You may be shocked to learn that I have finally read something published by and related to COSO which is worth your time to read. (If you’re familiar with Riskczar’s Blog, you would know that I rag on the COSO ERM Framework anytime I get the chance.) COSO’s Embracing Enterprise Risk Management: Practical Approaches for [...]
Posts Tagged ‘Framework’
COSO writes about ERM and where to start
Posted in ERM Basics, Thought Leadership, tagged Anderson, COSO ERM, Framework, Frigo, ISO 31000, risk culture, Tetris on January 17, 2011 | Leave a Comment »
KPMG: 10 Common ERM Challenges
Posted in ERM Basics, Risk management, Thought Leadership, tagged challenges, ERM, Framework, KPMG, value on March 27, 2010 | Leave a Comment »
Risk Management magazine just published an article by Jim Negus (of KPMG LLP’s risk and compliance services group) listing their top ten ERM challenges. They write: Very few organizations find enterprise risk management implementation easy–it requires a rare combination of organizational consensus, strong executive management and an appreciation for various program sensitivities. Despite the effort [...]
Nason wants to know why there are few successful ERM examples
Posted in League of Extraordinary Risk Gentlemen, Risk management, tagged ERM, Framework, Rick Nason, RSD Solutions on January 5, 2010 | 1 Comment »
I would like everyone who follows the Riskczar blog to have a look at the latest post from Rick Nason, Partner at RSD Solutions. Dr. Nason also teaches a course on ERM at Dalhousie University in Halifax. Dr. Nason has posted exam question one (of four) from his course “Question 1: ERM has created a [...]
Half-risk management is not risk management
Posted in ERM Basics, Frameworks, My Opinions, tagged 31000, ERM, Framework, Raiders of the Lost Ark on December 1, 2009 | Leave a Comment »
Many organizations think that they can pick and choose which parts of an ERM framework to use and call what they do “risk management”. I say that identifying a few risks and performing some assessments is not risk management: this is only half-risk management. When I see this sort of thing, it reminds me of [...]
I’ll review ISO 31000 if you send me a copy
Posted in Frameworks, Humour, tagged 31000, 4360, COSO ERM, Framework, risk on November 19, 2009 | Leave a Comment »
It looks like the long-awaited new International Standard, ISO 31000:2009, Risk management – Principles and guidelines is finally out and can be yours for only CHF 112, or about USD 110 or CAD 116. Here’s the link to the press release http://www.iso.org/iso/pressrelease.htm?refid=Ref1266 I am fresh out of Swissees these days. If anyone has a copy [...]
Case study – ERM at Hydro One
Posted in ERM Basics, Frameworks, Thought Leadership, tagged วิเคราะห์เคส hydro one, COSO ERM, ERM, Framework, Harvard Business School, Hydro One, PwC ERM, risk, SOX on September 10, 2009 | 6 Comments »
If I got together with all the other enterprise risk management practitioners and thought leaders, and spend a day filling in an Ishikawa diagram looking for root causes for why ERM has not achieved rock star status (or at the very least SOX status), we would be remiss if we did not identify: “There just [...]
H. Felix Kloman – COSO ERM vs ANZ 4360 Deathmatch
Posted in ERM Basics, Frameworks, Thought Leadership, tagged 31000, 4360, COSO ERM, enterprise risk, Felix Kloman, Framework, Norman Marks, PwC ERM, Tim Leech on September 9, 2009 | 2 Comments »
Here’s a 2003 article written by Mr. Kloman where he reviews a draft version (at the time) of 4360 and one of COSO ERM authored by PwC. Although he is not reviewing the final versions, one can still draw similar conclusion. The terms “winner” or “draw” were added by me. Mr Kloman noted: 4360: Model [...]
PwC – ERM for educational institutions
Posted in ERM Basics, Frameworks, Thought Leadership, tagged COSO ERM, Framework, PwC ERM, Riskczar, universities on September 8, 2009 | 2 Comments »
Earlier today, I wrote about how ERM works for all organizations, including educational institutions. If you are interested in more on that topic, have a look at the attachment. I picked it up a few years ago when I worked at PricewaterhouseCoopers in Toronto. Ironically, I cannot seem to find a link to this file [...]
COSO writes about Effective Enterprise Risk Oversight
Posted in ERM Basics, Frameworks, Thought Leadership, tagged COSO, Framework, PwC ERM on September 3, 2009 | Leave a Comment »
With the Yankees-Jays game on in the background, I just took a look at the COSO document on the role of the board of directors. Here are the highlights so you don’t have to read it: As a result of the economic crisis, and the perception that organizations were not prepared, there is more focus [...]
KISS ERM
Posted in ERM Basics, My Opinions, tagged culture, ERM, Framework, KISS on August 28, 2009 | Leave a Comment »
While I am excited about the recent tour announcement by the band KISS, this k.i.s.s. stands for “keep it simple stupid”. When implementing an ERM program keeping it simple is the goal, while avoiding unnecessary complexity. So while the band KISS may have sung “God Gave Rock ‘n Roll to You”, remember that Riskczar gives [...]
