COSO Enterprise Risk Management Research Articles

ENTERPRISE RISK MANAGEMENT DALAM MENCEGAH DAN MENDETEKSI KECURANGAN DI PARLEMEN INDONESIA

Enterprise Risk Management (ERM) is one tool used to improve governance and internal control, which is expected to prevent and detect fraud. This study discusses the application of risk management through the five pillars of the COSO ERM Integrated Framework in the DPR, MPR, and DPD RI in preventing and detecting fraud. This research uses mixed methods by combining qualitative and quantitative research through surveys and regression tests with 75 questionnaires and interviews with respondents who are Government Internal Supervisory Apparatus (APIP). According to the study's results, risk management, evaluation, and reporting significantly influence efforts to prevent fraud, and further research results also show that governance, strategy, risk management, and reporting significantly influence efforts to detect fraud. The results of this study indicate that, empirically, Enterprise Risk Management contributes to minimizing and identifying fraud in the DPR, MPR, and DPD RI.

Assessment of Reputational Risk Management Maturity Levels of Banks

Due to the nature of their activities, reputational risk is one of the main risks that should be managed for banks. Since corporate reputation is an intangible asset, it is extremely difficult to measure reputational risk. On the other hand, the maturity level of banks for the management of reputational risk is extremely important in terms of reducing the effects of reputational losses that may be exposed. The aim of this study is to develop a framework for evaluating the maturity level of reputational risk management in banks. For this purpose, based on the COSO Enterprise Risk Management Framework, the attributes that can be used in the evaluation of the reputational risk maturity level, the values related to these qualifications and the evaluation criteria for each attribute are defined. In addition, 5 different maturity levels were created for banks according to the total score obtained by combining the values calculated for each attribute, taking into account Bak and Jedynak (2023). This proposed framework can be used as a framework in which banks can evaluate themselves and legal authorities can evaluate banks in terms of determining the maturity level of reputational risk management.

The Effect of Enterprise Risk Management and Environmental Performance Toward Corporate Social Responsibility Disclosure (CSRD): Study in Mining Sector

The population is 47 Mining companies in IDX 2016-2018. Have PROPER rating and published annual report. The purpose to examine the effect of enterprise risk management(ERM) and environmental performance (EP) toward CSR Disclosure. Data were obtained from 63 samples and used sample selection method, purposive sampling method and IBM SPSS 26. The analysis statistic used is multiple linear regression analysis method. The ERM used COSO ERM Framework to disclosure 108 items, EP used PROPER rating represent in 5 ranking and CSRD used GRI G4 CSR index consisting 91 items, 3 categories. The study result shows that ERM have positive and significant effect on CSRD, while EP does not have significant affect on CSRD.

Enterprise Risk Management Practices in Kenya

Enterprise Risk Management (ERM) is a structured and coordinated approach for identifying, assessing, and managing risks faced by an organization. Implementing ERM standards and frameworks has several benefits, including improving focus and perspective on risk. ERM aids in developing leading indicators to detect potential risk events and provide early warning signals. ERM also incorporates key metrics and measurements of risk to improve reporting value and analysis and monitor possible changes in risk vulnerabilities or likelihood. An ERM facilitates an efficient risk management (RM) process, allowing businesses to manage risks efficiently across various departments through a robust risk management framework. This framework includes the related department’s team, working rules, and operational tools, covering all types of risks, including financial, strategic, operational, and accidental losses. The primary advantage of ERM is its ability to create a systematic and intentional process for identifying and addressing risks, treating risk management as a structured exercise where liabilities are addressed as part of a comprehensive framework rather than ad-hoc problem-solving. ISO 31000, NIST risk management framework, and COSO ERM framework are widely used frameworks for managing enterprise risks. Implementing a robust enterprise risk management standard has a positive relationship with business performance.

Internal Audit Process in eHealth

Background Internal audit operates within international professional practices established by the Institute of Internal Auditors (IIA). It contains an independent role from the organizational structure and represents the third line of defense in the implemented model of government, risk management, and internal control. Internal audit provides reasonable safety regarding the quality of the processes, including reporting to management about internal control and risk management. Objective Internal control processes and risk management in the scope of the processing of calls and the charging of the outsourcing company. Formulate recommendations for performance improvement in the ambit of health policies. Methods For its fulfilment, this work was based on international norms for professional practice in Internal Audit. The risk management methodology – COSO ERM (Enterprise Risk Management – Integrating with Strategy and Performance) and COSO (Internal Control – Integrated Framework) were also used for the analysis of internal control. Results There were identified two risks of operational nature and internal origin, two risks of a strategic nature related to the market, and three risks of a technological nature. Conclusions The recommendations described in the report are based on the relationship between public and health policies that have gained importance in recent years with the Covid-19 pandemic, since the beginning of 2020, accelerating the digital transition process in Portugal. Contributing to outstanding dissemination of Teleconsultations, technological development and privileging paperless recipes, meeting the guidelines for EU Digitization by 2030. What is already known on this topic? The European Commission sees eHealth as a priority and encourages the creation of a global strategy in the countries of the European Union, with the objective of developing the transformation, the Telehealth Contact Center sorting system has been optimized with the introduction of Artificial Intelligence in the branching of the algorithms and in the conclusion diagnosis. Main contribution to Evidence-Based Practice In the current context, with the growing tendency to health digitalization and the market potential in telehealth, the role of internal audit has been gaining an indispensable position in the success of a company, fomenting quality and rigor in decision making. In this way, internal audit is capable of significatively contributing to risk reduction and the improvement of management quality, converting itself into lucrative processes for the company. Implications for healthcare practice The relation between the diagnosed risks and the improvement recommendations allowed the correlation of internal policies with public health which sustains the sector.

The relationship between a numbers of administrative instructions in implementation the process of reducing employees

Since 1992, KRG-IRAQ has been established to governing the northern region of Iraq (Kurdistan), with small number of employees and moderate governmental administrations. However, with passing of time this statues changed, especially after 2004, as new central Iraqi government great budget effluent for KRG-IRAQ, that drags with itself recruitment of hundreds thousands of officials. Then, in 2014, political conflicts occurred between central government of Iraq and KRG-Iraq and together with terrorist organization of ISIS war and crude oil price depression makes KRG-IRAQ not be able to pay full monthly employee's salary. This research tries to introduce a guideline for government rightsizing through using of three administrative regulations of; (Reduced work week), Job sharing and Early retirement. A quantitative research methodology has been chose to analyze a specimen of governmental high officers' opinion through questionnaire approach to know how these 3 independent variables effects rightsizing as dependent variable. A questionnaire form created after making case study interview and checking both validity and reliability, three hypotheses were been estimated (H1, H2 and H3). Data analyzed after checking the reliability through frequency and correlation (Bivariate analyses method), the results show high significant correlation of all three administration regulation with the possibility of rightsizing implementation for KRG-Iraq's employees. Reference: Andy field. (2005) Discovering statistics using IBM SPSS statistics, fourth edition. 4th edn. London: SAGE Publications. Alchemer (2021) Collecting Personal Information with Surveys Should Be Handled Delicately. [Online]. 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Enterprise risk management and sustainability of banks performance

PurposeThis study investigates firm attributes (namely level of capitalisation, scope of operation, organisational structure, organisational lifecycle, systemic importance and size) affecting the robustness of enterprise risk management (ERM) practice, the extent to which ERM affects the performance of banks and the impact of ERM on the long-term sustainability of banks in Nigeria. This was against the backdrop that the 2012 banking reform was a major regulatory intervention that mainstreamed ERM in the Nigerian banking sector.Design/methodology/approachThe study employed a mixed methodology of content, trend and quantitative analyses. Ex post facto research design was deployed to analyse performance differential of banks, with respect to the implementation of ERM, over a 10-year period (2008–2017). A disclosure checklist developed from the COSO ERM integrated framework was used to assess the robustness of ERM by content-analysing divulgence on risk management in published annual reports. The banking reform periods were dichotomised into pre- (2008–2012) and post- (2013–2017) reform periods. Jonckheere–Terpstra test, independent sample t-test and Mann–Whitney test were applied to analyse a total of 1,036 firm-year observations over the period 2008–2017.FindingsResult shows that bank attributes significantly affecting the robustness of risk management practice are level of capitalisation, scope of operation, systemic importance and size. Performance of banks improved slightly during the post-2012 banking reform period. This suggests that as banks consolidate on the gains of ERM, benefits of the regulatory policy on risk management may be realised in the long run. Result also shows that ERM enhances long-term performance, connoting that effective risk management could serve as a competitive strategy for surviving turbulence that typically characterises the banking sector.Practical implicationsThe emergence of level of capitalisation, scope of operation, systemic importance and size as determinants of ERM provides empirical evidence to support the practice of reviewing the capital requirements for banking business from time to time by regulatory authorities (i.e. recapitalisation policy) as a strategy for managing systemic risk. Top management of banks may consider instituting mechanisms that will ensure risk management is given prominence. A proactive approach must be taken to convert risks to opportunities by banks and other financial institutions, going forward, to cope with the vicissitudes of financial intermediation.Originality/valueThe originality of the study stems from the consideration that it provides some new insights into the impact of ERM on banks long-term sustainability in a developing country. The study also contributes to knowledge by exposing the factors determining the robustness of risk management practice. The study developed a checklist for assessing ERM practice from annual reports and other risk management disclosure documents. The paper also adds to the scarce literature on risk governance and risk management.

Review of Literature on Methodological Approaches of Assessing the Adoption of Enterprise Risk Management Practices

This study intends to examine the previous researches on Enterprise Risk Management (ERM). On examining the previous researches, it is evident that both primary data based (using robust models) and secondary data based (using Dummy variables) approaches adopted by the previous researchers and those are taken into account and have been reviewed in this paper. In here, researchers have identified that most of the recent studies have used robust models in assessing the adoption of ERM practices, while earlier researchers used dummy variables in assessing ERM practices. Here, in some cases, there are some contradictories of results of the studies in two approaches. Based on the recommendations, conclusions of prior research, and the analysis of the available literature, it has been recommended to use robust models like COSO ERM framework, ISO 31000 etc. in case of assessing the adoption of ERM practices in future studies.

COSO ERM Framework as the Basis of Strategic Planning in Islamic Banking

In digital era, every business entities must prepare a competitive strategy to compete with other competitors. Therefore, this study aims to provide management systems that can assist management in creating a competitive advantage. This study will describe the effect of Enterprise Risk Management (ERM) in strategic planning for Islamic banking use COSO ERM Framework approach. This study uses quantitative analysis method with purposive sampling technique on employees of Bank Syariah Mandiri (BSM) branch offices in DKI Jakarta. Descriptive analysis methods and verification analysis used to test hypotheses and structural models with the Smart Partial Least Square (PLS) program version 3.3.7. The results show that the ERM variable has a positive effect on strategy planning at Bank Syariah Mandiri (BSM). Strategic planning in BSM is 72.5% influenced by the risk management carried out by the company. In the strategic planning, management has made risk management report as a basis for analysis of the internal and external company. DOI: https://doi.org/10.26905/jkdp.v25i1.5123

МЕТОДОЛОГІЧНІ АСПЕКТИ ФОРМУВАННЯ СТРАТЕГІЇ ESG ПІДПРИЄМСТВА

The formation of the ESG strategy of corporate-type enterprises depends on the adequate direction of development of corporate social responsibility chosen by enterprises. Global Sustainable Development Goals are the criteria for selecting the most important segments of companies' impact on environmental and social development. At the same time, an adequate system of corporate governance, including corporate controlling, is needed to implement both the strategy and key tasks. First, it is the integration into the organizational and managerial corporate structure of institutional support mechanisms. Second, it integrates the provisions of the ESG strategy into the overall corporate strategy. And of course, the integration of key provisions of the ESG strategy in the operational, investment and financial spheres of operation of enterprises, regardless of their economic activities and organizational and legal forms. The implementation of the provisions of the ESG strategy involves interaction with key stakeholders, or as it is considered stakeholders or groups influencing the company. It is important that each company clearly identifies them, identifies the strength of influence, key interests and features of social corporate communications with key stakeholders. In world practice, there are a number of methodological approaches, methods of identifying stakeholders and determining their impact on the company. The algorithm for developing the ESG strategy is practically no different from others and includes the following stages: diagnosing the state of the company in the field of sustainable development (social responsibility, corporate social responsibility); development of new provisions in the field of sustainable development; implementation of strategic plans for the implementation of sustainable development goals. During the implementation of the ESG strategy, special attention should be paid to corporate risk management. Currently, the most widespread in the world for enterprise risk management is the model COSO ERM (Enterprise Risk Management - enterprise risk management).

Evaluating Blockchain Using COSO

SUMMARYAs companies begin to explore and develop technology solutions based on blockchain and smart contracts, there is a need to understand the impact of blockchain and smart contracts on the assessment of internal controls and enterprise risk. Especially since the distributed ledger and smart contracts blur the system boundaries between trading partners, there is a need to understand whether internal control assessments based on a single company approach is adequate in an integrated and collaborative environment. This paper provides an overview of smart contracts for practitioners and describes the associated risks of engaging in a blockchain consortium. We also list potential questions related to internal controls that may be considered when either engaging in a consortium or executing a smart contract. We then discuss whether current frameworks, specifically the Committee of Sponsoring Organizations' (COSO) integrated and COSO's Enterprise Risk Management (ERM) frameworks, adequately address a collaborative supply chain ecosystem.

Relationship Balanced Scorecard and COSO 2013 Risk Management to Improve Performance: A Case Study on BPR Chandra Mukti Artha Bank

In the 21st century companies, especially in financial institutions (banks) face a complex business environment, full of opportunities, but pitted with risks, where they must make effective business decisions, improve interpersonal relationships, fulfill community obligations with the right strategy and managing risk. To overcome these challenges, companies need management tools that can help companies achieve their goals. In a very simple application, BPR Chandra Mukti Artha applies the Balanced Scorecard (BSC) and COSO Enterprise Risk Management (ERM) framework as a tool to link strategic objectives into the COSO ERM framework. They link high-level corporate strategies determined by top-level management with the daily activities of employees in the organization. Surprisingly, most companies view BSC and COSO ERM as separate and unrelated management initiatives. In this research, I study the feasibility of linking BSC with COSO ERM 2013, a framework for sophisticated risk management, similar to how BSC can be integrated with various business management frameworks and methods. The integration of these two management tools (BSC and COSO ERM Framework) is a natural step in the evolution of bank management to improve bank financial performance.

Why risk management frameworks fail to prevent wrongdoing

PurposeThe purpose of this paper is to consolidate research in whistleblowing, wrongdoing prevention and enterprise risk management (ERM) frameworks with the goal of creating a more comprehensive and effective framework for the prevention of wrongdoings.Design/methodology/approachA gap analysis based on organizational learning theory (OLT) is performed between the research fields of whistleblowing, wrongdoing prevention and ERM to identify enhancements that are needed for effective wrongdoing prevention.FindingsERM is an incomplete framework for wrongdoing prevention which omits the components of prevention and learning. A culture of continuous learning is required to minimize the experience component of learning and maximizing sharing. Storytelling can be used to protect individuals and provide transparency. The stakeholder dimension must be expanded beyond the borders of the legal entity to include all stakeholders. Every stakeholder experiences the climate of wrongdoing prevention differently, and the evaluation of these different perspectives is essential in establishing a culture of prevention. Personal psychological safety is a critical element in empowering stakeholders to discuss and address wrongdoings. Standards established through professional associations enable innovations to diffuse more quickly throughout society than legislation. Standards and standard setting processes that are able to adapt to changes in societal expectations proactively help organizations to independently protect stakeholders. Global standards are needed to overcome incongruences between countries and cultures.Research limitations/implicationsThe effectiveness of a prevention framework is difficult to measure. Declining incidence of wrongdoing within an institution is an incomplete picture. Rare and severe types of wrongdoing, and their prevention throughout society should require a more concerted, centralized approach which could be modeled upon the health system’s national centers for disease prevention. By combining the dimensions of the learning organization questionnaire(Marsick and Watkins, 2003) and Whistleblowing and Wrongdoing statistics, organizations should be able to develop complex KPIs and be able monitor their development over time. Researchers should be able to use the same strategy to confirm the assertions made here will improve the safety and security of all stakeholders.Practical implicationsOrganizations which use ERM frameworks may be unable to effectively prevent wrongdoings and protect stakeholders from the consequences of such wrongdoings. The shortcomings identified here provide specific clear points that organizations can address to be more effective in preventing wrongdoings. Any one of these actions and the scope of their impact within the organization and their environment represent substantial challenges for all stakeholders. Like the ascent of a great mountain, the planning of the each step taken and thorough understanding of the challenges faced along the path to each waypoint are essential to reach the summit and the achieve the objective.Social implicationsThis paper advocates for changes that may take decades or generations to fully accept: inter-organizational sharing; stronger use of guidelines instead of legislation; and enhanced transparency on all organizational levels. The resources required to drive change on this scale are considerable with the private sector and public sectors having unique needs and requiring potentially different approaches.Originality/valueThe novelty lies in the identification of shortcomings in ERM frameworks to effectively prevent wrongdoing, through the integration of OLT, Whistleblowing and Wrongdoing Literature and the COSO Enterprise Risk Management Framework.

Enterprise Risk Management: Benefits and Challenges

In this paper, we have provided the introduction to the Enterprise Risk Management (ERM) process by defining ERM, highlighting key keys of an ERM program in an organization, and discussing the COSO and ISO ERM frameworks. Reasons for ERM implementation by firms are also discussed along with the benefits that the organizations gain by integrating their strategic planning with the ERM process. Financial, infrastructure, reputational, and marketplace related benefits are discussed and shown to be leveraged by the firms that implement an effective ERM practice. The key challenges along with their solutions are discussed in this paper where it is shown that ERM practice must be established and implemented keeping best practices in mind so that any unforeseen failures in the future can be avoided. The paper further highlights the important hallmarks of an effective ERM program where nine major points are discussed that came out from a survey addressing the ERM best practices and features. Finally, a case study of the LEGO company is presented.

Impact of Enterprise Risk Management Practices on Performance of Insurance Companies in Sri Lanka

Enterprise risk management (ERM) has gained an increasing attention among the corporate managers in the recent past as a strategic approach to managing risk. This study empirically verifies whether the adoption of ERM has an impact on firm performance and uses both primary and the secondary data relating to the Sri Lankan insurance companies. 230 executive level employees from 26 Sri Lankan insurance companies have been selected as the sample of this study using stratified random sampling technique and primary data were collected using a structured questionnaire. Return on Assets (ROA) and Tobin’s Q are used as proxies to measure the firm performance and ERM practices have been measured based on the guidelines of COSO ERM framework. Descriptive statistics, Correlation analysis and regression analysis are used to analyze data. Results of the mean testing reveals that three components of COSO ERM framework namely, Internal Environment, Objective setting and Risk Assessment indicate a high level of practice. Further, correlation analysis indicates two independent variables namely, control environment and Information & communication have a significant relationship with ROA. At the same time, two independent variables namely, objective setting and Information & communication have a significant relationship with Tobin’s Q. Hypotheses testing identified that Control activities; Information & communication and monitoring are the most crucial variables which have a positive impact on the performance of the insurance industry. These results indicate that, even though the level of implementation of ERM practices in Sri Lankan insurance industry is moderate / high levels, the other than Control activities, Information & communication and monitoring all other five components are not showing significant impact towards the performance. It implies that the expected value addition from the ERM practices have not been achieved by the Sri Lankan insurance companies yet. Findings of this study contributes methodologically as researcher used robust model to measure ERM practices and the results may be helpful to Insurance companies in Sri Lanka to improve their ERM practices and to adopt efficient strategies to improve firm financial performance through the implementing proper ERM practices.

COSO's Updated Enterprise Risk Management Framework—A Quest For Depth And Clarity

In 2004, COSO published its first comprehensive guidance on enterprise risk management (ERM) ‐ Enterprise Risk Management — Integrated Framework. Then, in June of 2017, COSO released a new, more detailed and complex ERM framework titled Enterprise Risk Management—Integrating with Strategy and Performance. This article examines the relationship between ERM and internal control, and then examines the similarities and differences between the 2004 and 2017 COSO ERM Frameworks. While little is new in the 2017 Framework, its focus on the integration of ERM with strategy‐setting and performance and deeper recognition of the role of governance and culture provides a comprehensive framework and impetus for firms to be intentional about integrating these important concepts.

Finding Common Ground: COSO's Control Frameworks and the Levers of Control

ABSTRACT We examine the extent to which the 2013 COSO Internal Control—Integrated Framework (ICIF) succeeds in the goal to expand its application beyond a compliance framework. We do so by mapping the points of focus in the 2013 ICIF to the principles articulated in the Levers of Control (LOC) framework advocated by Simons (1995). The analysis shows how the revision achieves partial success. This identification of areas in which the frameworks overlap promotes an integrated view of organizational control and aids assessment of the efficacy of a firm's control over its strategic and operational processes. We also examine the extent to which the 2016 COSO Enterprise Risk Management (ERM) Exposure Draft captures non-overlapping areas between the 2013 ICIF and the LOC, and highlight implications for future work in this evolving area.

A Risk Management Framework for Cloud Migration Decision Support

Keywords: risk management framework; risk assessment; cloud migration; security; analytic hierarchy process (AHP); business value

Research on Risk Assessment of International Factoring Financing Business: Illustrated by the Example of Bank A Zhejiang Branch

This thesis studies on the international factoring financing business of Bank A Zhejiang Branch. It reviews the course of concentrated outbreak and responses of risks since 2012, and by taking the examples of two typical risk events, reveals the decision making process of risk control measures and the deficiencies existing in practice, which leads to the predicament of the business. Then it brings up the question of how to do a good job in the risk assessment of international factoring financing business. Based on the case content, this thesis, introduces the eight management elements in the COSO enterprise risk management framework as theoretical basis, analyzing the item identification and risk assessment on the international factoring business matters of Bank A. With the above overall analysis, this thesis proposes to improve risk assessment efficiency by using COSO enterprise management framework and asymmetric theory.

The Impact of Enterprise Risk Management on Firm Performance: Evidence from Malaysia

This study examined the implementation of Enterprise Risk Management (ERM) on firm performance of Public Listed Companies (PLCs) on main market in Bursa Malaysia based on COSO (2004) ERM Integrated Framework. In addition, this study also investigated the moderating role of Board of Directors’ (BODs) monitoring, firm complexity and firm size of the implementation of ERM on firm performance. Questionnaire survey was adopted as the research methodology for this study. Total of 103 questionnaires were successfully collected through mail questionnaire from PLCs. The data was analyzed by using Partial Least Squares and Structural Equation Modeling Tool (Smart-PLS 2.0 M3). Based on the analysis, implementation of ERM was found to have significant influence on firm performance. In addition, monitoring by BODs, firm size and firm complexity were found to significantly influence the relationship between ERM implementation to firm performance. The findings from this study enable organizations to better understand the status of their ERM implementation and assist them in identifying areas of improvement with regards to the processes within each ERM elements. It also contributes to the literature on the importance of good governance within ERM framework in organizations.