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Risk framework - Coggle Diagram
Risk framework
ISO 31000
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Risk, risk management and IOS31000
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COSO ERM
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Fundamental concepts
•A process, ongoing and flowing through an entity
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• 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
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ERM framework objectives
• Strategic – high-level goals, aligned with and supporting its mission
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King IV: Principle 11
The governing body should govern risk in a way that supports the organization in setting and achieving its strategic objectives
Should evaluate and agree the nature and extent of the risk that the organization should be willing to take in pursuit of its strategic objectives
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Should consider the need to receive periodic independent assurance on the effectiveness of its risk management
The governing body should assume responsibility for the governing of risk by setting the direction for how risk should be approached and addressed in the organization
The nature and extent of the risk and opportunities the organization is willing to take should be disclosed without compromising sensitive information