Safety spec: VSP, the largest provider of eyecare benefits in the US, was one of the first companies to try out a newly developed approach to enterprise risk management. Its CFO, Patricia Cochran, explains how the new framework has suited her firm.(Vision Service Plan )

Financial Management (Chartered Institude of Management Accountants), November, 2006 by Cochran, Patricia

Managing enterprise risk is a vital task that begins with the board of directors and extends across the whole organisation--and doing it effectively is a universal challenge. The Committee of Sponsoring Organisations of the Treadway Commission (Coso), a private-sector initiative dedicated to improving the quality of corporate governance in the US, concluded that there was a need for a recognised enterprise risk management framework, so two years ago it went and designed one. From defining the risk appetite of the organisation to identifying potential events that may affect it, the framework that Coso developed provides a reasonable assurance that any enterprise using it will achieve its objectives.

My company, Vision Service Plan (VSP), a California-based...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.