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COSO ERM, Relationship - Coggle Diagram
COSO ERM
Enterprise risk management
Aligning risk appetite and strategy
Enhancing risk response decisions
Reducing operational surprises and losses
Identifying and managing multiple and cross-enterprise risks
Seizing opportunities
Improving deployment of capital
Def:
ERM is a process, effected by an entity's board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.
Achievement of objectives
Strategic
Operations
Reporting
Compliance
Use of report
Board of directors
Senior management
Other entity personnel
Regulators
Professional organizations
Educators
Components
Internal environment
Objective setting
Event identification
Risk assessment
Risk response
Control activities
Monitoring
Info and communication
Relationship