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The 2010 Aon Global Enterprise Risk Management (ERM) Survey' noted that the uncertainty
surrounding the global economy had significantly increased, and that awareness of the need to
manage and leverage risk had never been higher. The report identified some hallmarks of
advanced ERM, which included the importance of:
policy setting
a move from focusing on risk avoidance and mitigation to leveraging risk and risk
management options to extract business value.
COSO'S Enterprise Risk Management Integrated Framework highlights four areas that
contribute to board oversight of enterprise risk management:
understanding the entity's risk philosophy and concurring with the entity's risk appetite;
knowing the extent to which management has established effective enterprise risk
being apprised of the most significant risks and of whether management is responding
appropriately.
The New York Stock Exchange's listing rules now require the audit committes of listed
corporations to explain their risk assessment and management policies .
In the UK ,the 1999 Turnbull Report drew attention to the importance of board-level risk
assessment.
In 2008, a Bank of England report on financial stability and risk management called for `effective
firm-wide identification and analysis of risk including information sharing across the
organization, particularly between senior management and business lines, and firm-wide plans
to reduce exposures or hedge risks`. The report noted that `one clear shortcoming has been
bank's overreliance on credit ratings in determining inherent risk`. Credit rating agencies now
include enterprise risk management processes in their corporate credit rating analyses.
In 2010, the International Corporate Governances Network (ICGN) enhanced its Global
Corporate Governance Principles with a set of Corporate Risk Oversight Guidelines. The
guidelines emphasize: