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Enterprise Risk Management Best Practices: From Assessment to Ongoing Compliance

Book Description

High-level guidance for implementing enterprise risk management in any organization

A Practical Guide to Risk Management shows organizations how to implement an effective ERM solution, starting with senior management and risk and compliance professionals working together to categorize and assess risks throughout the enterprise. Detailed guidance is provided on the key risk categories, including financial, operational, reputational, and strategic areas, along with practical tips on how to handle risks that overlap across categories.

  • Provides high-level guidance on how to implement enterprise risk management across any organization

  • Includes discussion of the latest trends and best practices

  • Features the role of IT in ERM and the tools that are available in both assessment and on-going compliance

  • Discusses the key challenges that need to be overcome for a successful ERM initiative

  • Walking readers through the creation of ERM architecture and setting up on-going monitoring and assessement processes, this is an essential book for every CFO, controller and IT manager.

    Table of Contents

    1. Cover
    2. Endorsenment
    3. Title Page
    4. Copyright
    5. Dedication
    6. Preface
    7. CHAPTER ONE: Overview of Enterprise Risk Management
      1. ERM INTRODUCTION
      2. GUIDANCE: HISTORY AND RELATIONSHIP
      3. ORGANIZATION VIEW
      4. ERM TODAY
      5. INCREASED PRESSURE TO MANAGE RISK
      6. ADDITIONAL EVIDENCE
      7. PERCEIVED BARRIERS TO RISK MANAGEMENT
      8. BUILDING THE BUSINESS CASE FOR ERM: VALUE AND BENEFITS
      9. KEYS TO SUCCESS
      10. SUMMARY
      11. NOTES
    8. CHAPTER TWO: Corporate Governance and Roles and Responsibilities
      1. BOARD BEHAVIOR
      2. CORPORATE CULTURE
      3. ROLES AND RESPONSIBILITIES
      4. SUMMARY
    9. CHAPTER THREE: ERM Defined
      1. DEFINITIONS AND CONCEPTS
      2. RISK CATEGORIES
      3. INTERNAL ENVIRONMENT
      4. SUMMARY
      5. NOTE
    10. CHAPTER FOUR: The ERM Process: Step by Step
      1. STEP 1: STRATEGY AND OBJECTIVE DEFINITION
      2. STEP 2: EVENT IDENTIFICATION
      3. STEP 3: RISK ASSESSMENT
      4. STEP 4: RISK RESPONSE
      5. STEP 5: COMMUNICATION
      6. STEP 6: MONITORING
      7. OVERSIGHT
      8. SUMMARY
      9. NOTES
    11. CHAPTER FIVE: COSO Framework and Financial Controls
      1. FOCUS ON FINANCIAL CONTROLS
      2. CONTROL ENVIRONMENT
      3. INTEGRITY AND ETHICAL VALUES
      4. BOARD OF DIRECTORS
      5. MANAGEMENT's PHILOSOPHY AND OPERATING STYLE
      6. ORGANIZATIONAL STRUCTURE
      7. FINANCIAL REPORTING COMPETENCIES
      8. AUTHORITY AND RESPONSIBILITY
      9. HUMAN RESOURCES
      10. SUMMARY
      11. NOTES
      12. APPENDIX FIVE A: Excerpt from a Code of Ethics Policy
      13. OUR GUIDING PRINCIPLES AND VALUES
      14. CONFLICTS OF INTEREST
      15. CONFIDENTIAL INFORMATION; INTELLECTUAL PROPERTY
      16. APPENDIX FIVE B: Whistleblower Program
      17. REPORTS REGARDING ACCOUNTING MATTERS
      18. INVESTIGATION OF SUSPECTED VIOLATIONS
      19. DISCIPLINE FOR VIOLATIONS
      20. APPENDIX FIVE C: Approval Policy and Procedures
      21. POLICY
      22. PURPOSE
      23. SCOPE
      24. APPROVALS/DOCUMENTATION
    12. CHAPTER SIX: Financial Controls and Risk Assessment
      1. RISK ASSESSMENT
      2. FINANCIAL REPORTING OBJECTIVES
      3. FINANCIAL REPORTING RISKS
      4. FRAUD RISK
      5. ENTITY-LEVEL CONTROLS
      6. EXAMPLE: RISK ASSESSMENT AND FINANCIAL CONTROLS
      7. EVALUATING DEFICIENCIES
      8. SUMMARY
      9. NOTES
      10. APPENDIX SIX A: Entity-Level Control Assessment
      11. CONTROL ASSESSMENT OVERVIEW
      12. CONTROL ENVIRONMENT
      13. OVERALL EVALUATION OF CONTROL ENVIRONMENT
      14. RISK ASSESSMENT
      15. OVERALL EVALUATION OF RISK ASSESSMENT
      16. CONTROL ACTIVITIES
      17. OVERALL EVALUATION OF CONTROL ACTIVITIES
      18. INFORMATION AND COMMUNICATION
      19. OVERALL EVALUATION OF INFORMATION AND COMMUNICATION
      20. MONITORING
      21. OVERALL EVALUATION OF MONITORING
      22. SUMMARY ASSESSMENT
      23. OVERALL ASSESSMENT OF INTERNAL CONTROLS
      24. APPENDIX SIX B: Accounts Payable: Preliminary Controls Assessment Questionnaire
      25. PURCHASING CONTROLS QUESTIONNAIRE
      26. INTERNAL CONTROL ASSESSMENT
      27. APPENDIX SIX C: Fraud Risk Factors: AU Section 316
      28. RISK FACTORS RELATING TO MISSTATEMENTS ARISING FROM FRAUDULENT FINANCIAL REPORTING
    13. CHAPTER SEVEN: Ongoing Compliance Overview
      1. ORIGIN OF THE SARBANES-OXLEY ACT
      2. GENERATING VALUE FROM COMPLIANCE
      3. MOVING BEYOND INITIAL COMPLIANCE
      4. REEVALUATING THE COMPLIANCE PROGRAM
      5. SUMMARY
    14. CHAPTER EIGHT: Ongoing Compliance Challenges
      1. FUTURE STATE OPPORTUNITY: COMPLIANCE OPTIMIZATION
      2. ISSUES TO CONSIDER WHEN OPTIMIZING COMPLIANCE
      3. ONGOING COMPLIANCE PLAN
      4. ROLE OF INTERNAL AUDIT: BALANCING THE COMPLIANCE AND AUDIT FUNCTIONS
      5. EVOLVING ROLE OF THE AUDIT COMMITTEE
      6. SUMMARY
    15. CHAPTER NINE: Addressing Compliance and Risk Management Challenges through Automation
      1. SOFTWARE CAN ADD VALUE BEYOND COMPLIANCE
      2. MONITORING SOFTWARE
      3. UTILIZATION OF CONTINUOUS MONITORING: CONTROL TESTING AND CONTROL AUTOMATION
      4. BENEFITS OF CONTINUOUS MONITORING
      5. CONTINUOUS MONITORING TOOL CONSIDERATIONS
      6. CONTINUOUS MONITORING PROCESS
      7. RISK MANAGEMENT SOFTWARE
      8. UNIFYING FINANCIAL STATEMENTS, CLOSE TASKS, AND SOX CONTROLS
      9. DETERMINING THE RIGHT SOLUTION
      10. SUMMARY
      11. NOTE
    16. CHAPTER TEN: Ongoing Compliance and IFRS
      1. INTERNATIONAL FINANCIAL REPORTING STANDARDS
      2. COMMUNICATING THE IMPACT
      3. PREPARING FOR IFRS
      4. COMPREHENSIVE IFRS TRANSITION APPROACH
      5. KEY ELEMENTS OF AN EFFECTIVE IFRS IMPLEMENTATION
      6. SUMMARY
    17. About the Author
    18. Index