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ERM Roundtables
Fall 2007 series - Save These Dates!
Friday, September 28
Friday, November 2
Friday, December 7
ENTERPRISE RISK MANAGEMENT FUNDAMENTALS: |
North Carolina State University and DePaul University STRATEGIC RISK MANAGEMENT WORKSHOP:
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“Top 100 Finance and Risk Executives” Includes ERM Advisory Board Members
Three members of the ERM Initiative’s Advisory Board are included in the list of “100 Most Influential People in Finance” noted in the June 2007 issue of Treasury & Risk magazine. Larry Rittenberg, COSO Chair and Professor at the University of Wisconsin, Prodyot Samanta, Standard & Poors, and Spencer Schwartz, MasterCard International, are recognized as leaders who will be leaving their mark over the next five years on how companies face their biggest challenges in finance, setting global standards and exploring new frontiers. The list also includes Amy Brinkley, Chief Risk Officer, Bank of America. Ms. Brinkley and Bank of America are huge supporters of the ERM Initiative at NC State.
Download the report [pdf]
News & Observer Features ERM Initiative
The ERM Initiative has been highlighted in an article in the May 10, 2007 Business Section of The News & Observer.
Read the article [pdf]
ERM Initiative Faculty Fellows Receive Four Grant Awards
The ERM Initiative is pleased to announce that several ERM Initiative Faculty Fellows are the recipients of the following four grant awards:
GARP Risk Management Research Program – 2007 Research Grant
Don Pagach (Accounting) and Richard Warr (Finance) are the recipients of a Global Association of Risk Professionals (GARP) 2007 Research Program Grant Award for their research proposal, “Firm Performance and the Implementation of Enterprise Risk Management Processes.” This project is one of six proposals awarded by GARP from a pool of projects submitted from academics from thirteen countries and 29 universities. Pagach and Warr are among a prestigious group of other recipients at universities including Harvard, Wharton, Ohio State, Stanford, Chicago, among others.
IBM Center for the Business of Government – 2007 Research Grant
Mark Beasley, Bruce Branson, Bonnie Hancock, and Roby Sawyers are the recipients of a 2007 IBM Center for the Business of Government Award for their research proposal, “An Assessment of Enterprise Risk Management Practices in State and Local Governments.” This study will provide a current snapshot of the state of ERM deployments within U.S. state and local governments. IBM’s center for the Business of Government funds research to examine new approaches to improving the effectiveness of government at all levels. Since its formation in 1998, the Center has funded over 250 scholars and issued more than 150 reports and books.
AICPA & AAA Management Accounting Section – 2007 Research Grant
The American Institute of Certified Public Accountants and the American Accounting Association’s Management Accounting Section awarded NC State’s ERM Initiative one of three research grants to study “Enterprise Risk Management: Critical Success Factors in the Value Creation Process.” The proposed research endeavors to learn more about the ERM adoption decision made by firms operating outside the industries for which regulatory pressure has already created significant need for ERM development. For companies outside these industries, there exists much more significant variation in the extent of ERM adoption and the opportunity to examine ERM programs at various states of deployment. This study will examine factors that lead to ERM implementations that preserve and enhance value.
Office of Extension and Engagement – 2007 Extension Grants
NC State’s Office of Extension and Engagement has awarded the ERM Initiative’s proposal request to provide seed funding to develop workshop materials for a proposed “ERM Workshop: Applications for Small to Medium-Sized Enterprises.” The course will be targeted particularly to boards of directors and senior executives of North Carolina enterprises.
ERM Faculty Receive ERM Research Award
Three NC State Enterprise Risk Management Initiative Faculty Fellows – Mark Beasley, Don Pagach, and Richard Warr – are the 2007 recipients of the ERM Research Excellence Award, presented by The Actuarial Foundation. This award recognizes contributions to the growing body of ERM knowledge and research through their working paper, “Information Conveyed in Hiring Announcements of Senior Executives Overseeing Enterprise-Wide Risk Management Processes,” which examines stock market reactions to company announcements of Chief Risk Officers. The award was presented at the 2007 Enterprise Risk Management Symposium hosted in Chicago, Illinois on March 30, 2007.
ERM Initiative's New Advisory Board Holds Inaugural Meeting
Twenty-five professionals who are champions of enterprise risk management within their organizations met on March 23, 2007 for the first time as the new advisory board for the college's Enterprise Risk Management Initiative.
ERM Initiative Roundtable Series
The Spring 2007 ERM Roundtable series concluded on April 27, 2007 featuring Chris Hess, Internal Revenue Service, and Marc Jarsulic, Securities and Exchange Commission, who spoke to an audience of over 200 business professionals at Exploris Museum, Raleigh. The April 2007 ERM Roundtable was the 25th in a series of Roundtables hosted by the ERM Initiative since February 2004. The Fall 2007 series will be held September 28, November 2, and December 7.
Read summaries of prior roundtables
ERM Fundamentals One-Day Workshop
The ERM Initiative hosted a one-day ERM Fundamentals Workshop on May 9, 2007 with 57 business professionals participants. This Executive Education workshop provided an overview of the key foundational components of effective enterprise risk management, including discussion of the integration of enterprise risk management in strategic planning, techniques for establishing risk appetite, processes used for risk identification and assessment, and examples of risk dashboards. Feedback from participants was extremely positive, with almost all indicating they would recommend the workshop to others. One participant noted “Need this workshop again soon for others in the organization to attend.” Make plans to attend the next ERM Fundamentals One-Day Workshop on Thursday, September 20, 2007, Exploris Museum, Raleigh, NC.
ERM Initiative Conducts Board of Director Training
The ERM Initiative and the North Carolina State Banking Commission have partnered to host the Commission’s Advanced Directors College for individuals serving on the board of directors of North Carolina state-chartered banks. The ERM Initiative conducted this eight-hour course September 21-22, 2006 and April 26-27, 2007 to approximately 70 director attendees. The eight-hour course features topics related to an overview of ERM best practices and the responsibilities of boards for risk oversight, audit committee processes for overseeing financial reporting, and the board’s role in assessing organizational culture. On October 25-26, 2007, the ERM Initiative will host the Fall 2007 Advanced Directors College that will focus on “Strategy and M&A: Managing Risks to Achieve Optimal Results. Attendance is by invitation only for bank directors.
Read the tentative agenda [MS Word]
Webinar on ERM: Growing Expectations for Executives and Boards
Mark Beasley, ERM Initiative Director, was the featured speaker on a May 3, 2007 Webinar titled “Enterprise Risk Management: Growing Expectations for Executives and Boards,” hosted by Comliance 360 Inc. This webinar focused on the current state of ERM, external drivers and trends in board and executive oversight of risks, critical success factors for sustaining ERM, and the benefits of successful ERM efforts.
View an archived version of the webinar
Hancock Speaks at AGA Conference
Bonnie Hancock, ERM Initiative Executive Director, was a featured speaker at the North Carolina Chapter of the Association of Government Accountants (AGA) spring 2007 conference May 18, 2007 in downtown Raleigh. Hancock provided an overview of the emerging practices related to enterprise risk management, including the integration of ERM in strategic planning and corporate governance.
ERM for Federal Agencies
Mark Beasley, ERM Initiative Director, was the key-note speaker at the Government Results Center’s Government Enterprises Integrators Group (GEIG) workshop on May 21, 2007 in Washington, DC. The workshop titled, Enterprise Risk Management: Implications for the Public Sector, was held at the United States Department of Agriculture. Beasley provided an overview of key ERM concepts and implications for federal agencies. He was followed by two federal agency speakers: Chris Hess (IRS) and Karen Hardy (National Institute of Health). Beasley is a part of the GEIG’s ERM working group that is focused on developing ERM thought-leadership for the federal sector.
Beasley Participates in Corporate Governance Webcast
Mark Beasley, ERM Initiative Director, was one of four scheduled speakers on a February 6, 2007 webcast titled, “Making Corporate Governance Part of Your Audit Plan.” This webcast focused on strengthening the role of corporate governance, particularly risk oversight by boards and their audit committee, and highlighted practical implementation techniques that internal audit leaders use to strengthen risk information and oversight for the board. Beasley was joined by Doug Anderson, Director of Corporate Auditing at Dow Chemical Company, Steve Wagner, Director of the Center for Corporate Governance at Deloitte & Touche, LLP, and Scott Mitchell, President and Chief Executive Officer at Open Compliance and Ethics Group.
View and archived version of the webcast
Beasley Speaks at World Congress of Accounting, Istanbul, Turkey
The 17th World Congress of Accountants, held in Istanbul, Turkey on November 13-16, 2006, is the foremost international event for the global accountancy profession. The World Congres is held once every four years, attracting the leadership of the international accounting profession. Mark Beasley, Professor of Accounting and Director of NC State’s ERM Initiative, served as one of the featured speakers at the conference estimated to attract over 5000 delegates. His presentation titled, “Enterprise Risk Management: An Overview,” highlighted emerging best practices surrounding enterprise-wide approaches to overall risk management.
Read more about the conference at http://www.wcoa2006istanbul.org.tr/
Atlanta Federal Reserve Hosts Mark Beasley
Mark Beasley, Director of the ERM Initiative, spoke to members of the audit committee and internal auditors of the Federal Reserve in Atlanta, Georgia on November 9, 2006. His presentation titled, "Exceeding Expectations for Corporate Governance: A Value Enhancing Opportunity for Internal Audit," will focus on ways internal audit can assist audit committees in boards in overseeing enterprise-wide risks and controls.
University of Ottawa and the Canadian General Accountants Conference
The Canadian Certified General Accountants Association (CGA) and the University of Ottawa’s Accounting Research Centre hosted its 15th Annual Conference on October 20, 2006 in Ottawa, Ontario. Mark Beasley, Director of the ERM Initiative, served as one of the plenary speakers. His presentation titled, “Improving Corporate Governance by Taking an Enterprise View of Risks,” focused on the growing expectations for holistic, enterprise-wide approaches to risk oversight. Joining Beasley as plenary speakers were Charles-Antoine St-Jean, Comptroller General of Canada and Treasury Board of Canada Secretariat, and Gordon Thiessen, Chair of the Canadian Public Accountability Board.