Riordan Virtual Organization: COSO Integration Plan for Compliance and Legal Liability
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Riordan Virtual Organization
COSO Integration Plan for Compliance and Legal Liability for Riordan
For Riordan to adopt COSO Enterprise Risk Management (ERM) practices in a new initiative, they are more likely to have a successful implementation if they have the full support of the board and chief executives. The ERM plan should not only be compatible with existing organizational goals, it must also be integrated into the culture so that risk management can become salient at all levels of the organization. Even though risk management should be spread throughout the culture, the aims of the program should be concise and focus on a small number of the top risks. Two of these risks that should definitely be among the top of the list are compliance and legal liability that might arise from the company's operations. This report will outline some of the key concepts that should be embodied in the new COSO strategy at Riordan.
To launch the COSO risk management initiative at Riordan, top management and other key stakeholders should be onboard with the program upon its conception. If this key group acts as the project champion, then studies have shown that the projects are much more likely to be a success (Steinburg, R.). The key executives should also be involved with the construction of a steering committee to guide the project. This committee will be ultimately responsible for first building an inventory of the existing risk