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 as numerous accounting scandals, financial crises, and billion-dollar frauds have caused investors and organizations to lose large amounts of wealth. While practitioners, academia, and regulators have sought to define risk and develop a framework for analyzing it, an understandable, transparent approach has largely eluded directors and executives. Enterprise Risk Management and COSO introduces a holistic risk assessment methodology, building upon the original COSO framework and COSO's subsequent enterprise risk management publication. This methodology allows managers and risk assessment practitioners to accurately measure the levels of enterprise risk.

To better serve this mission, the book is divided into two sections. The first section introduces key tenets of enterprise risk management at a high level for directors and executives. The second section details quantitative risk management models for risk assessment practitioners. Within this latter section, the book presents a unique methodology to help organizations better understand and quantify the risks they face. This methodology serves as an invaluable guide to quantifying and assessing risks within selected groups of enterprise systems.

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

  • Implementing successful enterprise risk management strategies
  • 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: 509,540
  • 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, is Managing Director and co-founder of Cendrowski Corporate Advisors, Cendrowski Selecky PC, and Prosperitas Group LLC. He has over twenty-five years of experience assisting firms with their corporate governance and risk management practices. Harry is also active in the private equity (PE) arena, and has assisted PE funds with their due diligence and operational activities. He frequently serves as an expert witness in the areas of forensic accounting, business valuation, and fraud investigation. He is coauthor of Private Equity: History, Governance, and Operations and The Handbook of Fraud Deterrence, both published by Wiley. Harry also serves as the Director of Fraud and Forensic Services for the International Association of Consultants, Valuators and Analysts and is coauthor of the training materials used to train every Certified Fraud Deterrence Analyst (CFD).

William C. Mair is a former partner at Touche Ross & Co. (now Deloitte), chief auditing officer, chief accounting officer, and board member of a registered investment company. He is currently a financial systems consultant. Bill has studied internal control from all angles and has written extensively on the subject. He is best known as lead author of Computer Control and Audit, a revolutionary book in the field of information systems auditing. The Information Systems Audit and Control Association (ISACA) voted Bill the fourth most influential person among the pioneers of information systems auditing in a study published by the 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 Strategic Thinking.

Chapter 4 Mitigating Risk in Internal Investigations and Insurance Coverage.

SECTION II QUANTITATIVE RISK MANAGEMENT.

Chapter 5 Recognized Control Frameworks: COSO-IC and COSO-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-Oxley Act.

Index.

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