Practical Enterprise Risk Management using the COSO Framework

January 20, 2018 | Author: Anonymous | Category: Science, Health Science, Immunology
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Plan for the Sour Notes: Managing Risk in Academic Advising 2012 NACADA National Conference Dr. Bob Hurt, C.F.E. Professor of Accounting, Cal Poly Pomona Faculty Advising commission chair, 2012 - 2014

Outline 

Importance of risk management

COSO framework

Framework application


Importance of risk management 

Risk comes from not knowing

Successful organizations have

what you're doing. (Warren

learned that the higher the risk,


the more necessary it is to

You can measure opportunity

engage everyone's commitment

with the same yardstick that

and intelligence. (Margaret

measures the risk involved.


They go together. (Earl Nightingale)

Importance of risk management Higher ed is not immune to risk, as shown by the cases summarized on the following


Importance of risk management 

UNC Chapel Hill The university has determined that fraudulent and serious irregularities were found in more than 50 courses from summer 2007 through summer 2009 in the Department of African and Afro-American Studies. In particular, independent study courses with little oversight were singled out as problematic, and forging of faculty signatures has been alleged. The Herald Sun. 26 August 2012.

Importance of risk management 

Inholland College The Inholland College was alleged to have given easy passes to struggling students to boost its income, while former administrators were accused of fiddling expenses, The

Telegraaf newspaper reported. 1 September 2011

Importance of risk management 

California State U San Bernardino [KHP professor] Kinzey is accused of running a methamphetamine-selling operation out of his Highland home.

The Press Enterprise 21 August 2012

Importance of risk management 

Generic risks associated with academic advising 

FERPA violations

Forged signatures

Sexual harassment

COSO framework 

Acronym for the Committee of Sponsoring Organizations of the Treadway Commission on Fraudulent Financial Reporting

( 

Developed a well-accepted model for managing risk called Enterprise Risk Management: Integrated Framework

COSO framework Internal environment Objective setting

Monitoring Enterprise Risk Information & communication


Event identification

Integrated Framework

Control activities

Risk assessment

Risk response

Source: Accounting Information Systems: Basic Concepts and Current Issues (3rd edition) by R. L. Hurt. McGraw-Hill / Irwin, 2013.

Framework application 

Internal environment

Readings, seminars, “brown bag” discussions 

Lack of knowledge regarding conditions for academic probation

Objective setting Minimize the number of students on academic probation for multiple terms

Event identification

Risk assessment High

Framework application 

Risk response  

Reduce Avoid

ERM plan posted on web site

Control activities 

Annual advisor workshops Advising videos

Information & communication

Monitoring  

Annual survey Bi-annual staff retreat

Framework application 

Participants 

Advising administration

Contribute knowledge of frameworks

Communicates project importance 


Auditors / risk management personnel

Legal staff

Connect the dots and bring the advising expertise 

Students Alternative perspectives

Adapted from

Framework application 

Tasks to complete 

Form the team.

Risk response & control activities

Internal environment 

Identify and describe inherent risks.

Determine the likelihood and significance of those risks. Risk assessment

Communicate the plan. Information & communication

Objective setting & event identification 

Develop a sound response to the risks.

Monitor the plan. Monitoring

Conclusion 

Additional questions / comments?

Author contact info Dr. Bob Hurt [email protected] (909) 869-2372

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