Assignment 1: ERM Roadmap
Due Week 3 and worth 125 points
The following material may be useful for the completion of this assignment. You may refer to the documents titled “Embracing Enterprise Risk Management: Practical Approaches for Getting Started” and “Developing Key Risk Indicators to Strengthen Enterprise Risk Management”, located at http://www.coso.org/-ERM.htm.
Imagine you are an Information Technology Manager employed by a business that needs you to develop a plan for an effective Enterprise Risk Management (ERM) program. In the past, ERM has not been a priority for the organization. Failed corporate security audits, data breaches, and recent news stories have convinced the Board of Directors that they must address these weaknesses. As a result, the CEO has tasked you to create a brief overview of ERM and provide recommendations for establishing an effective ERM program that will be used as a basis to address this area moving forward.
Write a three to four (3-4) page paper in which you:
- Summarize the COSO Risk Management Framework and COSO’s ERM process.
- Recommend to management the approach that they need to take to implement an effective ERM program. Include the issues and organizational impact they might encounter if they do not implement an effective ERM program.
- Analyze the methods for establishing key risk indicators (KRIs).
- Suggest the approach that the organization needs to take in order to link the KRIs with the organization’s strategic initiatives.
- Use at least three (3) quality resources in this assignment (in addition to and that support the documents from the COSO Website referenced in this assignment). Note: Wikipedia and similar Websites do not qualify as quality resources.
- Your assignment must follow these formatting requirements:
- Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
- Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
- The specific course learning outcomes associated with this assignment are:
- Describe the COSO enterprise risk management framework.
- Describe the process of performing effective information technology audits and general controls.
- Use technology and information resources to research issues in information technology audit and control.
- Write clearly and concisely about topics related to information technology audit and control using proper writing mechanics and technical style conventions.