This article introduces an innovative way to teach the Enterprise Risk Management (ERM) Integrated Framework (as developed by COSO), while at the same time informs the student of a real personal risk -- identity theft. This example of assessing and managing a real risk will enhance the student's understanding of risk management, thereby increasing the skill set of the student. The student who gains an understanding of the ERM concepts can then apply this tool to all of the disciplines of business. The ERM framework can be tailored to any discipline, as shown by the following examples: presented in connection with the Balanced Scorecard; evaluating different organizational strategies in a Business Policy class; case analysis in Management or Marketing (particularly a new product or new market); in an Auditing class with discussion of internal controls; in Finance to evaluate the decision to invest in derivatives or capital project, and in an Entrepreneurship class. |
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