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Presentation on theme: "Enterprise Risk Management https://store.theartofservice.com/the-enterprise-risk-management-toolkit.html."— Presentation transcript:

1 Enterprise Risk Management https://store.theartofservice.com/the-enterprise-risk-management-toolkit.html

2 IT risk management - Risk management as part of enterprise risk management 1 Some organizations have, and many others should have, a comprehensive Enterprise risk management (ERM) in place. The four objectives categories addressed, according to COSO are: https://store.theartofservice.com/the-enterprise-risk-management-toolkit.html

3 IT risk management - Risk management as part of enterprise risk management 1 According to Risk It framework by ISACA, IT risk is transversal to all four categories. The IT risk should be managed in the framework of Enterprise risk management: Risk appetite and Risk sensitivity of the whole enterprise should guide the IT risk management process. ERM should provide the context and business objectives to IT risk management https://store.theartofservice.com/the-enterprise-risk-management-toolkit.html

4 Risk management - Enterprise risk management 1 In a financial institution, enterprise risk management is normally thought of as the combination of credit risk, interest rate risk or asset liability management, liquidity risk, market risk, and operational risk. https://store.theartofservice.com/the-enterprise-risk-management-toolkit.html

5 Committee of Sponsoring Organizations of the Treadway Commission - Enterprise Risk Management — Integrated Framework 1 COSO believes this framework expands on internal control, providing a more robust and extensive focus on the broader subject of enterprise risk management. https://store.theartofservice.com/the-enterprise-risk-management-toolkit.html

6 Enterprise risk management 1 Enterprise risk management (ERM) in business includes the methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives https://store.theartofservice.com/the-enterprise-risk-management-toolkit.html

7 Enterprise risk management - COSO ERM framework 1 The COSO "Enterprise Risk Management- Integrated Framework" published in 2004 defines ERM as a "…process, effected by an entity's board of directors, management, and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives." https://store.theartofservice.com/the-enterprise-risk-management-toolkit.html

8 Enterprise risk management - RIMS Risk Maturity Model 1 The RIMS Risk Maturity Model (RMM) for Enterprise Risk Management, published in 2008, is an umbrella framework of content and methodology that detail the requirements for sustainable and effective enterprise risk management. The RMM model consists of twenty-five competency drivers for seven attributes that create ERM’s value and utility in an organization. The 7 attributes are: https://store.theartofservice.com/the-enterprise-risk-management-toolkit.html

9 Enterprise risk management - Casualty Actuarial Society 1 In 2003, the Enterprise Risk Management Committee of the Casualty Actuarial Society (CAS) issued its overview of ERM. This paper laid out the evolution, rationale, definitions, and frameworks for ERM from the casualty actuarial perspective, and also included a vocabulary, conceptual and technical foundations, actual practice and applications, and case studies. https://store.theartofservice.com/the-enterprise-risk-management-toolkit.html

10 Enterprise risk management - Casualty Actuarial Society 1 The CAS has specific stated ERM goals, including being "a leading supplier internationally of educational materials relating to Enterprise Risk Management (ERM) in the property casualty insurance arena," and has sponsored research, development, and training of casualty actuaries in that regard https://store.theartofservice.com/the-enterprise-risk-management-toolkit.html

11 Enterprise risk management - Society of Actuaries 1 In 2007, the Society of Actuaries developed the Chartered Enterprise Risk Analyst (CERA) credential in response to the growing field of enterprise risk management https://store.theartofservice.com/the-enterprise-risk-management-toolkit.html

12 Enterprise risk management - Institute and Faculty of Actuaries 1 The Institute and Faculty of Actuaries (the merged body formed in 2010 from the Institute of Actuaries and the Faculty of Actuaries) is the professional body representing actuaries in the United Kingdom. In March 2008, Enterprise Risk Management was adopted as one of the six actuarial practice areas, reflecting the increased involvement of actuaries in the ERM field. https://store.theartofservice.com/the-enterprise-risk-management-toolkit.html

13 TRAC (ISMS) - Enterprise Risk Management 1 The Enterprise Risk Management module provides an overarching view of an organization through a risk assessment. https://store.theartofservice.com/the-enterprise-risk-management-toolkit.html

14 For More Information, Visit: https://store.theartofservice.co m/the-enterprise-risk- management-toolkit.html https://store.theartofservice.co m/the-enterprise-risk- management-toolkit.html The Art of Service https://store.theartofservice.com


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