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COSO ERM - Coggle Diagram
COSO ERM
Compliance: Adhering to laws and regulations.
Internal Environment: Risk culture, values, and appetite.
Objective Setting: Ensuring goals align with mission
Event Identification: Identifying risks and opportunities
Risk Assessment: Analyzing risk likelihood and impact
Risk Response: Accepting, avoiding, reducing, or sharing risks
Control Activities: Implementing policies to manage risk
Information & Communication: Sharing relevant info effectively.
Monitoring: Continuous monitoring and adjustments
Objectives Categories
Strategic: High-level goals aligned with mission.
Strategic: High-level goals aligned with mission.
Reporting: Ensuring reliable reporting.
Compliance: Adhering to laws and regulations.
Roles and Responsibilites
CEO & Board: Oversight and responsibility for ERM.
Risk Officer: Supporting and managing risks.
Employees: Execution of risk management at all levels.
Enterprise Risk Management (ERM)
Process to identify and manage risks and opportunities.
Aimed at achieving organizational objectives.
Risk Appetite
Aligning risk tolerance with strategy to make informed decisions
Limitations
Human errors, cost-benefit analysis, and control breakdowns.