Enhancing Capabilities and Culture through Effective Coordination of Enterprise Risk Management and Internal Control

2019 ◽  
pp. 75-91
Author(s):  
Sean M. Vineyard ◽  
Quimby Kaizer
Keyword(s):  
Risk Management ◽  
Internal Control ◽  
Enterprise Risk Management ◽  
Enterprise Risk

Enterprise Risk Management

2011 ◽  
pp. 125-142 ◽  
Author(s):  
Gary A. Stair
Keyword(s):  
Risk Management ◽  
Financial Reporting ◽  
Internal Control ◽  
Risk Mitigation ◽  
Enterprise Risk Management ◽  
Executive Management ◽  
Organizational Governance ◽  
Enterprise Risk ◽  
The Difference ◽  
Virtual Sales

How a company successfully implements an Enterprise Risk Management (ERM) program, to identify and manage potential risks, can mean the difference between financial freedom and financial despair. The Committee of Sponsoring Organizations (COSO) guidelines, a voluntary private-sector organization in the United States, has developed internal control guidelines to provide guidance to executive management and governance entities on critical aspects of organizational governance, business ethics, internal control, fraud, and financial reporting. This chapter will discuss an approach to build an ERM implementation plan within a pharmaceutical company by outlining the responsibilities and influences of industry participants, sales forces, middle-management and senior leadership and the ways in which they focus on monitoring and developing the risk mitigation process. The influences of technologies are integrated and new directions, such as e-media and e-detailing (Virtual Sales Representatives) are also explored.

Corporate governance and the information system: how a framework for IT governance supports ERM

2014 ◽  
Vol 14 (3) ◽  
pp. 320-338 ◽  
Author(s):  
Michele Rubino ◽  
Filippo Vitolla
Keyword(s):  
Risk Management ◽  
Corporate Governance ◽  
Internal Control ◽  
It Governance ◽  
Enterprise Risk Management ◽  
Content Type ◽  
Enterprise Risk ◽  
Control Framework ◽  
Internal Control System ◽  
A Company

Purpose – The purpose of this paper is to illustrate how information technology (IT) governance supports the process of enterprise risk management (ERM). In particular, the paper illustrates how the Control Objectives for Information and related Technology (COBIT) framework helps a company reach its objectives by integrating and supporting the Enterprise Risk Management by the Committee of Sponsoring Organizations (COSO ERM) framework. Design/methodology/approach – This paper explains how the integration between the two frameworks (COSO ERM and COBIT 5) can represent, for any organization, a good way to achieve the objectives of internal control and risk management and, more generally, corporate governance. Findings – The paper identifies some gaps in the COSO ERM and illustrates how the COBIT framework facilitates the implementation of an adequate system of internal control. Originality/value – The originality of the work presented here is in analyzing the COBIT 5 together with the COSO ERM framework. This paper highlights that is not enough to apply only an internal control framework for achieving the risk management and internal control system objectives. An IT governance framework, such as COBIT 5 is proposed as a tool that support risk management in order to develop an adequate system of internal control.

scholarly journals From Phishing To Advanced Persistent Threats: The Application Of Cybercrime Risk To The Enterprise Risk Management Model

2010 ◽  
Vol 14 (4) ◽  
Author(s):  
John W. Moore
Keyword(s):  
Risk Management ◽  
Financial Reporting ◽  
Internal Control ◽  
Enterprise Risk Management ◽  
Management Model ◽  
Material Weakness ◽  
Public Companies ◽  
Advanced Persistent Threats ◽  
Sarbanes Oxley ◽  
Enterprise Risk

This paper examines the issues of cybercrime in the context of risk to organizations.  In particular, it considers the control frameworks most commonly used by U.S. public companies to benchmark their internal controls over financial reporting.  It discusses the market for stolen identities, looking at the sources from which many of those identities are stolen.  It reviews the available internal control frameworks and explains how a firm’s risk of cybercrime might be classified as a material weakness under Sarbanes-Oxley Section 404.  It models how the use of COSO’s Enterprise Risk Management model could improve an organization’s chances of avoiding a serious incident.

scholarly journals Pengendalian Internal Terhadap Deteksi Risiko Kecurangan dan Kinerja Perusahaan Daerah Air Minum

2016 ◽  
Vol 8 (2) ◽  
pp. 151
Author(s):  
Yuli Ardianto ◽  
Dian Riskarini
Keyword(s):  
Risk Management ◽  
Internal Control ◽  
Corporate Performance ◽  
Enterprise Risk Management ◽  
Partial Least Square ◽  
Least Square ◽  
Enterprise Risk ◽  
Malcolm Baldrige ◽  
The Impact ◽  
Positive Effect

<p align="center"><em>ABSTRACT</em></p><p><em><br /> The </em><em>research</em><em> was entitled The </em><em>influence </em><em>of Internal Control </em><em>on </em><em>Risk Management </em><em>and its implication on Perusahaan Daerah Air Minum </em><em>Performance. </em><em>The formulation of the problem is whether there: internal control influence on enterprise risk management, internal control influence on corporate performance, </em><em>fraud </em><em>influence on corporate performance. The purpose of this study is to examine and analyze: internal control influence on enterprise risk management, internal control influence on corporate performance, </em><em>fraud </em><em>influence on corporate performance. During this time many research fields of accounting and finance are well have analyzed the influence of the internal control</em><em> on</em><em> risk management and corporate performance, but rarely all three studies measure the impact of these variables on corporate performance as measured by Malcolm Baldrige. The research method uses analytical descriptive and exploratory. Samples were directors and audit committee in </em><em>PDAM </em><em>Jakarta, Bogor, Tangerang and Bekasi. Methods of data analysis using partial least square. Results of the study are: internal control positive effect on the risk management, internal control positive effect on the malcolm baldrige performance, risk management positive effect on the malcolm baldrige performance</em></p>

scholarly journals The effect of applying COSO-ERM model on reducing fraudulent financial reporting of commercial banks in Jordan

2018 ◽  
Vol 13 (2) ◽  
pp. 107-115
Author(s):  
Abdul Aziz A. Abdul Rahman ◽  
Othman Hel Ajmi Al-Dhaimesh
Keyword(s):  
Risk Management ◽  
Financial Reporting ◽  
Internal Control ◽  
Commercial Banks ◽  
Audit Committee ◽  
Internal Audit ◽  
Enterprise Risk Management ◽  
Fraudulent Financial Reporting ◽  
Corporate Governance Mechanisms ◽  
Enterprise Risk

This study aims to test the effect of applying the model of the Committee Sponsoring Organizations for enterprise risk management (COSO-ERM) on reducing fraudulent financial reporting in commercial banks operating in Jordan. Furthermore, the study identifies the role of each board of directors, audit committee, executive management, human resource management, and internal audit as one of the corporate governance mechanisms in enhancing the effectiveness of internal control systems. The study revealed an impact of applying the Committee of Sponsoring Organizations model for enterprise risk management (COSO-ERM) on preventing fraudulent financial reporting, where it reached influence around 77.8% on the dependent variable (fraudulent financial reporting). The study also found that each of internal control, event identification, risk assessment and response, and control activities variables affects dependent variable (fraudulent financial reporting) in commercial banks operating in Jordan.

Generic Health Care Hospital: The Road to an Integrated Risk Management System

2011 ◽  
Vol 26 (2) ◽  
pp. 305-319 ◽  
Author(s):  
Priscilla Burnaby ◽  
Susan Hass ◽  
Anthony O'Reilly
Keyword(s):  
Risk Management ◽  
Internal Control ◽  
Management System ◽  
Control Structure ◽  
Hospital Setting ◽  
Enterprise Risk Management ◽  
Care Hospital ◽  
Risk Management System ◽  
Enterprise Risk ◽  
Risk Management Process

ABSTRACT Three related areas—Sarbanes-Oxley's requirements for control reports, COSO's Enterprise Risk Management (ERM) suggested control structure, and the enterprise risk management process—need more classroom materials to demonstrate to students the importance of a cohesive risk analysis process and control system for an organization to be successful and competitive. This case requires students to understand the importance of risk management, the implementation of an internal control structure, and a controls review in a hospital setting for compliance and administration of Medicare and Medicaid costs. Although the facts of the case are based on professionals' consulting experiences, the hospital in the case is fictional and is a composite of many client engagements. This case is appropriate for an analysis for potential fraud, a Sarbanes-Oxley Act (SOX) review of risks and internal controls, assessment of compliance with laws and regulations, and implementation of an enterprise-wide risk management system.

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