COSO ERM

Question 1

Mission Statement

Answer 1

A mission statement is an entity’s core purpose, which establishes what it wants to accomplish and why it exists.

Question 2

Core Values

Answer 2

Core values are the entity’s beliefs and ideals about what is good or bad, acceptable or unacceptable, and are statements that influence the behavior of the organization.

Question 3

Statements of Risk Management

Answer 3

Statements of risk appetite should be measurable and precise

Question 4

ERM Communication

Answer 4

Communication is the process of obtaining and sharing information to facilitate and enhance ERM.

This function includes reporting on the organization’s risk, culture, and performance.

Information and communication is a component of COSO’s framework for internal control that includes the goal of proper measurement of transactions

Question 5

Coso ERM Framework

Answer 5

Five Components ( 20 principles)

• Governance and Culture
• Strategy a & Objective Setting
• Performance
• Review & Revision
• Information, Communication and Reporting