Part 2 Section D.1.3. Enterprise Risk Management 統合型リスク管理


a top-down view ⇔ 伝統的RMは、ボトムアップ

ERM and a Portfolio View of Risk

伝統的RMは、silo approach

Just like investments have a portfolio that should be diversified, risks for a company are also a portfolio

Assistance to Organization

  1. Strategy
    • the high level goals and objectives that align closely with its mission
  2. Operations
    • the effective and efficient use of the resources of the company
  3. Reporting
    • the reliability of the reporting that the company does
  4. Compliance
    • insures that the company is in compliance with all relevant laws, rules and regulations, on matter what the source of the requirement (internal or external)

The Management Accountant’s Role in ERM

  1. Assisting in implementing ERM in the finance function
  2. Assisting management in analyzing and qualifying the organization’s risk appetite and risk tolerances for individual segments of the organization
  3. Providing information to management to assist in risk identification
  4. Gathering best practice information on ERM and performing benchmarking studies for use in risk identification
  5. Assisting with quantifying monetary impact and probabilities of individual risks for risk maps
  6. Assisting with identifying and estimating cost and benefits of various risk mitigation strategies
  7. Designing reports to monitor risks and evaluate the effectiveness of risk mitigation actions
  8. Participating in the development of business continuity plans
  9. Advising on risk disclosures required in SEC reports
  10. Helping management understand and manage risk in new innovation, new products, and new strategies

Goals of ERM ERMのゴール

  1. Providing reasonable expectation regarding the achievement of entity’s strategy and business objectives
    • 合理的な期待、戦略と事業目標
  2. Assessing risks continuity and identify the steps to mitigate the risks
    • リスクを軽減する手続き
  3. Identifying allocation of resources to mitigate the risks
    • 資源の配分
  4. Enhancing risk response decisions
    • リスクへの対応に関する判断力
  5. Reducing operational surprises or unexpected losses
    • 業務上の予期せぬ事象、不測の損失の発生
  6. Seizing not only negative events (risks) but positive events (opportunities)
    • マイナスの事象(リスク)、プラスの事象(機会)
  7. Identifying and managing multiple and cross-enterprise risks
    • 多重かつ全社的リスク

Limitations of ERM ERMの限界

  • These limitations may preclude management and a board of directors from having reasonable expectation regarding achievement of the entity’s strategy and business objectives.
    • 合理的期待を得ることができなくなる
  1. Limitations of ERM result from the realities that human judgement in decision making can be faulty. Controls can also be circumvented by collusion of two or more persons and the management could override the ERM processes.
    • 人間の判断ミス、共謀、無視
  2. The ERM may also break down because of a number of reasons including simple errors or mistakes
    • システムダウン
  3. The ERM system cannot be perfect because of cost constrains
    • コストの制約
  4. Moreover, the uncertainty of future events, the complexity of the ERM system, and comprehensive (capabilities) of the employees responsible for its functioning may limit the effectiveness of the ERM system.
    • 不確実性、複雑性、専門能力

What ERM focus on ?

  1. Recognizing culture
    • 文化
  2. Developing capabilities
    • 能力
  3. Applying practices
    • 実務
  4. Integratingwith strategy-setting and performance
    • 戦略策定、パフォーマンス(実行)、統合
  5. Managing risk to strategy and business objectives
    • 戦略、事業目標
  6. Managing risk linked to value
    • 価値