Practice Aid: Enterprise Risk ManagementGuidance For Practical Implementation and Assessment, 2018
AICPA 1. Aufl.
This publication includes invaluable guidance for anyone responsible for or advising on an enterprise risk management process (ERM), whether the process is in its early stages or is already well established. This resource will help ensure the ERM process is well designed, well executed, and ultimately successful. Global, economic, and regulatory conditions as well as everyday internal risks can affect business operations, so it is important to have a process in place that identifies these events and manages risks. This guide leverages the concepts of existing frameworks as a foundation for providing illustrative examples, best practices, and guidance for implementing or assessing an enterprise risk management process.
1 Overview of the Enterprise Risk Management Publication 1 I. Introduction 1 II. Who Should Use This Publication 2 III. Conceptual Basis for This Publication 2 2 ERM Benefits, Concepts, and Components 3 I. Benefits of a Successful ERM Program 3 II. ERM Concepts 4 Definition of ERM 4 Risks and Opportunities 4 Risk in Strategy and Objective-Setting 4 The Importance of Taking an Enterprise or Portfolio View of Risk 5 Risk Appetite, Risk Tolerance, and Risk Profile 5 Risk Inventory 6 Emerging Risks 6 Integration and Embeddedness 6 III. Components of an ERM Program 6 1.0 Governance and Culture 7 2.0 Strategy and Objective Setting 8 3.0 Performance 9 4.0 Review and Revision 13 5.0 Information, Communication, and Reporting 13 3 ERM Roles and Responsibilities 15 I. Organization Roles 15 Board or Equivalent Roles 15 Organization Management 16 Internal Auditors 16 II. The Role of External Parties in the ERM Process 17 4 ERMProgramDevelopment 19 I. Mobilize 19 Establishing Appropriate Sponsorship and Resourcing 20 ERM Sponsorship 20 Commitment of Resources 20 Establishing Roles and Responsibilities 21 Program Governance 21 Planning and Launch for an Initial Program Development Phase 21 Timeline 21 II. Current State Analysis 22 Current State Considerations 22 Creating an Initial Inventory of Activities and Outcomes and Gather Documentation 23 Timeline 24 III. Future State Operating Model Design 24 Peer and Industry Analysis 24 Developing a Target ERM Operating Model and Framework 25 Developing the ERM Risk Appetite and Risk Tolerances 25 Linking Current ERM Activities to the ERM Program Plan 27 Documenting ERM Policies 27 ERM Program Scalability and Related Considerations 27 ERM Program Technology Considerations 27 Timeline 28 IV. Gap Analysis 28 Preliminary Observations 28 Recommendations 29 Timeline 29 V. Implementation and Reporting 29 Developing Implementation Roadmap and Project Plan 30 Designing Program Performance Measures and Reporting 30 Communication and Training 30 Changes to the Implementation Plan 30 Timeline 31 5 ERM Program Evaluation and Continuous Improvement. 33 I. ERM Program Evaluation 33 Approach to an ERM Program Evaluation 33 II. Continuous Improvement 34 Approach to Continuous Improvement 34 Commitment to Continuous Improvement 36 Glossary of Terms 37 Appendix A—COSO and ISO 31000 Framework Mapping 39 Appendix B—Example ERM Program Maturity Self-Assessment 45 Appendix C —References 51
Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA and accounting profession nationally and globally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the accounting profession's technical and ethical standards.The AICPA's founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public interest.
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