Video: Introduction to Enterprise Risk Management

In this lesson, Nick Palazzolo, CPA, delves into the essential elements of Enterprise Risk Management (ERM) as outlined by COSO, the Committee of Sponsoring Organizations. He illustrates the evolution from the Integrated Framework of Internal Controls to a more risk-focused approach established in 2004, aiming to help organizations manage operational, financial, and fraud risks. Through a conversational style, Nick highlights the significance of ERM in aligning culture, capabilities, and practices with strategy and performance to create, preserve, and realize value. Further, he underscores that ERM is the responsibility of management and emphasizes the need for reasonable assurance over absolute certainty across disciplines in risk management, providing insightful tie-ins to real-world applications and exam relevance.