Enterprise Risk Management: Zum Einfluss der Governance-Reformen auf das Controlling und die Überwachung

Current global initiatives modernizing corporate governance have resulted in an increase in regulation also in Germany. In 2004, the German Bundestag and Bundesrat passed a law enforcing compliance with financial reporting requirement (BilReg Act) including a provision on disclosure of risk management practices as part of the annual report. While in most German companies, risk management systems have been considered part of the controller's task, the controller's respective fulfillment of risk management more and more becomes part of the auditor's procedures regarding financial reporting. As COSO's 1994 «Internal Control—Integrated Framework» influenced various national auditing standards and also the International Standards on Auditing (ISA), one can expect that in the long run COSO's new 2004 «Enterprise Risk Management—Integrated Framework» will become a global benchmark for dealing with business risk. By explicitly both including events with a negative or positive impact (meaning risks or chances) and strategic objectives, the new COSO framework enables the management process, also interrelating with corporate governance and internal control. Copyright Physica-Verlag 2005