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Are You Identifying Your Most Significant Risks?
By Mark S. Beasley, CPA; Bruce C. Branson; and Bonnie V. Hancock
Lessons learned from the recent economic meltdown have encouraged Standard & Poor’s to include enterprise risk management (ERM) as part of their credit evaluation procedure, the SEC is demanding public disclosure of the board’s role in risk oversight, and new Federal Financial Reform legislation is creating risk committees for boards. Based on results from a COSO-sponsored survey, the article examines key findings about how likely and how extensively enterprises will adopt ERM going forward.
Managing Reputational Risks
By Greg Young and David S. Hasler
What is an ethical reputation worth to a company? Most discussions about corporate ethics focus on culture, conduct, and compliance. Here the authors analyze ethics as an asset—reputational capital. They explain how to identify the appropriate core principles for your enterprise while accounting for differences that determine the direction and limits of ethics governance. Ethics principles are applied to COSO’s Enterprise Risk Management—Integrated Framework, and the authors show how the ERM framework is used to elicit stakeholder assessments of a company’s reputational capital.
Intrepreneurs and Innovation
By Lawrence Chui, CPA, and Mary B. Curtis, CPA, CISA
An intrepreneur operates within the corporation and assumes entrepreneurial responsibilities for innovating new ideas. When that role falls to a management accountant, he or she can use the responsibility to improve the continuous monitoring (CM) process. The authors explain that the adoption of CM is a form of organizational innovation. The importance to management accountants relates to their responsibility to provide information for operational and strategic decision making and their support in attesting to the sufficiency of internal controls.
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