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CoSO - Enterprise Risk Management - Coggle Diagram
CoSO - Enterprise Risk Management
Encompassing:
Identifying and managing multiple and cross-enterprise risks
Seizing opportunities
Reducing operational surprises and losses
Enhancing risk response to decisions
Improving deployment of capital
Aligning risk appetite and strategy
Defenition:
applied across the enterprise, at every level and unit, and includes taking an entry-level portfolio view of risk
Designed to identify potential events that if they occur, will effect the entity and to manage risk within risk appetite
applied in a strategy setting
Able to provide reasonable assurance to an entity's management and board of directors
effected by people at every level of an organisation
geared to achievement of objectives in one or more separate but overlapping categories
a process, ongoing and flowing through the entity
Components:
Risk assessment
Risk response
Event identification
Control activities
Objective setting
Information and communication
Internal environment
Monitoring
Achievement objectives by category:
Operations
Reporting
Strategic
Compliance