfolio View of Risk 51 COSO ERM Framework Model 55 Other Dimensions of the ERM Framework 86 Chapter 5: Implementing ERM in the Enterprise 89 Roles and Responsibilities of an Enterprise Risk Management Function 90 Risk Management Policies, Standards, and Strategies 100 Business, IT, and Risk Transfer Processes 105 Risk Management Reviews and Corrective Action Practices 108 ERM Communications Approaches 112 CRO and an Effective Enterprise Risk Management Function 113 Chapter 6: Importance of Strong Enterprise Governance Practices 115 History and Background of Enterprise Governance: A U.S. Perspective 116 Enterprise Integrity and Ethical Behavior 119 Disclosure and Transparency 125 Rights and Equitable Treatment of Shareholders and Key Stakeholders 126 Governance Role and Responsibilities of the Board 128 Governance as a Key Element of GRC 128 Chapter 7: Enterprise Compliance Issues Today 131 Compliance Issues Today 132 Establish a Compliance Assessment Team 133 Compliance Risk Assessments and Compliance Program Reviews 136 Work Unit-Level Compliance Tracking and Review Processes 138 Compliance-Related Procedures and Staff Education Programs 141 Enterprise Hotline Compliance and Whistleblower Support 142 Assessing the Overall Enterprise Compliance Program 144 Chapter 8: Integrating ERM with COSO Internal Controls 147 COSO Internal Controls Background and Earlier Legislation 147 Efforts Leading to the Treadway Commission 151 COSO Internal Controls Framework 156 COSO Internal Controls and COSO ERM: Compared 174 Chapter 9: Sarbanes-Oxley and Enterprise Risk Management Concerns 177 Sarbanes-Oxley Act Background 177 SOx Legislation Overview 179 Enterprise Risk Management and SOx Section 404 Reviews 193 Internal Controls Reporting and Materiality 198 PCAOB Risk-Based Auditing Standards 199 Sarbanes-Oxley: The Other Sections 200 SOx and COSO ERM 201 Chapter 10: Corporate Culture and Risk Portfolio Management 203 Whistleblower and Hotline Functions 204 Risk Portfolio Management 208 Integrated Enterprise-Wide Risk Management 211 Chapter 11: OCEG Capability Model GRC Standards 215 GRC Capability Model "Red Book" 215 Other OCEG Materials: The "Burgundy Book" 223 Level and Scope of the OCEG Standards-Setting Authority 224 Chapter 12: Importance of GRC Principles in the Board Room 225 Board Decisions and Risk Management 226 Board Organization and Governance Rules 230 Corporate Charters and the Board Committee Structure 231 Audit Committees and Managing Risks 235 Establishing a Board-Level Risk Committee 238 Audit and Risk Committee Coordination 244 COSO ERM and Corporate Governance 245 Chapter 13: Role of Internal Audit in Enterprise Risk Management 247 Internal Audit Standards for Evaluating Risk 248 COSO ERM for More Effective Internal Audit Planning 251 Risk-Based Internal Audit Findings and Recommendations 264 COSO ERM and Internal Audit 265 Chapter 14: Understanding Project Management Risks 267 Project Management Process 268 PMBOK1 Guide: A Guide to the Project Management Book of Knowledge 269 PMBOK1 Guide's Project Manager Risk Management Approach 272 Project-Related Risks: What Can Go Wrong 282 Implementing ERM for Project Managers

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