Enterprise Risk Management

Table of Contents Overview

Enterprise Risk Management (ERM) is a data intensive process
Abstract that measures all of a company's risks. This includes providing
managers with an understanding of the full array of a compa-
Overview ny's risks including financial risks, investment oriented risks,
Putting ERM to Work operations based risks, and market risks, as well as legal and
regulatory risks for all of the locations in which a company
The Push for ERM operates or invests (Peterson, 2006). Risk can also be a result of
political or social conditions in locations where a company has
Applications operations, suppliers, or customers (Woodard, 2005). Risk to a
Implementing ERM company's reputation is also an important aspect and element of
ERM (Ruquet, 2007).
Back to Basics in Information Management
Database Software In each of the risk areas there are two primary types of risks that
companies face:
Information System Development Life Cycle
(ISDLC) • External Risk
Issue: Overcoming the Hurdles • Manufactured Risk
Conclusion External risk is the risk of events that may strike organizations
or individuals unexpectedly (from the outside) but that happen
Terms & Concepts regularly enough and often enough to be generally predict-
able. Manufactured risk is a result of the use of technologies or
Bibliography even business practices that an organization chooses to adopt.
A technological risk is caused or created by technologies that
Suggested Reading can include trains wrecking, bridges falling, and planes crashing
(Giddens, 1999). Business practice risk is caused or created by
actions which the company takes which could include investing,
purchasing, sales, or financing customer purchases.
Abstract
ERM analytical models should encompass both external and
This article examines the development of Enterprise Risk Man- manufactured risks which can be identified through historical
agement (ERM) processes and systems. The types of risks analysis as well as reviews of current operations and exposures
addressed by ERM are explained along with how enterprise ("Expect the Unexpected," 2009). Once identified, risks can
risk analysis can assist boards of directors, corporate manag- be validated through discussions with corporate executives,
ers, investors, and industry analysts. The Integrated Framework operations managers, production managers, and business unit
for ERM of the Committee of Sponsoring Organizations of the executives. In addition to gaining a better understanding of risks
Treadway Commission (COSO) is also reviewed. The processes these discussions can also provide insight into existing mitiga-
and challenges of implementing ERM and information systems tion practices that have been designed to reduce specific risk
to support ERM are examined along with steps that stakeholders (Muzzy, 2008).
can take to address technical and cultural issues. Past experi-
ences in developing and implementing large-scale systems that The data intensity of ERM requires risk managers to obtain
drive organizational change are also reviewed. data from numerous sources, test the integrity and accuracy of

19
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20 Enterprise Risk Management

that data, and to assure that the data is being properly applied In addition to pressure from the investment community, cor-
and interrupted. Assumptions about the models or analytical porations also face new legal requirements that have increased
approaches behind an ERM analysis must also be carefully exam- the interest in ERM. After Enron, WorldCom, Tyco, and other
ined and tested (Cotton, 2009; Vlasenko & Kozlov, 2009). The large business failed, the United States Congress passed the 2002
internal audit department can help validate some of the financial Sarbanes-Oxley Act. Sarbanes-Oxley addressed risks related to
data used in ERM models as well as provide other potentially financial reporting issues. Sections 302 and 404 of the act have
relevant financial information (Gramling & Myers, 2006). spurred considerable interest in ERM. Section 302 mandates dis-
closure controls and procedures so that companies could disclose
The 2008 economic downturn caught many corporate executives developments and risks of the business and section 404 requires
working with analytical models that assumed that the housing an assessment of the effectiveness of internal control over finan-
market would not decline so drastically or on such a widespread cial reporting (Barton, Shenkir & Walker, 2009).
basis (Korolov, 2009). Clearly the assumptions and the analyti-
cal model had not undergone stringent enough testing. However, The United States Securities and Exchange Commission (SEC)
most risk managers had also not previously seen the conver- has also implemented requirements for publicly traded compa-
gence of negative economic trends occur so quickly and across nies to disclose risk factors in section lA of their 10-Ks. The SEC
so many sectors simultaneously (Morgan, 2009). and Public Company Accounting Oversight Board (PCAOB)
also developed Section 404 guidance that supports top-down
Putting ERM to Work risk assessment that holds boards of directors more accountable
The ERM process is designed to enable corporate executives as for oversight of company operations (Stein, 2005; Barton, Shen-
well as investors to quantify and compare risks and to gauge kir & Walker, 2009).
the overall health of a company (Coccia, 2006; Panning, 2006).
Investment advisors, institutional investors, and credit rating In September 2004, the Committee of Sponsoring Organizations
agencies are adding to the pressure for companies to develop of the Treadway Commission (COSO) published its Integrated
ERM systems and disclose their risks (Karlin, 2007). ERM Framework for ERM. The framework identifies four types of
enables top managers of a company to aggregate, prioritize, and objectives for ERM:
effectively manage risks while enabling business-unit managers
to improve decision making in operations and product manage-
• Strategic,
ment (Kocourek & Newfrock, 2006). In managing risks there • Operations,
are several options that corporate executives can take includ-
ing accepting, preventing, mitigating, transferring, sharing, or • Reporting, and
avoiding the risks (Woodard, 2005). • Compliance.
The ERM process can also support strategic planning activities In addition, organizations are charged with examining eight
as well as provide insight into alternative business practices and components for each of the four objectives:
goals (Millage, 2005). One of the biggest challenges in imple-
menting ERM strategies is to make sure that selected analytical
• Internal environment,
methods are appropriate for the type and size of organization to • Objective setting,
which they are being applied (Milligan, 2009). ERM strategies
and models as well as the utilization of ERM analyses will vary • Event identification,
with corporate culture, business goals, and risk management • Risk assessment,
objectives. This means that a one-size-fits-all approach towards
ERM is not likely to be successful (Lenckus, 2006). • Risk response,
• Control activities,
The Push for ERM
Although many companies have used ERM over the last decade, • Information and communication, and
the economic downturn of 2008 showed that some companies • Monitoring (Bowling & Rieger, 2005a, p. 31; Wheeler,
had not done well when it came to managing their risks (Korolov, 2009).
2009; McDonald, 2009). In some of these situations it is entirely
possible that corporate executives were not taking newly devel- A summary as well as detailed information about the COSO
oped models of risk analysis as seriously as they should have framework is available at www.coso.org.
(Lenckus, 2009). However, the attention paid to risk analysis
and the ERM concept is changing as more and more compa- Thus, the stage is set and the pressure is on for organizations to
nies attempt to recover from the downturn and better plan for the use ERM to gain greater insight into company-wide risk. But it
future (Hofmann, 2009). There is also a growing advocacy base may not all be that easy. Even after ERM systems are in place
for using ERM to help manage companies through all phases of the analysis they render must then be applied to the business
business cycles (Van der Stede, 2009) decision making process. Even at that point, it will require an

COPYRIGHT 2014, 2017 Salem Press, A Division of EBSCO Information Services, Inc.
21 Enterprise Risk Management

added dose of knowledge, wisdom, and experience to develop Back to Basics in Information Management
a competitive strategy and support that strategy with rational The fundamental principle behind ERM is that it is designed to
day-to-day business management skills before ERM becomes an take a broad and comprehensive view of risks and focus on the
integral part of a company's success formula. basic causes and effects that can keep companies from achiev-
ing their strategic business goals (Loghry & Veach, 2009). Some
analysts view this as a departure from the past when risk man-
Applications agement was depicted as a fragmented, silo-ridden function in
most organizations (Bowling & Rieger, 2005). However, ERM
Implementing ERM systems of this scope are largely based in information creation
As companies begin to implement ERM processes and systems and analysis and thus the basic rules and processes of informa-
the most important decisions they face is to decide who will tion management apply to ERM systems just as they do to any
be in charge of the ERM processes and systems and where in other information system.
the organization the structure the ERM function will be placed.
Many companies have opted to create a position of chief risk Database Software
officer (Wheeler, 2009). This trend has created new career paths There are four basic steps to business data management:
for those interested in risk management, especially those that are
interested in working in the highest levels of organization man-
• Data creation,
agement (Branham, 2006). • Data storage,
Establishing an effective risk management organizational • Data processing, and
structure also requires that the risk management department or • Data analysis.
director be provided an adequate degree of independence similar
to that of an internal auditor. This includes the ability and the A considerable amount of data is created through every-day
resources to build an ERM information system that can support business processes such as production of items, consumption of
data collection, information-gathering, modeling, and risk analy- supplies or resources, sales of goods or services, and customer
sis (Shan, Xin, Xiaoyan & Junwen, 2009). service activities. The primary tool for processing and managing
such large amounts of data is database software. Database soft-
ERM staff also need to develop a broad knowledge of the com- ware is used in virtually all industries especially those that are
pany in which they work and cultivate relationships with key transaction focused and need to track large quantities of items
players in all parts of the company in order to promote risk or activities. Enterprise storage systems are capable of storing
management (Loghry & Veach, 2009). Once relationships vast amounts of data and modern storage management tools have
are established they must be maintained through continuous, eased many of the problems associated with this task.
meaningful, and understandable communications regarding the
company's risks. ERM staff may also need to develop new skills Complex data analysis, beyond what database software pro-
and will always need to keep their skills and knowledge base vides, has become essential to manage large organizations and
updated through continuing education and training in the risk may be more essential in ERM. This type of data analysis can
analysis and risk management fields (Zaccanti, 2009). be performed with a variety data mining, statistical analysis, and
decision support software packages. This software helps man-
Corporate executives who are responsible for directing risk anal- agers and analysts compile or create statistics on millions of
ysis need to have enough influence in their organization to gain business transactions. These statistics can support business fore-
the attention and respect of other executives (Baker, 2008). The casting and planning efforts as well as ERM analysis.
quality of risk analysis and the sophistication or risk inventories
and projections may help to persuade corporate executives that Data analysis software has evolved over the last 60 years.
there is value to the ERM processes, systems, and staff (Johnson For decades most such software was rather cumbersome and
& Swanson, 2007). required custom programming. In the 1970s decision sup-
port systems (DSS) were introduced that provided assistance
ERM staff also need tools to help them crunch through the vast for specific decision-making tasks. While DSSs can be devel-
amounts of data that can be used to support risk analyses. The oped for and used by personnel throughout the organization,
marketplace for applications software programs is beginning to they are most commonly employed by line staff, middle level
emerge and ERM staff are faced with selecting from tools that managers, and functional area specialists. Among the latest
may have had little actual real world use (Lenckus, 2006; Rama- developments are expert systems, which capture the expertise
moorti & Weidenmier, 2006). Tools and people cost money and of highly trained, experienced professionals in specific prob-
if ERM programs are not adequately funded results are likely to lem domains.
be anemic at best (Panning, 2006).

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22 Enterprise Risk Management

In the 1990s executive information systems (EIS) or executive ment and years can pass before any real benefits are derived from
support systems (ESS) were being developed in large organiza- the expenditure of time and money (Chase-Jenkins & Shimpi,
tions. At first these systems were cumbersome and most were 2006).
stand alone systems requiring time consuming data entry pro-
cesses. As expected, the technology for EIS has evolved rapidly, When looking at ERM from the inside, such an evolutionary pro-
and new systems are more integrated with other applications cess can be appreciated. However, when looking at ERM from
like the DDS or Enterprise Resource Planning (ERP) systems the outside, the evolutionary process may be viewed as a lack of
(Watson, Rainer & Koh, 1991). maturity and easily become a reason for skepticism and mistrust
by corporate executives (McDonald, 2008; Schanfield, 2008).
Information System Development Life Cycle (ISDLC) Adding to the turmoil is that many of the risk analysis software
Regardless if the ERM team is going to use off-the-shelf prod- tools that have come to market during the last few years are in
ucts such as DSSs or an EIS or develop their own in-house their infancy and many risk analysts remain skeptical about the
applications, they still need to apply the Information System usability and reliability of the tools (Downes, 2006; Leopoulos,
Development Life Cycle (ISDLC) model to implementation. The Kirytopoulos & Malandrakis, 2006).
traditional and well established approach to the ISDLC is that a
development project has to undergo a series of phases where the There are many nuts and bolts to implementing an ERM infor-
completion of each is a prerequisite to the commencement of the mation system especially when it comes to obtaining the data
next and where each phase consists of a related group of steps. required for risk analysis. In many companies silos of data and
The general scheme for the ISDLC is similar almost everywhere. information have evolved in various business units. Some of
It typically contains four major phases consisting of several steps these business units may have been acquired and never fully
each: integrated into a company's overall data infrastructure. In other
cases distance from headquarters or levels of contribution to the
• Definition Phase: consisting of preliminary analysis, fea- overall revenue of a corperation may have resulted in a lack of
sibility study, information analysis, and system design.
attention about the quality and quantity of data a business unit
• Construction Phase: consisting of programming, devel- may possess (Hershman, 2007). In many cases it is likely that
opment of procedures, unit testing, quality control, and data policies and the development of centralized data controls
documentation. have just not matured (Bryce, 2007).
• Implementation Phase: consisting of user training, con- Another common data and information management scenario
version of old systems to new systems, thorough field is that data control, and thus data management, is much more
testing, and then a move to full operations. important in some parts of a corporation than it is in other parts.
• Maintenance Phase: after the system is full operation In a diversified business environment, for example, some busi-
updates are made to assure continued operations as ness activities may be regulated and have external reporting or
new equipment or upgrades to operating systems occur. control requirements (Psica, 2008). Thus those responsible for
Enhancements to the system can also be made to meet implementing ERM information systems need to understand
changing user requirements. how a company's history, culture, and business sector involve-
ment may impact the existence, management, and availability of
Effective management of information systems requirements data that is needed for risk analysis (Wu, 2004).
analysis, and thus the design of appropriate systems, is critical
to the success of an ERM systems project. Systems development The problems ERM practitioners may face when it comes to
methodologies must be selected and applied based on require- identifying, collecting, cleansing, and analyzing data may be
ments and goals stated by staff who will ultimately use the frustrating to them but the problems are not new to the realm
system (Avison & Taylor, 1997). ERM practitioners can benefit of information management. Often adding to this frustration is
from these basic information systems practices and should look a lack of guidance on how to create an information infrastruc-
to traditional development procedures and processes instead of ture to accomplish their goals. ERM practitioners also face the
going it alone and trying to reinvent the world of information challenge of dealing with cultural, organizational, and political
management. obstacles to data transformation efforts that seem to be almost
universal in organizations of all types (Fraser, Schoening-Thies-
Issue: Overcoming the Hurdles sen & Simkins, 2008).
The last several years have been a rocky road for many ERM
programs and many have been viewed as failures in their early ERM information systems are facing the same hurdles as other
stages. When ERM programs are driven by individuals, single systems that have required changes in procedures, processes,
divisions or business units, or function as silos they do not have or culture, There are many lessons to be learned from the past
the ability to bridge with other parts of the company and become implementation of other large systems. Above all, patience
integrated into the management process. In addition, ERM has and persistence are keys to the process of implementation. The
often been viewed as a costly program that takes years to imple- people that have worked on prior large implementations and who

COPYRIGHT 2014, 2017 Salem Press, A Division of EBSCO Information Services, Inc.
23 Enterprise Risk Management

have led change in their organizations in the past may very well To some extent ERM is a cultural shift (Coccia, 2005). But the
be among those that can help ease the way for the development near-term goal is to move executives and boards of directors to
or acquisition and the launch of new information systems to sup- the point where they are convinced that they need ongoing anal-
port ERM. yses of current and future risks (Dickhart, 2008). Beyond that,
the long-term goal is the development and perpetuation of a risk
management culture (Jones, Santori & Ingram, 2006). ERM staff
Conclusion should recognize that resistance to change in business practices
has occurred in the past and it is likely that it will occur in the
Over the last decade there have been several corporate financial future (Ballou & Heitger, 2005; Hampton, 2006).
scandals which were followed shortly thereafter by a widespread
economic downturn that many believe resulted from inaccurate The responsibility for risk management, the methods of analyz-
forecasting and inadequate risk management. As the age of cor- ing and managing risk, and the information systems to support
porate social responsibility dawns elected officials, regulators, risk management are all undergoing a radical change. ERM is
and individual citizens all feel a sense of rage, partially because rapidly emerging but in many places it still flounders in need of
many people that were in trusted positions did not follow their both leadership and tools. The complexity of ERM has shocked
long-standing professional codes of conduct to guide their ethics many boards of directors, corporate managers, and industry
and their behavior. analysts. The responsibility for ERM is overwhelming for some
and the complexity, detail, and expense is overwhelming for
Elected officials responded by passing new laws, many regula- others. ERM is not a quick fix. It is a change that will take time
tors remain unspoken about their actions or inaction, and citizens and results will only be accomplished over the long term. To
voiced their opinions at the polling place and in the marketplace achieve the promise of ERM will require patience and persis-
bringing political change and drastic declines in consumer tence.
spending. The professional organizations, which set the codes
of ethics for the trusted, also responded by supporting a change,
in fact almost a revolution in how risk will be managed in the Terms & Concepts
business arena.
Data Analysis: The process of extracting or compiling data from
ERM as a discipline is evolving as tools improve, best prac- business data management systems that can help guide managers
tices are developed, and staff gain more experience (Zaccanti, in making decisions or planning strategies.
2009). It is now widely accepted that thorough risk manage-
ment analysis combines the best of quantitative and qualitative Decision Support Systems (DSS): Applications software pack-
methods and models. Among other things, this approach allows ages designed to provide assistance for specific decision-making
analysts to develop and test scenarios that can address specific tasks. While DSSs can be developed for and used by personnel
concerns and test specific assumptions. However, these methods throughout an organization and middle and lower managers most
only work when the company culture encourages alternative commonly employ them.
perspectives to management assumptions and prevailing stra-
tegic thinking (Rudolph, 2009). To maintain momentum ERM Enterprise Resource Planning (ERP) Systems: An integrated set
staff and corporate executives need a common view of the state of software applications that support an array of business activi-
of ERM as well as a common language to discuss risks. This ties including accounting, finance, human resource management,
means ERM terms must be defined and concepts explained and logistics, inventory control, manufacturing, marketing, planning,
illustrated as the processes and systems evolve ("How Do We service and maintenance, and transportation.
Broaden…," 2008).
Executive Information Systems (EIS): Applications software
Winning over corporate executives may require continuous packages designed to provide assistance for executives in
communication of examples of the cost of risk management making high-level management decisions.
failures as well as the potential returns from managing business
opportunities in manners that reduce risk but still enable success External Risk: The risk of events that may strike individuals
(Baker, 2008). Corporate executives need to be shown that ERM unexpectedly (from the outside, as it were) but that happen regu-
investments are worthwhile and they need to be shown in ways larly enough and often enough in a whole population of people
that they understand and which they can relate (Panning, 2006). to be broadly predictable, and so insurable.
However, communication is not an end in of itself. To maximize
the benefits gained from ERM risk analysis should be embedded Information System Development Life Cycle (ISDLC): The
into the strategic planning process and hold a firm place along multi step structured process in which an information system is
with market share and profitability analysis (Paladino, 2008). developed and maintained.

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24 Enterprise Risk Management

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Premier. http://search.ebscohost.com/login.aspx?direct=tru Business Insurance, 40(19), 15-18. Retrieved July 30,
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Hofmann, M. (2009). Interest in enterprise risk management e&db=buh&AN=20876684&site=ehost-live
is growing. Business Insurance, 43(18), 14-16. Retrieved
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Source Premier. http://search.ebscohost.com/login.aspx?di to winning over management. Business Insurance, 43(20),
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e&db=buh&AN=35905103&site=ehost-live Risk management for SMEs: Tools to use and how.
Production Planning & Control, 17(3), 322-332. Retrieved
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method for managing legal risk. Management Accounting Source Premier http://search.ebscohost.com/login.aspx?dir
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N=30046154&site=ehost-live (cover story). Professional Safety, 54(2), 31-35. Retrieved
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26 Enterprise Risk Management

McDonald, C. (2008). Insurer ERM falling short, survey Perera, H., & Costa, W. (2008). Analytic hierarchy process for
finds. National Underwriter/ Property & Casualty Risk selection of ERP software for manufacturing companies.
& Benefits Management, 112(32), 28. Retrieved July 29, Vision (09722629), 12(4), 1-11. Retrieved August 4, 2009,
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McDonald, C. (2009). Will ERM survive the economic melt- Peterson, J. (2006). Ready for ERM. (Cover Story). ABA
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Psica, A. (2008). The right fit auditing ERM frameworks.
Millage, A. (2005). ERM still in its infancy. Internal Auditor, Internal Auditor, 65(2), 50-56. Retrieved July 29, 2009,
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host.com/login.aspx?direct=true&db=buh&AN=18520854 uh&AN=31639592&site=ehost-live
&site=ehost-live
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uh&AN=41037778&site=ehost-live ost-live

Morgan, J. (2009, May 7). Firms adjust to new world of risk. Rudolph, M. (2009). Do firms need a chief skeptical offi-
Investment Management Weekly, Retrieved July 29, 2009, cer? National Underwriter / Property & Casualty Risk
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uh&AN=40730215&site=ehost-live Premier. http://search.ebscohost.com/login.aspx?direct=tru
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Muzzy, L. (2008). Approaching Enterprise Risk Management.
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perilous markets. (Cover Story). Strategic Finance, 90(5),
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27 Enterprise Risk Management

4, 2009, from EBSCO online database, Academic Search Suggested Reading

Complete. http://search.ebscohost.com/login.aspx?direct=t
rue&db=a9h&AN=15277720&site=ehost-live Barlas, S., Shillam, P., & Williams, K. (2006). Companies still
struggle with enterprise risk. Strategic Finance, 88(2), 25.
Stein, R. (2005). ERM: An indispensable tool. Best's Review, Retrieved July 30, 2009, from EBSCO online database,
106(6), 76. Retrieved July 30, 2009, from EBSCO online Business Source Premier. http://search.ebscohost.com/
database, Business Source Premier. http://search.ebsco- login.aspx?direct=true&db=buh&AN=21722426&site=eh
host.com/login.aspx?direct=true&db=buh&AN=18534036 ost-live
&site=ehost-live
Beasley, M., Pagach, D., & Warr, R. (2008). Information
Van der Stede, W. (2009). Enterprise governance: Risk and conveyed in hiring announcements of senior executives
performance management through the business cycle. overseeing enterprise-wide risk management processes.
CMA Management, 83(3), 24-27. Retrieved July 29, 2009, Journal of Accounting, Auditing & Finance, 23(3), 311-
from EBSCO online database, Business Source Premier. 332. Retrieved August 3, 2009, from EBSCO online data-
http://search.ebscohost.com/login.aspx?direct=true&db=b base, Business Source Premier. http://search.ebscohost.
uh&AN=40208368&site=ehost-live com/login.aspx?direct=true&db=buh&AN=33064755&sit
e=ehost-live
Vlasenko, O., & Kozlov, S. (2009). Choosing the risk curve
type. Technological & Economic Development of Bradford, M. (2009). Managing the full spectrum of corpo-
Economy, 15(2), 341-351. Retrieved July 29, 2009 from rate risk. Business Insurance, 43(20), 11. Retrieved July
EBSCO online database, Business Source Premier http:// 29, 2009, from EBSCO online database, Business Source
search.ebscohost.com/login.aspx?direct=true&db=buh&A Premier. http://search.ebscohost.com/login.aspx?direct=tru
N=43181065&site=ehost-live e&db=buh&AN=41880293&site=ehost-live

Watson, H., Rainer Jr., R., & Koh, C. (1991). Executive infor- Burnes, G. (2008). TOP 10 Enterprise Risk Management
mation systems: A framework for development and a MYTHS. Financial Executive, 24(4), 56-58. Retrieved
survey of current practices. MIS Quarterly, 15(1), 13. July 29, 2009, from EBSCO online database, Business
Retrieved August 4, 2009, from EBSCO online database, Source Premier. http://search.ebscohost.com/login.aspx?di
Academic Search Premier. http://search.ebscohost.com/ rect=true&db=buh&AN=31896904&site=ehost-live
login.aspx?direct=true&db=aph&AN=9604086246&site=
ehost-live Cameron, M., & Bergentoft, N. (2009). Industry trends in
treasury software. Financial Executive, 25(1), 62-63.
Wheeler, J. (2009). The rise of the Chief Risk Officer. Internal Retrieved July 29, 2009, from EBSCO online database,
Auditor, 65(3), 55-57. Retrieved July 29, 2009, from Business Source Premier. http://search.ebscohost.com/
EBSCO online database, Business Source Premier. http:// login.aspx?direct=true&db=buh&AN=36219784&site=eh
search.ebscohost.com/login.aspx?direct=true&db=buh&A ost-live
N=41566021&site=ehost-live
Ceniceros, R. (2007). Team weighing environmental impact
Woodard, M. (2005). Measuring the payoffs of strategic risk more often includes risk managers. Business Insurance,
management. CMA Management, 79(7), 30-35. Retrieved 41(49), 18-20. Retrieved July 29, 2009, from EBSCO
July 30, 2009, from EBSCO online database, Business online database, Business Source Premier. http://search.
Source Premier. http://search.ebscohost.com/login.aspx?di ebscohost.com/login.aspx?direct=true&db=buh&AN=280
rect=true&db=buh&AN=19666922&site=ehost-live 44502&site=ehost-live

Wu, J. (2004). The information repository. DM Review, 14(9), Cox Jr., L. (2008). What's wrong with risk matrices? Risk
74-77. Retrieved August 3, 2009, from EBSCO online Analysis: An International Journal, 28(2), 497-512.
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host.com/login.aspx?direct=true&db=buh&AN=14532935 Business Source Complete http://search.ebscohost.com/
&site=ehost-live login.aspx?direct=true&db=buh&AN=31683028&site=eh
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Zaccanti, B. (2009). ERM bolsters evolution of insurance
RM. National Underwriter / Property & Casualty Risk Csiszar, E. (2008). Managing risk and uncertainty. Business
& Benefits Management, 113(15), 29-35. Retrieved July & Economic Review, 55(1), 3-7. Retrieved July 29, 2009,
29, 2009, from EBSCO online database, Business Source from EBSCO online database, Business Source Premier.
Premier. http://search.ebscohost.com/login.aspx?direct=tru http://search.ebscohost.com/login.aspx?direct=true&db=b
e&db=buh&AN=40085726&site=ehost-live uh&AN=34773986&site=ehost-live

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28 Enterprise Risk Management

De La Rosa, S. (2005). ERM-based audit reports. Internal http://search.ebscohost.com/login.aspx?direct=true&db=a

Auditor, 62(6), 73-75. Retrieved July 30, 2009, from 9h&AN=39755484&site=ehost-live
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Essay by Michael Erbschloe, M.A.

Michael Erbschloe is an information technology consultant, educator, and author. He has taught graduate level courses and developed
technology-related curriculum for several universities and speaks at conferences and industry events around the world. Michael holds a
Masters Degree in Sociology from Kent State University. He has authored hundreds of articles and several books on technology.

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