Business Services Industry
'Push' and 'pull' in enterprise risk management.(News)
Business Insurance, March, 2006 by Hampton, John J.
Byline: John J. Hampton Everybody knows risks must be managed in an integrated program across the enterprise. Silos do not encourage a broad perspective on risk. Concurrently, members of boards of directors are intrigued by efforts to avoid the debacles of Enron, WorldCom, Tyco and others.
Brokers, accounting firms and risk managers "push'' the idea of enterprise risk management. For the most part, companies have been lukewarm to respond. Contrast ERM efforts with those being taken in the name of "compliance.'' Thanks to the Sarbanes-Oxley Act, the Securities and Exchange Commission and the Basel II Capital Accord, companies are spending a fortune on internal controls and other processes that add only a negligible value to governance, risk management and...
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