risk_management

May 20th, 2015
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Applying COSO’s Enterprise Risk Management — Integrated Framework

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Applying COSOsEnterprise Risk Management Integrated FrameworkSeptember 29, 2004Todays organizations areconcerned about:Risk Management Governance Control Assurance (and Consulting)ERM Defined: a process, effected by an entity'sboard of directors, management andother personnel, applied in strategysetting and across the enterprise,designed to identify potential events thatmay affect the entity, and manage risksto be within its risk appetite, to providereasonable assurance regarding theachievement of entity objectives.Source: COSO Enterprise Risk Management Integrated Framework. 2004.COSO.Why ERM Is ImportantUnderlying principles:Every entity, whether for-profitor not, exists to realize value forits stakeholders.Value is created, preserved, or erodedby management decisions in allactivities, from setting strategy tooperating the enterprise day-to-day.Why ERM Is ImportantERM supports value creation by enablingmanagement to:Deal effectively with potential futureevents that create uncertainty.Respond in a manner that reducesthe likelihood of downside outcomesand increases the upside.Enterprise Risk Management Integrated FrameworkThis COSO ERM framework definesessential components, suggests acommon language, and provides cleardirection and guidance for enterprise riskmanagement.The ERM FrameworkEntity objectives can be viewed

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