In 2004, the Committee of Sponsoring Organizations of the Tread way Commission (COSO), issued a principle-based guidance on designing and implementing an effective enterprise-wide approach to risk management. This guidance defines essential components - such as risk appetite, risk tolerance and portfolio view, provides guidance using common principles, and provides counseling and strategy for an effective program.
>ERM has been implemented and is being used by companies around the world. Internal Auditors can be effective in playing an active role in ERM while maintaining their independence, complying with professional standards, and enhancing their role as consultants. Once established though an ERM framework can not be left to grow without monitoring and accountability. Subjecting the ERM Function to an audit helps ensure that the Framework is working as far as effectiveness and efficiencies.
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Denise Cicchella CIA, CFE, CCA, PMP is executive director at Auspicium. She has lectured and taught on the topic of construction audit in the past. She has also lead and participated in construction audits of major private and infrastructure projects resulting in large recoveries for her clients. She is also the author of the IIA Handbook: Construction Audit: Overview, Monitoring and Auditing and Auditing for Corporates.
She is the founding president of the New York/New Jersey Chapter of the National Association of Construction Auditors.