As part of its series of practitioner guides, the Institute of Management Accountants announced the release of a statement focused on the area of enterprise risk and control.
IMA’s latest statement on management accounting is titled, “Enterprise Risk Management: Tools and Techniques for Effective Implementation.”
ERM is a concept used by organizations to identify, assess and manage risks to meet objectives and remain accountable to their stakeholders. Ideally, ERM is used to approach risk from a holistic viewpoint, looking at the operations of the entire business.
William G. Shenkir and Paul L. Walker, two professors at the University of Virginia’s McIntire School of Commerce, authored the statement. The men also collaborated on “Enterprise Risk Management: Frameworks, Elements and Integration,” which the IMA issued in January. The earlier document provided a foundation for understanding the concept of ERM, while the follow-up piece covers more specific practices and techniques for ERM implementation.
IMA’s vice president of research and applications development, Jeff Thomson, said that the statement is relevant to businesses looking to take a risk-based approach to Sarbanes-Oxley compliance.
The new statement is available on the IMA’s Web site, www.imanet.org/smas.
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