Ledger & Quill Alumni Professor Mark L. Frigo and adjunct Clinical Professor Richard Anderson, both of DePaul’s Strategic Risk Management Lab of the Center for Strategy, Execution and Valuation, have written a thought paper Embracing Enterprise Risk Management: Practical Approaches for Getting Started. The publication, recently released by COSO–the Committee of Sponsoring Organizations–provides detailed guidance to organizations facing the many challenges presented in ERM process implementation.
“The intent of the project is to provide a simple illustration of ways to launch ERM,” writes Prof. Frigo. But, he continues, and perhaps more importantly, the work is prescriptive, incremental and cumulative, to assure success in internalizing or “embedding” the process throughout the organization. “It represents a beginning, not an end point. An organization following this incremental approach . . . will have taken a first step toward ERM, and have a much better understanding of where it is headed and what needs to be accomplished next.”
Anderson, cited in the COSO press release, adds “Starting an ERM process is a daunting task for many organizations. This paper provides an action plan that can be used as a tangible tool in ERM implementation.”
“This is another in a series of strong leadership positions taken by our faculty on the timeliest and urgent issues facing the profession today,” notes School Director Kevin Stevens. “International accounting standards, advances in internal auditing education, forensic accounting courses, valuation issues–our faculty is in the center of each of these areas, leading the way.”
The research project resulting in the paper was commissioned by COSO, which is dedicated to providing thought leadership through the development of comprehensive frameworks and guidance on enterprise risk management, internal control, and fraud deterrence, designed to improve organizational performance and governance and to reduce the extent of fraud in organizations.
The Strategic Risk Management Lab in DePaul’s Center for Strategy, Execution and Valuation, under the direction of Prof. Frigo, is an engagement platform for thought leaders and the business community to co-create and share leading practices in Strategic Risk Management and ERM. The Lab provides executive education, collaborative research and advising on leading practices in ERM focused on linking strategy, risk management and governance, as well as university courses which integrate ERM and Strategic Risk Management into the curriculum. For more information on the Center, its publications and programs, visitwww.commerce.depaul.edu/sev, or email firstname.lastname@example.org.
Copies of the Frigo/Anderson Embracing Enterprise Risk Management are available for download (free of charge) at the COSO website, www.coso.org.