Description
The following material may be useful for the completion of this assignment. You may refer to the documents titled “Embracing Enterprise Risk Management: Practical Approaches for Getting Started” and “Developing Key Risk Indicators to Strengthen Enterprise Risk Management”, located at http://www.coso.org/-ERM.htm.
Imagine you are an Information Technology Manager employed by a business that needs you to develop a plan for an effective Enterprise Risk Management (ERM) program. In the past, ERM has not been a priority for the organization. Failed corporate security audits, data breaches, and recent news stories have convinced the Board of Directors that they must address these weaknesses. As a result, the CEO has tasked you to create a brief overview of ERM and provide recommendations for establishing an effective ERM program that will be used as a basis to address this area moving forward.
Write a three to four (3-4) page paper in which you:
- Summarize the COSO Risk Management Framework and COSO’s ERM process.
- Recommend to management the approach that they need to take to implement an effective ERM program. Include the issues and organizational impact they might encounter if they do not implement an effective ERM program.
- Analyze the methods for establishing key risk indicators (KRIs).
- Suggest the approach that the organization needs to take in order to link the KRIs with the organization’s strategic initiatives.
- Use at least three (3) quality resources in this assignment (in addition to and that support the documents from the COSO Website referenced in this assignment). Note: Wikipedia and similar Websites do not qualify as quality resources.
Your assignment must follow these formatting requirements:
- Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
- Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
Explanation & Answer
please find the attached file. i look forward to working wih you again. good bye
Running head: ENTERPRISE RISK MANAGEMENT PROGRAM
Enterprise Risk Management Program
Name
Institution
Course
Date
1
ENTERPRISE RISK MANAGEMENT PROGRAM
2
Enterprise Risk Management Program
Introduction
This refers to the concrete process of planning, organizing, leading and controlling all
major activities of the organization; with the sole purpose of minimizing the effects of risks to
the organizational efforts of maximizing capital (Bowling, 2005). Enterprise risk management
program comprises of other major aspects of finance, strategy and operational among other areas
of the organization. This essay is addressing the comprehensive process of implementing
Enterprise Risk Management (ERM) program within Magic Information Technology Inc., COSO
Risk Management Framework & ERM process, approaches for effective implementation of
ERM and issues the organization is likely to face if it cannot be able to implement ERM program
effectively.
COSO Risk Management Framework
COSO refers to a Committee of Sponsoring Organizations of the Tread way Commission
that is mandated to help organizations effectively attain the process of enterprise risk
management, ability to detect fraud and internal control mechanisms within the organizations. Its
ERM framework is tailored in such a way that it helps organizations align its strategies and work
performance to ensure that work turbulences and other dis...
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