The following material may be useful for the completion of this assignment. You may refer to the documents titled “Embracing Enterprise Risk Management: Practical Approaches for Getting Started” and “Developing Key Risk Indicators to Strengthen Enterprise Risk Management”, located at http://www.coso.org/-ERM.htm.
Imagine you are an Information Technology Manager employed by a business that needs you to develop a plan for an effective Enterprise Risk Management (ERM) program. In the past, ERM has not been a priority for the organization. Failed corporate security audits, data breaches, and recent news stories have convinced the Board of Directors that they must address these weaknesses. As a result, the CEO has tasked you to create a brief overview of ERM and provide recommendations for establishing an effective ERM program that will be used as a basis to address this area moving forward.
Write a three to four (3-4) page paper in which you:
- Summarize the COSO Risk Management Framework and COSO’s ERM process.
- Recommend to management the approach that they need to take to implement an effective ERM program. Include the issues and organizational impact they might encounter if they do not implement an effective ERM program.
- Analyze the methods for establishing key risk indicators (KRIs).
- Suggest the approach that the organization needs to take in order to link the KRIs with the organization’s strategic initiatives.
- Use at least three (3) quality resources in this assignment (in addition to and that support the documents from the COSO Website referenced in this assignment).