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Essay / Research Paper Abstract
This 3 page paper summarizes the COSO document “Enterprise Risk Management — Integrated Framework” describing the way the framework operates and how it can be assessed. The bibliography cites 1 source.
Page Count:
3 pages (~225 words per page)
File: TS14_TEcosofrm.rtf
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Unformatted sample text from the term paper:
of directors, management and other personnel, applied in strategy setting ad 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 the entity objectives" (COSO, 2005). This shows risk management is an ongoing process that is impacted by personnel at
all levels within the organisation itself and that to manage risk they must first be identified and then if accepted risked in a way that is deemed reasonable. The
principles of this is that all organisation, where they are commercial for profit, or not for profit organisations need to give their stakeholders value and that value is created or
maintained by the way the organisation is managed from the day to day operations levels to the overall strategy adopted. The aim of the organisation is to meet its
goals, this includes the strategic, operational, reporting and compliance goals. These different elements are not clear cut, some objectives may cross over the categories. Some of these will be within
the control of the organisation, such as compliance issues which are direct controlled may be seen as having a reasonable assurance of risk avoidance. The achievement of strategic objectives may
be more subject to external factors. Using this separation there are 8 components that are interrelated. These are the internal environment; including the culture and attitudes, the objective setting;
this is looking at setting the goals at the different levels, the event identification; this is looking at what it is that may present risks, risk assessment; this is looking
at what the result of the event may be including the potential scale and scope of the risk, risk response; what the organisation can as a response to this risk
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