COSO-ERM企业风险管理框架

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1、xxEnterprise Risk Management Integrated Framework,Todays 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 en

2、terprise, 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

3、,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 creat

4、ion 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.,This COSO ERM framework defines essential components, suggests a common language, and provides clear di

5、rection and guidance for enterprise risk management.,Enterprise Risk Management Integrated Framework,The ERM Framework,Entity objectives can be viewed in the context of four categories: Strategic Operations Reporting Compliance,The ERM Framework,ERM considers activities at all levels of the organiza

6、tion: Enterprise-level Division or subsidiary Business unit processes,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 le

7、vel - Entity level,The ERM Framework,The eight components of the framework are interrelated ,The ERM Framework,Internal Environment,Establishes a philosophy regarding risk management. It recognizes that unexpected as well as expected events may occur. Establishes the entitys risk culture. Considers

8、all other aspects of how the organizations actions may affect its risk culture.,Objective Setting,Is applied when management considers risks strategy in the setting of objectives. Forms the risk appetite of the entity a high-level view of how much risk management and the board are willing to accept.

9、 Risk tolerance, the acceptable level of variation around objectives, is aligned with risk appetite.,Event Identification,Differentiates risks and opportunities. Events that may have a negative impact represent risks. Events that may have a positive impact represent natural offsets (opportunities),

10、which management channels back to strategy setting.,Event Identification,Involves identifying those incidents, occurring internally or externally, that could affect strategy and achievement of objectives. Addresses how internal and external factors combine and interact to influence the risk profile.

11、,Risk Assessment,Allows an entity to understand the extent to which potential events might impact objectives. Assesses risks from two perspectives: - Likelihood - Impact Is used to assess risks and is normally also used to measure the related objectives.,Risk Assessment,Employs a combination of both

12、 qualitative and quantitative risk assessment methodologies. Relates time horizons to objective horizons. Assesses risk on both an inherent and a residual basis.,Risk Response,Identifies and evaluates possible responses to risk. Evaluates options in relation to entitys risk appetite, cost vs. benefi

13、t of potential risk responses, and degree to which a response will reduce impact and/or likelihood. Selects and executes response based on evaluation of the portfolio of risks and responses.,Control Activities,Policies and procedures that help ensure that the risk responses, as well as other entity

14、directives, are carried out. Occur throughout the organization, at all levels and in all functions. Include application and general information technology controls.,Management identifies, captures, and communicates pertinent information in a form and timeframe that enables people to carry out their

15、responsibilities. Communication occurs in a broader sense, flowing down, across, and up the organization.,Information & Communication,Monitoring,Effectiveness of the other ERM components is monitored through: Ongoing monitoring activities. Separate evaluations. A combination of the two.,Internal Con

16、trol,A strong system of internal control is essential to effective enterprise risk management.,Expands and elaborates on elements of internal control as set out in COSOs“control framework.” Includes objective setting as a separate component. Objectives are a “prerequisite” for internal control. Expa

17、nds the control frameworks “Financial Reporting” and “Risk Assessment.”,Relationship to Internal Control Integrated Framework,ERM Roles & Responsibilities,Management The board of directors Risk officers Internal auditors,Internal Auditors,Play an important role in monitoring ERM, but do NOT have pri

18、mary responsibility for its implementation or maintenance. Assist management and the board or audit committee in the process by: - Monitoring - Evaluating - Examining - Reporting - Recommending improvements,Visit the guidance section of The IIAs Web site for The IIAs position paper, “Role of Interna

19、l Auditings in Enterprise Risk Management.”,Internal Auditors,2010.A1 The internal audit activitys plan of engagements should be based on a risk assessment, undertaken at least annually. 2120.A1 Based on the results of the risk assessment, the internal audit activity should evaluate the adequacy and

20、 effectiveness of controls encompassing the organizations governance, operations, and information systems. 2210.A1 When planning the engagement, the internal auditor should identify and assess risks relevant to the activity under review. The engagement objectives should reflect the results of the ri

21、sk assessment.,Standards,Organizational design of business Establishing an ERM organization Performing risk assessments Determining overall risk appetite Identifying risk responses Communication of risk results Monitoring Oversight & periodic review by management,Key Implementation Factors,Organizat

22、ional Design,Strategies of the business Key business objectives Related objectives that cascade down the organization from key business objectives Assignment of responsibilities to organizational elements and leaders (linkage),Example: Linkage,Mission To provide high-quality accessible and affordabl

23、e community-based health care Strategic Objective To be the first or second largest, full-service health care provider in mid-size metropolitan markets Related Objective To initiate dialogue with leadership of 10 top under-performing hospitals and negotiate agreements with two this year,Establish ER

24、M,Determine a risk philosophy Survey risk culture Consider organizational integrity and ethical values Decide roles and responsibilities,Example: ERM Organization,ERM Director,Vice President andChief Risk Officer,Corporate Credit Risk Manager,Insurance Risk Manager,ERMManager,ERMManager,Staff,Staff,

25、Staff,FES Commodity Risk Mg. Director,Risk assessment is the identification and analysis of risks to the achievement of business objectives. It forms a basis for determining how risks should be managed.,Assess Risk,Environmental Risks Capital Availability Regulatory, Political, and Legal Financial M

26、arkets and Shareholder Relations Process Risks Operations Risk Empowerment Risk Information Processing / Technology Risk Integrity Risk Financial Risk Information for Decision Making Operational Risk Financial Risk Strategic Risk,Example: Risk Model,Source: Business Risk Assessment. 1998 The Institu

27、te of Internal Auditors,Risk Analysis,DETERMINE RISK APPETITE,Risk appetite is the amount of risk on a broad level an entity is willing to accept in pursuit of value. Use quantitative or qualitative terms (e.g. earnings at risk vs. reputation risk), and consider risk tolerance (range of acceptable v

28、ariation).,Key questions: What risks will the organization not accept? (e.g. environmental or quality compromises) What risks will the organization take on new initiatives? (e.g. new product lines) What risks will the organization accept for competing objectives? (e.g. gross profit vs. market share?

29、),DETERMINE RISK APPETITE,Quantification of risk exposure Options available: - Accept = monitor - Avoid = eliminate (get out of situation) - Reduce = institute controls - Share = partner with someone (e.g. insurance) Residual risk (unmitigated risk e.g. shrinkage),IDENTIFY RISK RESPONSES,Impact vs.

30、Probability,Control,Share,Mitigate & Control,Accept,High Risk,Medium Risk,Medium Risk,Low Risk,Low,High,High,I M P A C T,PROBABILITY,Low,High,High,I M P A C T,PROBABILITY,High Risk,Medium Risk,Medium Risk,Low Risk,Example: Call Center Risk Assessment,Loss of phones Loss of computers,Credit risk Cust

31、omer has a long wait Customer cant get through Customer cant get answers,Entry errors Equipment obsolescence Repeat calls for same problem,Fraud Lost transactions Employee morale,Control RiskControl ObjectiveActivity,CompletenessMaterialAccrual of transactionopen liabilities not recorded Invoices ac

32、crued after closing,Issue: Invoices go to field and AP is not aware of liability.,Example: Accounts Payable Process,Dashboard of risks and related responses (visual status of where key risks stand relative to risk tolerances) Flowcharts of processes with key controls noted Narratives of business obj

33、ectives linked to operational risks and responses List of key risks to be monitored or used Management understanding of key business risk responsibility and communication of assignments,Communicate Results,Monitor,Collect and display information Perform analysis - Risks are being properly addressed

34、- Controls are working to mitigate risks,Accountability for risks Ownership Updates - Changes in business objectives - Changes in systems - Changes in processes,Management Oversight & Periodic Review,Internal auditors can add value by:,Reviewing critical control systems and risk management processes

35、. Performing an effectiveness review of managements risk assessments and the internal controls. Providing advice in the design and improvement of control systems and risk mitigation strategies.,Implementing a risk-based approach to planning and executing the internal audit process. Ensuring that int

36、ernal auditings resources are directed at those areas most important to the organization. Challenging the basis of managements risk assessments and evaluating the adequacy and effectiveness of risk treatment strategies.,Internal auditors can add value by:,Facilitating ERM workshops. Defining risk to

37、lerances where none have been identified, based on internal auditings experience, judgment, and consultation with management.,Internal auditors can add value by:,For more information,On COSOs Enterprise Risk Management Integrated Framework, visit www.coso.org or www.theiia.org,This presentation was produced by,xxEnterprise Risk Management Integrated Framework,