Enterprise Risk Management and COSO: A Guide for Directors, Executives and Practitioners / Edition 1

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Overview

The importance of risk management has increased in recent years asnumerous accounting scandals, financial crises, and billion-dollarfrauds have caused investors and organizations to lose largeamounts of wealth. While practitioners, academia, and regulatorshave sought to define risk and develop a framework for analyzingit, an understandable, transparent approach has largely eludeddirectors and executives. Enterprise Risk Management andCOSO introduces a holistic risk assessment methodology,building upon the original COSO framework and COSO's subsequententerprise risk management publication. This methodology allowsmanagers and risk assessment practitioners to accurately measurethe levels of enterprise risk.

To better serve this mission, the book is divided into twosections. The first section introduces key tenets of enterpriserisk management at a high level for directors and executives. Thesecond section details quantitative risk management models for riskassessment practitioners. Within this latter section, the bookpresents a unique methodology to help organizations betterunderstand and quantify the risks they face. This methodologyserves as an invaluable guide to quantifying and assessing riskswithin selected groups of enterprise systems.

Enterprise Risk Management and COSO thoroughly providesclear-cut guidance on relevant topics including:

  • Implementing successful enterprise risk managementstrategies
  • Scalable methodologies for quantifying risks
  • Verifiable predictive models of risks
  • Risk analysis procedures
  • Risk mitigation
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Editorial Reviews

From the Publisher
"Enterprise Risk Management and COSO, is a useful book for readers who are directly or indirectly involved in risk management. It is relevant for managers and practitioners alike as we constantly face a myriad of constraints to accomplish our work. In my opinion, the authors introduce topics in an innovative way that invites brainstorming and analytical thinking. Enterprise Risk Management is a comprehensive reference book that presents core management or risks in a helpful and organized way. If you are an internal auditor who is interested in risk management, exploring this book is one of the best ways to gain an understanding of enterprise risk management issues." (Financial Services Audit News, April 2010)
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Product Details

  • ISBN-13: 9780470460658
  • Publisher: Wiley
  • Publication date: 12/2/2009
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 335
  • Sales rank: 1,164,753
  • Product dimensions: 6.46 (w) x 9.35 (h) x 1.17 (d)

Meet the Author

Harry Cendrowski, CPA, ABV, CFF, CFE, CVA, CFD, CFFA, isManaging Director and co-founder of Cendrowski Corporate Advisors,Cendrowski Selecky PC, and Prosperitas Group LLC. He has overtwenty-five years of experience assisting firms with theircorporate governance and risk management practices. Harry is alsoactive in the private equity (PE) arena, and has assisted PE fundswith their due diligence and operational activities. He frequentlyserves as an expert witness in the areas of forensic accounting,business valuation, and fraud investigation. He is coauthor ofPrivate Equity: History, Governance, and Operations andThe Handbook of Fraud Deterrence, both published by Wiley.Harry also serves as the Director of Fraud and Forensic Servicesfor the International Association of Consultants, Valuators andAnalysts and is coauthor of the training materials used to trainevery Certified Fraud Deterrence Analyst (CFD).

William C. Mair is a former partner at Touche Ross &Co. (now Deloitte), chief auditing officer, chief accountingofficer, and board member of a registered investment company. He iscurrently a financial systems consultant. Bill has studied internalcontrol from all angles and has written extensively on the subject.He is best known as lead author of Computer Control andAudit, a revolutionary book in the field of information systemsauditing. The Information Systems Audit and Control Association(ISACA) voted Bill the fourth most influential person among thepioneers of information systems auditing in a study published bythe EDP Auditor Journal.

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Table of Contents

About the Contributors.

Acknowledgments.

Preface.

SECTION I ORGANIZATIONAL RISK MANAGEMENT.

Chapter 1 An Introduction to Risk.

Chapter 2 Key Tenets of Enterprise Risk Management.

Chapter 3 Mitigating Operational Risks Through StrategicThinking.

Chapter 4 Mitigating Risk in Internal Investigations andInsurance Coverage.

SECTION II QUANTITATIVE RISK MANAGEMENT.

Chapter 5 Recognized Control Frameworks: COSO-IC andCOSO-ERM.

Chapter 6 Other Control Frameworks.

Chapter 7 Qualitative Control Concepts.

Chapter 8 Quantitative Control Relationships.

Chapter 9 Excel Applications.

Chapter 10 Interdependent Systems.

Chapter 11 Documentation.

Chapter 12 The Process for Assessing Internal Control.

Chapter 13 Monitoring Internal Controls.

Chapter 14 Accounting Policies and Procedures.

Chapter 15 Business Process Applications.

Chapter 16 General and Infrastructure Systems.

Chapter 17 Trusted System Providers.

Chapter 18 Reporting on Internal Control.

Chapter 19 Review and Acceptance of Assessments.

Glossary.

Appendix: Internal Control Sections of the Sarbanes-OxleyAct.

Index.

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