Enterprise Risk Management

CHAPTER 22Who Reads What Most Often?: A Survey of Enterprise Risk Management Literature Read by Risk Executives

JOHN R.S. FRASER

Vice President, Internal Audit & Chief Risk Officer, Hydro One Networks Inc.

KAREN SCHOENING-THIESSEN

Senior Research Associate, The Conference Board of Canada

BETTY J. SIMKINS

Williams Companies Professor of Business and Professor of Finance, Oklahoma State University

INTRODUCTION

Enterprise risk management (ERM) is an important discipline that is gaining popularity and recognition, both as a governance best practice and as “just good management.” More and more risk executives in related roles are getting involved or are being assigned the challenging task to implement ERM.

So, what exactly is meant by “enterprise risk management?” Enterprise risk management has been defined by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) as:

“… a process, effected by an entity’s board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.”¹

The first question many beginners ask, as well as those farther down the path, is: “What available research can I read to learn about this methodology or to increase my knowledge base?” There is general consensus that research and learning from others can shorten ...