Talk:Enterprise risk management

Mirror[edit]

There's a mirror site at http://www.mbceo.com/more_information.php?c=Enterprise_Risk_Management. --SueHay 02:03, 3 June 2007 (UTC)[reply]

Assessment[edit]

This article has been updated significantly during June 2007. Those involved in the wikiproject should review their rating.Farcaster 20:11, 27 June 2007 (UTC)farcaster[reply]

Done -- Avi (talk) 04:15, 16 September 2008 (UTC)[reply]

Title[edit]

I've moved this article to use lower-case letters in the title. I'd have hesitated on the grounds that conventions of a field remote from my knowledge might be involved, but for the fact that the whole article blatantly thumbed its nose at wikipedia's codified capitalization conventions. (If you don't understand what I mean by that then (1) see my recent edits to this articles, and (2) see WP:MOS and its relatives, and (3) PAY ATTENTION FOR A CHANGE!!!!) You guys are as bad as computer scientists. —Preceding unsigned comment added by Michael Hardy (talk • contribs) 22:20, 22 December 2007 (UTC)[reply]

Finance[edit]

This more properly belongs in finance than accounting. The CAS framework, Basel, Solvency, etc. are far more than accounting concepts. -- Avi (talk) 16:48, 16 June 2009 (UTC)[reply]

The COSO ERM framework deals with internal auditing/control and accounting...so not just finance! Internal auditing and internal control are part of the accounting curriculum in the business school. Finance students do not learn about internal control, internal auditing, or the COSO ERM model. The COSO models for ERM and internal control are taught in the accounting curriculum, not finance! There are many definitions/models for ERM, but the COSO model is specifically related to internal audit and internal control. Not everything in this article is about finance. 38.113.137.253 (talk) 17:56, 16 June 2009 (UTC)[reply]

In banking, insurance, and actuarial circles, ERM includes finding the best capital allocations, capital structures, reinsurance structures, and overall deployment of capital and risk, so it is much, much more than just auditing and very finance related. -- Avi (talk) 18:15, 16 June 2009 (UTC)[reply]

I agree, but was referring to the COSO model. The COSO ERM model is nothing finance/banking/actuarial related. As stated in my previous post, there are several meanings/models/interpretations of what Enterprise Risk Management is. The COSO model relates to internal auditing and control.

Agreed, but as ERM is wider than just COSO, the accounting sidebar is too restrictive to be the only one. Maybe both, but that may make the article too heavy. -- Avi (talk) 18:28, 16 June 2009 (UTC)[reply]

Let me respectfully disagree with both of you. ERM is neither principally an accounting or finance issue, but a core management issue. The bias is reflected in comments claiming internal controls is an accounting issue, not finance. I would argue it is neither, it is--again--a management issue. The failure of internal controls is too often because people outside of the CFO shop view internal controls as a CFO responsibility (whether accounting or finance is immaterial). Rather, internal controls is the responsibility of every manager, regardless of who may coordinate the overall enterprise policies. By the same token, ERM is not a finance or accounting function. That is the very source of failure in many risk programs that ERM seeks to overcome. ERM is about the identification of key risks across the enterprise, regardless of the functional stovepipe within which some of those risks are found. ERM seeks to identify and manage in a prioritized fashion all risks, whether belonging to the Controller, CFO, CIO, etc. The chief risk officer is in reality the CEO, and attempting to align ERM with any particular function (accounting, finance or whatever) at the expense of another completely misses the point of ERM. Businessdr (talk) 17:41, 17 June 2010 (UTC)[reply]

Frameworks[edit]

This section is out of date. ISO 31000 has come into being and is being broadly adapted, yet there is no mention of it here. Moreover, the Australian/New Zealand standard, which has been seen by many as superior to the COSO ERM Framework, is being replaced by ISO 31000. —Preceding unsigned comment added by Businessdr (talk • contribs) 17:27, 17 June 2010 (UTC)[reply]

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Wiki Education assignment: Research Process and Methodology - FA22 - Sect 200 - Thu[edit]

This article was the subject of a Wiki Education Foundation-supported course assignment, between 22 September 2022 and 8 December 2022. Further details are available on the course page. Student editor(s): Jessssy (article contribs).

— Assignment last updated by Jessssy (talk) 23:49, 23 November 2022 (UTC)[reply]