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Committee of Sponsoring Organizations of the Treadway Commission (COSO) -…
Committee of Sponsoring Organizations of the Treadway Commission (COSO)
Enterprise risk management
Aligning risk appetite and strategy
Enhancing risk response decisions
Reducing operational surprises and losses
Identifying and managing multiple and cross-enterprise risks
Seizing opportunities
Improving deployment of capital
Enterprise risk management
Definitions
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
high-level goals
Operations
effective and efficient use of its resources
Reporting
reliability of reporting
Compliance
compliance with applicable laws and regulations
Components of Enterprise Risk Management
Internal Environment
Objective Setting
Event Identification
Risk Assessment
Risk Response
Control Activities