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COSO Framework > GOPRO > Flashcards

GOPRO Flashcards

(32 cards)

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1
Q

GOPRO?

A

Governance & Culture
Objective & Strategy Setting
Performance
Review & Revision
Ongoing Communication

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2
Q

Mnemonic for GOPRO components?

A

DOVES SOAR VIPIR SIR TIP

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3
Q

Governance Mnemonic?

A

DOVES

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4
Q

Objective & Strategy Setting Mnemonic

A

SOAR

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5
Q

Performance Mnemonic

A

VAPIR

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6
Q

Review & Revision Mnemonic?

A

SIR

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7
Q

Ongoing Information & Communication Mnemonic?

A

TIP

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8
Q

Exercises Board Risk Oversight

A

Governance & Culture

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9
Q

Establishes Operating Structures

A

Governance & Culture

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10
Q

Defines Desired Culture

A

Governance & Culture

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11
Q

Demonstrate Commitment to Core Values

A

Governance & Culture

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12
Q

Attracts, Develops, and Retains Capable Individuals

A

Governance & Culture

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13
Q

Analyzes Business Context

A

Objective & Strategy Setting

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14
Q

Defines Risk Appetite

A

Objective & Strategy Setting

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15
Q

Evaluates Alternative Strategies

A

Objective & Strategy Setting

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16
Q

Formulates Business Objectives

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A

Objective & Strategy Setting

17
Q

Identifies Risk

18
Q

Assesses Severity of Risk

19
Q

Prioritizes Risks

20
Q

Implements Risk Responses

21
Q

Develops Portfolio View

22
Q

Assesses Substantial Change

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A

Review & Revision

23
Q

Reviews Risk and Performance

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A

Review & Revision

24
Q

Pursues Improvement in Enterprise Risk Management

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A

Review & Revision

25
Leverages Information and Technology
Ongoing Information & Communication
26
Communicates Risk Information
Ongoing Information & Communication
27
Reports on Risk, Culture, and Performance
Ongoing Information & Communication
28
Governance & Culture Components
Desired Culture Oversight from Board Values Employees (Capable) Structure of Operation
29
Objectives & Strategy Components
Strategies Objectives formulation Analyze Business Context Risk Appetite
30
Performance Components
View (Portfolio) Assesses Severity of Risk Prioritizes Risk Identifies Risk Responds to Risk
31
Review & Revision Components
Substantial Changes Improvement Review Risk and Performance
32
Ongoing Information & Communication Components
Technology Information Communication Performance, Risk, Culture Reporting

COSO Framework (2 decks)

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