Please enable JavaScript.
Coggle requires JavaScript to display documents.
COSO ERM - Coggle Diagram
COSO ERM
Components of Enterprise Risk Management
Control Activities
Information and Communication
Risk Response
Internal Environmen
Risk Assessment
Objective Setting
Event Identification
Monitoring
Enterprise risk management is
Applied across the enterprise, at every level and unit, and includes taking an entitylevel portfolio view of risk
Designed to identify potential events that, if they occur, will affect the entity and to
manage risk within its risk appetite
Applied in strategy setting
Able to provide reasonable assurance to an entity’s management and board of
directors
Effected by people at every level of an organization
Geared to achievement of objectives in one or more separate but overlapping
categories
A process, ongoing and flowing through an entity
Enterprise risk management
encompasses
Reducing operational surprises and losses
Identifying and managing multiple and cross-enterprise risks
Enhancing risk response decisions
Seizing opportunities
Aligning risk appetite and strategy
Improving deployment of capital
Use of report
Senior Management
Other Entity Personnel
Board of Directors
Regulators
Professional Organizations
Educators
Achievement of Objectives
Operations – effective and efficient use of its resources
Reporting – reliability of reporting
Strategic – high-level goals, aligned with and supporting its mission
Compliance – compliance with applicable laws and regulations