From its origins in specialist areas such as occupational
health and safety, insurance, the hedging of
financial risks, credit risk management and project management,
risk management has been identified at the
enterprise level for little more than ten years. New
approaches to risk that emanated in part from academic
discussions and in part from reactions to corporate
failures have now become embedded in corporate governance
practices. The importance of risk management
has been elevated by standard approaches to managing
risk such as the Committee of Sponsoring Organizations
of the Treadway Commission (COSO, 2004);
ISO31000 (International Organization for Standardization,
2009); and the Basel Committee on Banking Supervision
(2001).