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ENTERPRISE RISK MANAGEMENT: TOOLS AND TECHNIQUES FOR EFFECTIVE IMPLEMENTATION
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Enterprise risk management (ERM) takes a broad perspective on identifying the risks that could cause an organization to fail to meet its strategies and objectives. In this Statement on Management Accounting (SMA), several techniques for identifying risks are discussed and illustrated with examples from company experiences. Once risks are identified, the next issue is to determine the root causes or what drives the risks. A suggested approach is described and followed by a discussion of several qualitative and quantitative procedures for assessing risks. Some practical ERM implementation considerations are also explored, including infra- structure and maturity models, staging adoption, the role of the management accountant, education and training, technology, aligning corporate culture, building a case for ERM, and the ROI of ERM. Any organization—large or small; public, private, or not-for-profit; U.S.-based or global— that has a stakeholder with expectations for business success can benefit from the tools and techniques provided in this SMA.
Institute of Management Accountants - Organizational Body
NONE
Management
English
2007
1-34
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