"Enterprise risk management is a process, effected by an entity's board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risks to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives." [COSO-ERM04, p. 4].
Practical implementations of enterprise risk management systems are shown by Accenture, Ernst and Young, Austrian Airlines and Ottakringer.
After finishing the course the students should be confident with the meaning of this broad risk management definition given by the Committee of Sponsoring Organizations of the Treadway Commission. Furthermore the students should be able to design and implement adequate risk management systems in different management domains.
These skills and competences are promoted by assignments covering the ERM maturity assessement of a specific enterprise, the implementation of a performance management simulation study in the software package 'R/Rstudio' and an in-depth ERM literature review.
