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COSO ERM - Coggle Diagram
COSO ERM
4.Components of enterprise risk management
-Internal environment
-Objective setting
-Event identification
-Risk assessment
-Risk response
-Control activities
-Information & Communication
Monitoring
11.Use of this report
-Board of directors
-Senior management
-Other entity personnel
-Regulators
-Professional organisation
-Educators
3.Achievements objectives
-Strategic
-Operations
-Reporting
-Compliance
1.Events-Risks & Opportunities
a.Events can have a negative impact
-Can prevent value creation & erode value creation
b.Events can have a positive impact
-may offset negative impact or represent opportunities
2.Enterprise risk management
Is defined as a process affected by an entity's board of directors, management & other personnel applied in strategy setting & across the enterprise , designed to identify potential events that may affect the entity & manage risk to be within its risk appetite to provide reasonable assurance regarding the achievement of entity objectives.
Effectiveness
Encompasses internal control
9.Roles & Responsibilities
10.Organisation of this report
7.Limitations
5.Relationship of objectives & components