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According to the Institute of Internal Auditors (2004), every company must recognize that risk exists to realize value for its stakeholders. With this in mind, the steps to implementing ERM include: the development of an organizational strategy that includes risk management; the determination of corporate philosophy and the delegation of risk controls; the performance of risk assessments and determining how much risk the organization is willing to undertake to generate value; identifying risk responses, communicating and analyzing risk results; and continued managerial review and oversight to ensure compliance...

This means that directors, senior management, auditors, and risk owners must overlap their interests and align corporate governance with risk management (Sobel & Redding, 2004).

Benchmarks and Best Practices

In 1994, the Dey Report, published by the Toronto Stock exchange, recommended that firm boards become involved and responsible for risk management development for their firms and to report efforts annually...

General points of the essay

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