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	October 25, 2004 Trends 2005: Risk And Compliance Management by Michael Rasmussen with Adam Brown

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Executive Summary

Facing increased compliance obligations, a dynamic business and IT environment, fragmented risk and compliance projects, and exposure to tort and criminal liability, organizations are seeking a formalized approach to managing enterprise risk and compliance. Some of the most frequent questions asked by clients are: How do we know if we are meeting compliance requirements? Is our compliance and risk management program effective? How do we identify and measure critical risks to the organization? How do we capture what are we doing about them? The resulting trends in 2005 and beyond are: increased interest and adoption of risk management frameworks (particularly COSO); managing and measuring compliance as a process as opposed to a project; adoption of governance, risk, and compliance tools; the integration of compliance controls into the enterprise architecture; and for large critical infrastructures, appointment of a chief risk officer to manage enterprise risk and compliance.

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