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COSO ERM - Coggle Diagram
COSO ERM
Components of Enterprise Risk Management
Risk response
Control activities
Risk assessment
Information and communication
Event identification
Monitoring
Objective setting
Internal environment
Enterprise Risk Management Defined
Applied across the whole board of the firm (entity-level portfolio view of risk)
Designed to identify events that may affect the firm and manage the risk within the firms risk appetite
Applied in strategy setting
Effected by people at every level
Able to provide reasonable assurance to the firm's management and board of directors
A process, ongoing and flowing through a firm
Geared to achievement of objectives in 1+ separate but overlapping categories.
Enterprise risk management
Reducing operational surprises and losses
Identifying and managing multiple cross-enterprise risks
Enhancing risk response decisions
Seizing opportunities
Aligning risk appetite and strategy
Improving deployment of capital
Relationship of Objectives and Components
Encompasses Internal Control
Rules and Responsibilities
Limitations
Organisation of This Report
Effectiveness
Use of This Report
Board of Directors
Senior Management
Other Entity Personnel
Regulators
Professional Organisations
Educators
Achievement of Objectives
Operations (resources)
Reporting (reliability)
Strategic (mission, goals)
Compliance (laws and regulations)
Events - Risk and Opportunities