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MAXments on Management Accounting
ENTERPRISE RISK AND CONTROL
TITLE
ENTERPRISE RISK MANAGEMENT: TOOLS AND TECHNIQUES FOR EFFECTIVE IMPLEMENTATION
CREDITS
IMA®would like to acknowledge the work of William G. Shenkir, Ph.D., CPA, and Paul L. Walker, Ph.D., CPA, both of the McIntire School of Commerce, University of Virginia, who were the authors of this SMA. Thanks also go to Tim Leech of Paisley Consulting and COSO board member Jeff Thomson of IMA who served as reviewers and Raef Lawson, Ph.D., CMA, CPA, of IMA who serves as series editor.
Published by Institute of Management Accountants 10 Paragon Drive Montvale, NJ 07645-1760 www.imanet.org
Copyright © 2007 by Institute of Management Accountants All rights reserved
Statements on Management Accounting
ENTERPRISE RISK AND CONTROL
Enterprise Risk Management: Tools and Techniques for Effective Implementation
TABLE OF CONTENTS
I. II. III. IV. Executive Summary . . . . . . . . . . . . . . . . 1 Introduction . . . . . . . . . . . . . . . . . . . . . 1 Scope . . . . . . . . . . . . . . . . . . . . . . . . . .2 Risk Identification Techniques . . . . . . . . .3 Brainstorming . . . . . . . . . . . . . . . . . . . . .4 Event Inventories and Loss Event Data . . .5 Interviews and Self-Assessment . . . . . . . .6 Facilitated Workshops . . . . . . . . . . . . . . .7 SWOT Analysis . . . . . . . . . . . . . . . . . . . .7 Risk Questionnaires and Risk Surveys . . .8 Scenario Analysis . . . . . . . . . . . . . . . . . .8 Using Technology . . . . . . . . . . . . . . . . . .9 Other Techniques . . . . . . . . . . . . . . . . . .9 V. Analysis of Risk by Drivers . . . . . . . . . . .10 VI. Risk Assessment Tools . . . . . . . . . . . . .11 Categories . . . . . . . . . . . . . . . . . . . . . .12 Qualitative vs. Quantitative . . . . . . . . . .12 Risk Rankings . . . . . . . . . . . . . . . . . . . .13 Impact and Probability . . . . . . . . . . . . . .13 Keys to Risk Maps . . . . . . . . . . . . . . . .14 Link to...