COSO_ERM企业风险管理框架.ppt

xxEnterprise Risk Management — Integrated Framework Today’s organizations are concerned about: Risk Management Governance Control Assurance (and Consulting) ERM Defined: “… a process, effected by an entitys 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 risks to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.” Source: COSO Enterprise Risk Management – Integrated Framework. 2004. COSO. Why ERM Is Important Underlying principles: Every entity, whether for-profit or not, exists to realize value for its stakeholders. Value is created, preserved, or eroded by management decisions in all activities, from setting strategy to operating the enterprise day-to-day. Why ERM Is Important ERM supports value creation by enabling management to: ? Deal effectively with potential future events that create uncertainty. Respond in a manner that reduces the likelihood of downside outcomes and increases the upside. Enterprise Risk Management — Integrated Framework The ERM Framework The ERM Framework The ERM Framework Enterprise risk managementrequires an entity to take a portfolio view of risk. The ERM Framework Management considers how individual risks interrelate. Management develops a portfolio view from two perspectives: - Business unit level - Entity level The ERM Framework Internal Environment Establishes a philosophy regarding risk management. It recognizes that unexpected as well as expected events may occur. Establishes the entity’s risk culture. Considers all other aspects of how the organization’s actions may affect its risk culture. Objective Setting Event Identification Event Identification Risk Assessment Risk Assessment Risk Response Control Activities Information Communication Management identifies, captures, and communicates pertinent information in a fo