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How to Get Started with Enterprise Risk Management
Enterprise Risk Management is a practice that has been around for decades, tracing its roots all the way back to the early 1970s. It garnered much attention in the early 2000s when the New York Stock Exchange required all of its listed companies to mandate their Audit Committees to “discuss policies with respect to risk assessment and management” and stated that “it is the job of the CEO and senior management to assess and manage the company’s exposure to risk.” Since then, many risk management frameworks and standards have been published, including COSO’s Enterprise Risk Management – Integrated Framework in 2004 and ISO 3100 Principles and Guidelines on the Implementation of Risk Management in 2009. In light of these recent developments and the global economic environment, more companies are focused on implementing and further developing their risk management programs than ever. In the PricewaterhouseCoopers 13th Annual Global CEO Survey, published in January 2010, 82% of CEOs stated that they were making some changes or major changes to their approach for managing risk.