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Framework - Coggle Diagram
Framework
ISO 3100
Nature and impact of risk:
Recording risk assessments
Risk classification system
Risk
effect of uncertainty on objectives
Principles
Risk aware culture (integrated culture)
Risk management process
Resource controls
Reaction planning
Response to risks
Reporting and monitoring risk performance
Ranking of risks
Reviewing the risk management framework
Recognition of risks
Context for risk management (continuous process)
Achieving the benefits of ERM
Risk Treatmen
Feedback mechanisms
Risk assessment
Planning and designing
Scope of the initiative
Risk management framework
Board mandate and commitment
Implementing and benchmarking
Undertake risk assessments
Risk appetite and tolerance
Establish risk assessment procedures
Measuring and monitoring
Evaluate existing controls
Embed Risk aware culture
Learning and reporting
Monitoring risk preformance
Report risk preformance
COSO ERM
Encompasses:
Reducing operational surprises and losses
Identifying and managing multiple and across enterprise risks
Enhancing risk response decisions
Aligning risk appetite and strategy
Seizing opportunities
Improving deployment of capital
Ensures effective reporting and compliance with laws and regulations. It also helps to avoid damage to the entity's reputation.
Helps achieve the entitys performance and profitability targets and prevents loss of resources
Enterprise Risk Management
• 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 entitylevel 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
Achievement of Objectives
Strategic
Operations
Reporting
Compliance
Components
Event Identification
Risk Assessment
Risk response
Control Activities
Objective Setting
Information and Communication
Monitoring
Internal Environment
Use of this report
Other Entity Personnel
Regulators
Senior Management
Board of Directors
Professional Organizations
Educators
King IV
Corporate Governance
Exercise ethical and effective leadership to achieve outcomes
Fundamental Concepts
Ethical Culture
Good preformance
Effective control
Legitimacy
Objectives
Holistic and interrelated set of arrangements
Transparent and correct reporting
Broaden acceptance of King IV
ethical conduct and structured processes
Promote corporate governance
Governing body
Approves policies and planning
Ensures accountability
Sets strategic objectives
Overseas and monitors
Philosophies
Integrated thinking
Integrated reporting
Principles
Ethical leadership
Set code of conduct and ethical policies
Monitor and oversee these policies