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Committee of Sponsoring Organizations of the Treadway Commission (COSO) -…
Committee of Sponsoring Organizations of the Treadway Commission
(COSO)
ERM
Enhancing risk response decisions
Improving deployment of capital
Aligning risk appetite and strategy
Reducing operational surprises and losses
Seizing opportunities
Identifying and managing multiple and cross-enterprise risks
Fundamental concepts
A process, ongoing and flowing through an entity
Effected by people at every level of an organization
Applied in strategy setting
Applied across the enterprise, at every level and unit, and includes taking an entity level 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
Able to provide reasonable assurance to an entity’s management and board of
directors
Geared to achievement of objectives in one or more separate but overlapping
categories
Objectives
Strategic
Operations
Reporting
Compliance
Components
Internal Environment
Objective Setting
Event Identification
Risk Assessment
Risk Response –
Control Activities
Information and Communication
Monitoring