Forums for the Business Analyst

 
  Modern Analyst Forums  Business and Sy...  Business Proces...  Control Enterprise Risk (COSO framework) .
Previous Previous
 
Next Next
New Post 10/12/2009 8:18 AM
User is offline Mark Ridgwell
13 posts
10th Level Poster


Control Enterprise Risk (COSO framework) .  
Modified By Modern Analyst  on 10/12/2009 6:52:10 PM)

Enterprise risk management is a process that's effected by an entity's board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risks to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.

This definition reflects certain fundamental concepts. Enterprise risk management:

  • Is a process - it's a means to an end, not an end in itself

  • Is effected by people - it's not merely policies, surveys and forms, but involves people at every level of an organization

  • Is applied in strategy setting

  • Is applied across the enterprise, at every level and unit, and includes taking an entity-level portfolio view of risks

  • Is designed to identify events potentially affecting the entity and manage risk within its risk appetite

  • Provides reasonable assurance to an entity's management and board

  • Is geared to the achievement of objectives in one or more separate but overlapping categories.  

This definition is purposefully broad for several reasons. It captures key concepts fundamental to how companies and other organizations manage risk, providing a basis for application across different types of organizations, industries and sectors. It focuses directly on achievement of entity objectives. And, the definition provides a basis for defining enterprise risk management effectiveness. We codified this in a framework that's easier to internalize...

COSO Framework for Enterprise Risk Management

 
Previous Previous
 
Next Next
  Modern Analyst Forums  Business and Sy...  Business Proces...  Control Enterprise Risk (COSO framework) .

Community Blog - Latest Posts

The CEO/CIO's Guide to Architecting AI: Vision to Value in Minutes Introduction to Architected AI Artificial intelligence (AI) is becoming part of our life at an unprecedented pace. As CEOs and CIOs grapple with how to leverage this powerful technology to drive strategy and enhance operations, the concept of Architected AI becomes importa...
In today's dynamic business environment, mastering effective business analysis techniques is crucial for organizations aiming to achieve sustainable growth and competitive advantage. Business analysis involves the systematic evaluation of business processes, requirements, and strategies to uncover insights that drive informed decision-making. T...
For many years now, a lot of people have found it difficult to identify the difference between Sankey diagrams and parallel sets. The two have made headlines, given that most people find it challenging to note what makes them different from each other. What remains to be undeniable is the fact that the Sankey diagram is among the top data visualiza...

 






 

Copyright 2006-2024 by Modern Analyst Media LLC