Enterprise Risk Management Concentration
What is Enterprise Risk Management (ERM)?
ERM is a rapidly emerging business discipline that provides a process for understanding and monitoring the myriad of risks faced by organizations of all types. An ERM function within a business entity is designed to identify and assess the various risks across the enterprise. By coordinating the risk identification and assessment process, businesses can better understand the full spectrum of risk exposures they face and make informed “risk-intelligent” decisions about how they should conduct day-to-day business operations and plan strategically for the future.
Why should I consider a concentration in ERM?
The Enterprise Risk Management Initiative at NC State is recognized globally for its thought-leadership regarding this important topic. The Initiative’s website receives over 50,000 visits per year, consistently on page 1 of Google searches related to ERM, and our faculty are highly regarded internationally for their ERM expertise. That recognition and branding creates a unique opportunity for NC State MAC Students to differentiate themselves in the marketplace. Augmenting your accounting knowledge with additional coursework in enterprise risk management will also afford you an opportunity to leverage NC State’s reputation and brand in ERM for your benefit as you explore career opportunities with large firms who have developed practice lines focused on advising their clients in the development and implementation of ERM programs, in addition to risk management career opportunities in corporate and government sectors.
Which CPA Firms offer Risk Advisory Services?
Each of the “Big Four” firms—Deloitte, Ernst & Young, KPMG, and PricewaterhouseCoopers—have well developed risk management advisory practices. Our contacts at these firms report that this is a rapidly growing practice area, and they will be expanding staff devoted to these practice lines over the next few years. In addition to the firms above, both Grant Thornton and RSM McGladrey offer extensive risk management advisory services to their clients. More importantly, a rich understanding of risk oversight practices enhances the knowledge base for anyone interested in auditing and consulting services.
What are the requirements for an ERM concentration?
In addtion to the eight required ACC courses (comprising 22 semester hours of coursework), all MAC students must complete three graduate-level elective courses (9 hours) to earn their MAC degrees. These elective courses are chosen in consultation with the MAC Program Director, Dr. Kathy Krawczyk. The ERM concentration simply requires you to choose these three courses from a short list of approved risk management courses. All ERM concentration students must complete MBA 590—Enterprise Risk Management in the summer or fall semester and then choose from among several spring semester courses to complete the concentration requirement. A new option for students, launched in Spring 2011, is an ERM Practicum experience that involves hands-on ERM work with a partner entity.
Where can I learn more about ERM?
Please visit the Initiative’s website, www.erm.ncsu.edu to learn more about ERM and the ERM Initiative at NC State University.
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