Write the enterprise risk assessment for the organization.
Enterprise Risk Management (ERM) has been defined by some as “a process, affected 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 risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.”
What this long definition is saying (not in so many words) is Risk Assessment includes the methods and processes used by organizations to define and manage risks and seize opportunities related to the achievement of their objectives.
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) ERM Framework has eight components and four objectives categories.
The eight components – additional components highlighted – are:
- Internal Environment
- Objective Setting
- Event Identification
- Risk Assessment
- Risk Response
- Control Activities
- Information and Communication
The four objectives categories – additional components highlighted – are:
- Strategy – high-level goals, aligned with and supporting the organization’s mission
- Operations – effective and efficient use of resources
- Financial Reporting – reliability of operational and financial reporting
- Compliance – compliance with applicable laws and regulations
Your Risk Assessment plan should be a 3-5 page paper (a minimum of three pages of content) to discuss how risks are defined, assessed and responded to. Monitoring activities should be included in the assessment process you outline.
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