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Article: Safety spec: VSP, the largest provider of eyecare benefits in the US, was one of the first companies to try out a newly developed approach to enterprise risk management. Its CFO, Patricia Cochran, explains how the new framework has suited her firm.(Vision Service Plan )
- Article from:
- Financial Management (UK)
- Article date:
- November 1, 2006
- Author:
CopyrightCOPYRIGHT 2006 Chartered Institute of Management Accountants (CIMA). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Managing enterprise risk is a vital task that begins with the board of directors and extends across the whole organisation--and doing it effectively is a universal challenge. The Committee of Sponsoring Organisations of the Treadway Commission (Coso), a private-sector initiative dedicated to improving the quality of corporate governance in the US, concluded that there was a need for a recognised enterprise risk management framework, so two years ago it went and designed one. From defining the risk appetite of the organisation to identifying potential events that may affect it, the framework that Coso developed provides a reasonable assurance that any enterprise using it ...