^aF. Hoffmann-La Roche Ltd, Group Risk Management CSR, Basel, Switzerland

Correspondence: Andrey Y. Rogachev, F. Hoffmann-La Roche Ltd, Group Risk Management CSR, Bldg. 654/431, CH-6070 Basel, Switzerland. E-mail: andrey.rogachev@roche.com

Abstract

Risks are everywhere and in any activity. Many pharmaceutical companies are currently looking to better understand, anticipate, and be able to mitigate business risk in order to deliver the rewards of risk taking, and to minimize the frequency and impact of risk on the downside. Some of them use Enterprise Risk Management concept (ERM, developed by COSO) to establish an effective corporate management system. In the present paper, we analyze the integrated approach that is used by the company as the foundation of risk management within a company. The reader is offered a case of constructing ERM system in practice.