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COSO ERM, PricewaterhouseCoopers, L.L.P. and Committee of Sponsoring…
COSO ERM
Components of ERM
Risk assessment- risks are analyzed and based on impact and likelihood , classified
Risk response- avoiding, accepting, reducing or sharing risk. developing procedures to follow in case of an event
Event identification- the identifying and distinguishing of events affected by internal and external events
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Objective setting- Management should place objectives in place before the identification of events can take place
Information and communication- all relevant info should be recorded, this would enable everyone to perform their needed tasks.
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Monitoring- the risk management is monitored and changes is made should there be the need for changes.
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Enterprise risk management: the definition- Enterprise risk management is a process effected by an entity's board of directors, management and other personnel, applied strategy setting and across the enterprise. this is designed to identify potential risks events. how to manage the appetite for risk and how to provide measurements for recording of incidents.
PricewaterhouseCoopers, L.L.P. and Committee of Sponsoring Organizations of the Treadway Commission, 2004. Enterprise Risk Management: Integrated Framework: Executive Summary, Framework, September 2004.