EconPapers    
Economics at your fingertips  
 

ERM and strategic planning: a change in paradigm

Elizabeth M. Pierce () and James Goldstein
Additional contact information
Elizabeth M. Pierce: Saginaw Valley State University
James Goldstein: Canisius College

International Journal of Disclosure and Governance, 2018, vol. 15, issue 1, 51-59

Abstract: Abstract In 2014, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) announced that they would embark on the revision of their Enterprise Risk Management—Integrated Framework (2004). After 2 years of deliberations and a 6-month evaluation period, COSO has finally released its Enterprise Risk Management: Integrating Strategy and Performance on September 6, 2017. One of the primary issues that arose after the release of the original Framework was the awareness that organizations have failed to adopt an integrated treatment of Enterprise Risk Management (ERM) and strategic planning, termed Strategic Risk Management (SRM). This is especially troubling as the benefits of SRM have been recognized by academics, practitioners, and regulators. The new Framework takes significant steps to promote a mind shift, or paradigm change, to a more integrative approach to ERM and strategic planning. Pierce and Goldstein, in their previous work (in: 14th global conference on business and economics, Oxford, UK, 1–2 October, 2016), highlighted language and diagrams in the original Framework that may have led to the siloed treatment of both processes. In this paper, we examine changes in the new Framework to determine whether they sufficiently address these changes in order to move organizations more toward Strategic Risk Management.

Keywords: Enterprise Risk Management; Strategic Risk Management; Paradigm shift; Internal audit; Risk managers; COSO (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://link.springer.com/10.1057/s41310-018-0033-3 Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:ijodag:v:15:y:2018:i:1:d:10.1057_s41310-018-0033-3

Ordering information: This journal article can be ordered from
https://www.palgrave.com/gp/journal/41310

Access Statistics for this article

International Journal of Disclosure and Governance is currently edited by Michael Alles

More articles in International Journal of Disclosure and Governance from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla ().

 
Page updated 2020-01-08
Handle: RePEc:pal:ijodag:v:15:y:2018:i:1:d:10.1057_s41310-018-0033-3