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COSO ERM (Components of ERM: Criteria for effective risk management…
COSO ERM
Components of ERM: Criteria for effective risk management
Internal Environment
Objective setting
Event Identification
Risk Assessment
Risk Response
Control Activities
Information and Communication
Monitoring
ERM is:
On-going and flowing process through an entity
Effected by every level
Applied in strategy setting
Applied across the enterprise
Designed to identify and manage potential risk within risk appetite
Able to provide reasonable assurance
Geared to achievement of objectives
Categories of objectives:
Strategic
Operations
Reporting
Compliance
Limitations caused by unpredictable events prevent absolute assurance
Internal control is essential for effective ERM
Every person, which is part of the organisation, is responsible for risk management