The Institute of Internal Auditors' Review: Enterprise Risk Management and COSO: A Guide for Directors, Executives, and Practitioners
by Harry Cendrowski and William C. Mair
Hardcover, 335 pages
John Wiley & Sons
Reviewed by Naly de Carvalho, CSTE
Risk is around every corner, waiting to take a toll on anything that eventually will cross its path. Furthermore, risk can create a domino effect in work and work practices, making it hard to keep things in balance. So, the better prepared we are, the better we can understand the source of risk and find practical ways to mitigate it.
Enterprise Risk Management and COSO is a useful book for readers who are directly or indirectly involved in risk management. It is relevant for managers and practitioners alike as we constantly face a myriad of constraints to accomplish our work. The authors took advantage of contributors' expertise, each of whom provide guidance on relevant topics and produce comprehensive material that ties together all aspects of the work environment.
The objectives set by the authors are broad, as is the scope of the book itself. The book is divided into two sections: Organizational Risk Management and Quantitative Risk Management. Built in modules, each chapter is independent from the others, so the reader can explore them independently and consult different topics as needed. I found each chapter to be provocative, and appreciated how the authors challenged the way we do business.
Additionally, the book provides direct and objective step-by-step instructions on how to perform risk management related tasks and, at the same time, provides references from authoritative agencies so the reader can always explore issues one faces in practice. Enterprise Risk Management and COSO renders tools and provides examples on what to do and what to avoid and, more importantly, why such steps need to be in place.
I found the explanation of the top-down approach (i.e., from macro-level) particularly useful as it describes how emphasis on management practices is crucial.
In my opinion, the authors introduce topics in an innovative way that invites brainstorming and analytical thinking. The book allows practitioners to expand their work universe and constantly challenges the mind of the reader from several angles. After reading this book, you will see that routine tasks need not be "business as usual."
Enterprise Risk Management and COSO is a comprehensive reference book that presents core management of risk tools in a helpful and organized way. If you are an internal auditor who is interested in risk management, exploring this book is one of the best ways to gain an understanding of enterprise risk management issues.
ABOUT THE AUTHOR
Naly de Carvalho, CSTE, is senior research officer and alternate systems executive for the African Department, International Monetary Fund in Washington, D.C.
ISBN: 978-0-470-46065-8
Hardcover
335 pages
December 2009
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