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Essay / Research Paper Abstract
This 8 page paper discusses the way that a manufacturing firm could introduce an enterprise risk management system based on the Committee of Sponsoring Organizations of the Treadway Commission framework (COSO). The bibliography cites 4 sources.
Page Count:
8 pages (~225 words per page)
File: TS14_TEERmanu.rtf
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Unformatted sample text from the term paper:
of a range of frameworks, differing types of organizations will face different risks, dependant on a number of factors, not only the type of industry in which they operate but
also as a result of factors such as internal culture, values and expectation. In order to consider how an enterprise risk management system may be out into place in a
firm the example of a large manufacturing organization will be considered. This will allow for the student to choose their own organization and adapt the model for that firm1.
There are a number of risk that are general to any firm and others that may be more pertinent to a large manufacturing firm. There are a high number of
inputs, with deliveries being made for large monetary values. This presents a great opportunity for fraud, either overpaying invoices, double paying them, paying for stock that has not been received
or misallocating stock, this type of fraud may be undertaken alone by an individual within a company, but it is more likely to be in collusion, few frauds are undertaken
by a single person and usually involve others within, or outside of the firm. The goods that are manufactured are then sold on to retailers or resellers; this also
involves more financial transactions which can result in fraud if there are not sufficient safeguards. The opportunities for fraud are not only at the higher levels, such as with the
overpaying of invoices by employees in the accounting department, it is also with the employees managing the stock coming in and going out. However, generally the higher up in the
organizations that a potential fraud or misreporting takes places the greater the risk it will present due to the potential amounts that are involved, therefore it is understandable that the
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