COSO's Updated Enterprise Risk Management Framework—<i>A Quest For Depth And Clarity</i>

Prewett, Kyleen; Terry, Andy

doi:10.1002/jcaf.22346

Cited by 32 publications

(27 citation statements)

References 6 publications

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“…In 2004, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) published the first comprehensive guide to ERM (COSO ERM-Enterprise Risk Management-Integrated Framework). This standard was updated in 2017 to guide ERM integration towards the establishment of strategies and performance (Prewett and Terry 2018). Bharathy and McShane (2014) propose an ERM implementation approach that allows the effective implementation of business and strategic complex risk management through ISO 31000 (2018).…”

Section: Enterprise Risk Management (Erm)mentioning

confidence: 99%

Security as a key contributor to organisational resilience: a bibliometric analysis of enterprise security risk management

Marquez-Tejon

Jiménez-Partearroyo

Benito‐Osorio

2021

Secur J

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Globalisation and hyperconnectivity affect organisational resilience with threats such as the recent COVID-19 pandemic or large-scale cyberattacks. To strengthen organisational resilience capabilities, a framework such as enterprise risk management (ERM) is necessary so as to enable holistic risk management. Specifically, in this paper, we analyse the role of security, which has great potential in crisis management and makes it possible to follow up businesses integrated in enterprise security risk management (ESRM). This paper examines, for the first time in the literature, the output of scientists on ESRM. After analysing 463 articles from the period between 1986 and 2019, it is concluded that Security Risk Management is a subject area on its own and is closely linked to ERM.

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Section: Enterprise Risk Management (Erm)mentioning

confidence: 99%

Security as a key contributor to organisational resilience: a bibliometric analysis of enterprise security risk management

Marquez-Tejon

Jiménez-Partearroyo

Benito‐Osorio

2021

Secur J

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“…Figure 1 shows elements of the new framework. Governance regulates the management style of an organization that identifies risks of an organization, strengthens the corporate risk management structure and develops oversight responsibilities (Prewett & Terry, 2018). Culture is about ethical values, desired behaviors and risk understanding in organizations.…”

Section: New Coso Erm Frameworkmentioning

confidence: 99%

The Role of Internal Audit from New Enterprise Risk Management Frameworks Perspective: Research in Turkey

Onay¹

2021

İbr

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Enterprise Risk Management (ERM) has emerged as a paradigm aimed at enabling organizations to respond to everchanging risk factors. Since the publication of the COSO Risk Management Framework and IIA report in 2004, internal audit functions have assumed a variety of roles in organizations' ERM operations. The main purpose of this study is to determine the extent to which internal auditors' activities have changed over time in relation to ERM activities and to what extent these tasks are undertaken in practice. In the first part, literature and new risk frameworks related to the role of internal audit in ERM are examined. In the study, data collected from 245 internal auditors working in organizations operating in Turkey were analyzed by t-test and analysis of variance (ANOVA). From the findings, it was determined that the opinions of internal auditors regarding ideal situations in terms of ERM tasks assumed under certain conditions differed from those in practice. The analyses showed that some of the internal auditors' opinions differed statistically according to demographic variables. It has been determined that the opinions of internal auditors differ according to age, professional experience and enterprise sector in which they worked. The results were compared with studies on different samples. Thus, internal auditors' opinions and the current situation in Turkey, can be compared to different regions. In our study, different results were obtained from the results of studies conducted in different countries.

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“…Liu et al [72] used the FCE-AHP method to combine AHP with fuzzy theory to measure the level of technology risk. In terms of dealing with green innovation risk, the American Sponsors Committee takes risk avoidance, risk reduction, risk dispersion, and risk acceptance as the ways to deal with risk in the risk management framework [73]. Lai [74] constructed a two-dimensional matrix to select risk response models.…”

Section: Risk Sourcesmentioning

confidence: 99%

“…The response to green innovation risk in the manufacturing industry is a circular and progressive process in which measures to change risk are selected based on risk identification. According to the risk management framework given by COSO [73], risk aversion, risk reduction, risk diversification, and risk acceptance were used in this study to analyze responses to green innovation risks in the manufacturing industry.…”

Section: Response To Green Innovation Riskmentioning

confidence: 99%

Measuring and Integrating Risk Management into Green Innovation Practices for Green Manufacturing under the Global Value Chain

Sun

Yin

2020

Sustainability

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How to solve the contradiction between economic growth and ecological environmental protection is a practical problem that should be solved urgently at present. The development of green technology in the manufacturing industry must rely on technology innovation. However, the process of implementing green innovation in the manufacturing industry is full of high uncertainty and risk. First, the green innovation risks were divided into global green R&D risk, global green manufacturing risk, global green marketing risk, and global green service risk from the perspective of the process. Then, this study established a management criteria system of green innovation risk identification in the manufacturing industry under the global value chain (GVC). Furthermore, three methods were applied to identify the green innovation risk of the manufacturing industry under the GVC. Finally, this paper put forward the countermeasures to the green innovation risk of the manufacturing industry under the GVC. The empirical research results of this paper are as follows: From the perspective of the green innovation process, four risks are classified in this study, namely, global green R&D risk, global green manufacturing risk, global green marketing risk, and global green service risk. Among the four stages of green innovation risk, green marketing risk is the highest, followed by green service risk, and green R&D risk and green manufacturing risk are the least. Global green service risk and green R&D risk can be reduced mainly through risk diversification and risk reduction. Global green manufacturing risk and green marketing risk can be reduced mainly through risk diversification and secondary through risk reduction.

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COSO's Updated Enterprise Risk Management Framework—A Quest For Depth And Clarity

Cited by 32 publications

References 6 publications

Security as a key contributor to organisational resilience: a bibliometric analysis of enterprise security risk management

Security as a key contributor to organisational resilience: a bibliometric analysis of enterprise security risk management

The Role of Internal Audit from New Enterprise Risk Management Frameworks Perspective: Research in Turkey

Measuring and Integrating Risk Management into Green Innovation Practices for Green Manufacturing under the Global Value Chain

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