On Enterprise Risk Management and Corporate Governance

Welcome to AccelPro Audit, where we provide expert interviews and coaching to accelerate your professional development. Today we’re featuring a conversation with Mark Beasley, Professor of Enterprise Risk Management and the Director of the Enterprise Risk Management Initiative at the Poole College of Management. 

Beasley is an innovative thought leader in the area of Enterprise Risk Management (ERM) and its integration with strategy and corporate governance. The ERM framework grew out of previous approaches to risk assessment that viewed risks in silos. ERM, says Dr. Beasely is trying to “close the gaps that exist between the silos.” Today, we talk about the basics of ERM, and how external auditors may benefit from better understanding their client's approach to risk management.

“A lot of times, the C-suite, the way they think about more external risk is what I would call ad hoc risk management in the sense of, oh, I thought about this when I was running this morning, I was taking a shower, oh, I saw that on the Wall Street Journal front page. It's very unstructured. ERM is going to take you through a process to force explicit conversation and discussions in a structured way about what kinds of risks could emerge that can affect our strategy.”

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