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Essay / Research Paper Abstract
A 5 page paper that discusses enterprise risk management incorporating some of the information from COSO. Bibliography lists 2 sources.
Page Count:
5 pages (~225 words per page)
File: MM12_PGerp.RTF
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Unformatted sample text from the term paper:
technology advances, among others. Enterprise risk management can no longer follow a silo configuration, it must be a fully integrated plan that is enterprise-wide (Shenkir, 2007). Enterprise risk management
is defined as: "an ongoing process that flows through the entire organization, is effected by people at all levels of the organization, is applied in a strategy setting, applied across
the entity, and designed to identify potential events" (COSO, 2004). It is intended to achieve certain objectives (COSO, 2004). This requires management to establish strategic objectives and to use strategies
that will then achieve those objectives (COSO, 2004). This change in paradigm from silo to integration is not a new concept. In 1994, the Committee of Sponsoring Organizations of
the Treadway Commission (COSO) (2004) issued a document entitled "Internal Control - Integrated Framework" as a guide for businesses to use to develop better control systems. As the risks have
become greater, the Committee upgraded their work in 2001, which resulted in a new framework (COSO, 2004). The underlying premise is that all organizations face a multitude of uncertainties, they
need to assess these and develop an enterprise-wide plan for managing risks (COSO, 2004). COSO (2004) identified different components of enterprise risk management: * Aligning risk appetite and strategy. Management
needs to determine the degree of risk they can handle and deal with. This can be determined by evaluating their strategic alternatives and setting objectives. They also need to develop
procedures or processes to manage different kinds of risks (COSO, 2004). * Enhancing risk response decisions. Enterprise risk management is such that it offers what is needed to identify and
select from different responses. Responses could be reduction of risk, avoiding risk, sharing and/or accepting the risks (COSO, 2004). * Reducing operational surprises and losses. As organizations become more experienced
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