The Committee of Sponsoring Organizations recently issued guidance designed to assist companies with implementing an enterprise risk management process. Let’s take a closer look at the two reports to get a sense of what they’re about and the value they bring.
The first report, “Embracing Enterprise Risk Management: Practice Approaches for Getting Started,” issued in January, suggests ways in which companies, especially smaller ones, can begin a risk-management initiative with the ultimate objective of moving to an ERM process. The paper describes how an organization can start to move from informal risk management to ERM with suggested “specific, tangible actions that organizations can use to get started.” It has three sections: Keys to success; initial action steps; and continuing ERM implementation.
