The Journal of Enterprise Risk Management, vol. 1, issue 1 · the journal of enterprise risk management, vol. 1, issue 1 ,qwurgxfwlrq (qwhusulvh ulvn pdqdjhphqw (50 lv ehfrplqj d

©2015 PoliFinance Publishing Ltd. Kemp House, 152 City Road, London EC1V 2NX, UK.

The Journal of Enterprise Risk Management, vol. 1, issue 1






a Poole College of Management, E-mail: [email protected] (corresponding author) b Poole College of Management, E-mail: [email protected] c Poole College of Management, E-mail: [email protected]




1 A response of “Not Applicable” was also available. These responses were not included in the data analysis.





2 2012 survey respondents were asked about 2013 risks, the 2013 survey focused on 2014 risks, and the 2014 survey asked about risks expected in 2015.















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a Principal, R.I.S.C. International (Ireland). Email: [email protected] Selected Corporate Defense Publications: http://ssrn.com/author=904765





1 On 21st October 2014 COSO announced a project to update the 2004 Enterprise Risk Management – Integrated Framework.





2 Sometimes referred to as “management” or “the business”. 3 Sometimes referred to as “business enabling functions”, “risk functions” or “control functions”. 4 Sometimes referred to as “internal audit”.


5 The three lines of defense approach was again endorsed by COSO in their “Internal Controls – Integrated Framework” which was updated in 2013.



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a Clinical Associate Professor, Managerial Economics and Decision Sciences. Kellogg School of Management Northwestern University, Evanston, IL USA. E-mail: [email protected] Web: http://www.kellogg.northwestern.edu/faculty/directory/walker_russell.aspx















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The Journal of Enterprise Risk Management, vol. 1, issue 1 · the journal of enterprise risk management, vol. 1, issue 1 ,qwurgxfwlrq (qwhusulvh ulvn pdqdjhphqw (50 lv ehfrplqj d