Coso Flashcards
(4 cards)
Which elements make up coso ERM risk classification system
Strategic operations reporting compliance STRC
8 processes on coso
Int environment
Obj setting
Event ID
Assessment
Response
Control activities
Info & comms
Monitoring
4 parts of organisation on coso cube
Entity
Business
Operations
Subsidiaries
When integrating strategy and performance using the COSO framework, to which of the following elements is culture related?
Performance
information sharing
understanding of risk
Understanding of risk - within the governance and culture component, culture relates to ethical values, desired behaviours and understanding of risk.
Performance is its own component and considers risks that can impact achievement of strategy and business needs.
ERM requires a continual process of obtaining and sharing information; this is within the component information, communication and reporting.
