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RISK FRAMEWORKS - Coggle Diagram
RISK FRAMEWORKS
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2. COSO ERM
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4 Categories include: Strategic, Operations, Reporting and Compliance
Components: Internal Environment, Objective Setting, Event Identification, Risk Assessment, Risk Response, Control Activities, Information and Communication and Monitoring.
ERM is a multidirectional, iterative process in which almost any component can and
does influence another
ERM also encompasses on: Aligning risk appetite and strategy, enhancing risk response decisions, reducing operational surprises and losses, identifying and managing and multiple and cross- enterprise risk amongst other things.
These capabilities inherent in enterprise risk management help management achieve the
entity’s performance and profitability targets and prevent loss of resources.
1.ISO 31000
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- Design for framework, implement risk management, monitor and review framework and improve framework.
Risk treatment is presented in ISO 31000 as the activity of selecting and implementing appropriate control measures to modify the risk.
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