TAILIEUCHUNG - Strengthening Enterprise Risk Management for Strategic Advantage

Under the Direct Loan Program, students and families borrow through one lender—the federal government—which also provides repayment services to borrowers. In contrast, students and families can borrow through thousands of FFELP lenders, who may or may not continue to provide repayment services to students and families. FFELP lenders may receive a subsidy, called a special allowance payment, from the federal government to ensure that they receive a guaranteed rate of return on the student loans they make. Additionally, under FFELP, state-designated guaranty agencies perform a variety of administrative functions and guarantee payment to lenders if borrowers fail to repay their loans; the federal government subsequently reimburses guaranty agencies for these. | COMMITTEE OF SPONSORING ORGANIZATIONS OF THE TREADWAY COMMISSION Strengthening Enterprise Risk Management for Strategic Advantage______ Many senior executives and their organization s board of directors are working to strengthen risk oversight so that they are better informed about emerging risk exposures particularly those impacting strategy. COSO is issuing this thought paper to highlight key elements of enterprise risk management for board and senior executive consideration as they re-examine their existing approaches to risk oversight. Strengthening Enterprise Risk Management for Strategic Advantage 1 Strengthening Enterprise Risk Management for Strategic Advantage Overview The recent financial crisis is leading to renewed focus on how senior executives approach risk management and the role of their boards of directors in risk oversight. COSO is issuing this thought paper to foster dialogue among senior executives and their boards about ways to strengthen risk management in their organizations. We begin with a review of the environment that is generating calls for organizations to re-examine their risk management practices. We then highlight four specific areas where senior management can work with its board to enhance the board s risk oversight capabilities which are further developed in the next four sections of this paper. I. Discuss Risk Management Philosophy and Risk Appetite. Unless the board and management fully understand the level of risk that the organization is willing and able to take in the pursuit of value creation it will be difficult for the board to effectively fulfill its risk oversight role. We outline our thoughts about the importance of management and the board achieving a shared understanding of the organization s risk philosophy and appetite as they seek to accomplish key organizational objectives. II. Understand Risk Management Practices. For some organizations risk management is ad hoc informal and implicit leaving .

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