ACCY304-10%20RiskIII

ACCY304-10%20RiskIII - BusinessRisk Click to edit Master...

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Click to edit Master subtitle style Business Risk Session 10 February 23, 2011 11 Department of Accountancy University of Illinois at Urbana-Champaign
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Managing risk n Strategic risk management: examples q Vertical integration q Hedging investment positions q Lobbying/political influence q Intellectual property investments q Training/streamlining/process re-engineering n Simons’ strategic risk management q Belief/boundary systems and internal control 22 Department of Accountancy University of Illinois at Urbana-Champaign
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Reducing risk n Belief systems q Explicit organizational guidance/definitions that  communicate core values (beliefs that define  principles, purpose, and direction) q Mission statement, credos q Abstract and general   broad application q No guidance for specific situations 33 Department of Accountancy University of Illinois at Urbana-Champaign
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Reducing risk n Boundary systems q Communication of risks to be avoided, unacceptable 
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ACCY304-10%20RiskIII - BusinessRisk Click to edit Master...

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