Enterprise risk management: An implementation

The scope of the thesis is to build up an enterprise risk management approach, implement a risk management model for the sample production company, and measure, monitor and communicate the results for a perceptible guidance to support the companies to improve their risk management capabilities. Within the defined scope, by considering today's economic and social life dynamics, the risk-opportunity concepts, internal control, risk management, governance, internal audit disciplines have been focused. After investigation of ISO Enterprise Risk Management principles, COSO Internal Control-Integrated Framework (COSO Internal Control) , COSO ERM-2004 and COSO ERM-2017, it is decided to work on the implementation of the risk management model for a sample production company with the reference of COSO Internal Control and COSO ERM-2017. During the implementation process of the risk management model, having the sponsorship of the top management with the help of a sufficient feasibility, building up a common risk-opportunity terminology and increasing the awareness within the organization have been prioritized. The steps of updating the strategic goals, restructuring the organization, revision of the internal control tools in line with COSO Internal Control and COSO ERM-2017 requirements, applying to COSO ERM-2017 components and principals for a proper risk management function and control the effectiveness of the model with the help of Internal Audit have been followed. As a result, being the risk management function a competitive advantage for the corporates, we presented a unique implementation approach of a risk management model for a production company with the reference of COSO ERM-2017 and COSO Internal Control.