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RISK TOPIC 2: COSO (event identification (involves identifying those…
RISK TOPIC 2: COSO
event identification
involves identifying those incident, occuring internally/ externally, that could affect strategy n achievement of objectives
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events that may have a positive impact represent natural offsets(opportunities), which mngmt channels back to strategy setting
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risk assessment
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inherent risk
potential for waste, loss, unauthorized use/ misappropriation due to the nature of an activity itself
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objective setting
mngmt sets strategic objective, provide a context for operational,reporting n compliance objective
objectives aligned with risk appetite, dives risk tolerance level, and are precondition to event identification, risk assessment n risk response
control activities
policies and procedure that help ensure that the risk response, other entity directives, carried out.
occur throughout the orgnztn, at all levels n in all functions
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