Enterprise Risk Management - Integrating with Strategy and Performance:  COSO's Framework in Action

The fear of unknowns is what keeps directors and officers awake at night. It is important to know a company's risks and opportunities for robust decision making in accomplishing objectives.  Organizations need to be more adaptive to change, and the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Enterprise Risk Management - Integrating with Strategy and Performance (ERM) Framework published in 2017 helps organizations identify and manage the ambiguity, complexity and volatility of their business world.

This training session explores this framework, as well as scenarios and leading practices. The training takes attendees through each of the following five components, as well as the supporting twenty principles:

1. Governance and Culture
2. Strategy and Objective-Setting
3. Performance
4. Review and Revision 
5. Information, Communication, and Reporting

It is important to remember that ERM is more than simply identifying risks, but also actively managing the risks.  It addresses more than controls as it also covers each of the five components.  ERM is a system for identifying risks and opportunities, as well as managing and monitoring them in an effort to maximize shareholder value.  ERM deployment allows for integration of all business aspects.  Topics include:

• Identify risks and opportunities through an inventory process
• Develop a structured decision-making process allowing for faster and higher quality decisions
• Define a risk appetite
• Understand risk tolerance
• Understand internal and external environment characteristics
• Minimize operational surprises and losses
• Improve accountability and responsibility through clear roles and coordination
• Identify and manage cross-enterprise risks
• Actualize desired cultural behaviors
• Develop integrated responses to multiple risks and opportunities
• Improve deployment of capital