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COSO Framework > GOPRO > Flashcards

GOPRO Flashcards

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

A

Objective & Strategy Setting

17
Q

Identifies Risk

A

Performance

18
Q

Assesses Severity of Risk

A

Performance

19
Q

Prioritizes Risks

A

Performance

20
Q

Implements Risk Responses

A

Performance

21
Q

Develops Portfolio View

A

Performance

22
Q

Assesses Substantial Change

A

Review & Revision

23
Q

Reviews Risk and Performance

A

Review & Revision

24
Q

Pursues Improvement in Enterprise Risk Management

A

Review & Revision

25
Q

Leverages Information and Technology

A

Ongoing Information & Communication

26
Q

Communicates Risk Information

A

Ongoing Information & Communication

27
Q

Reports on Risk, Culture, and Performance

A

Ongoing Information & Communication

28
Q

Governance & Culture Components

A

Desired Culture
Oversight from Board
Values
Employees (Capable)
Structure of Operation

29
Q

Objectives & Strategy Components

A

Strategies
Objectives formulation
Analyze Business Context
Risk Appetite

30
Q

Performance Components

A

View (Portfolio)
Assesses Severity of Risk
Prioritizes Risk
Identifies Risk
Responds to Risk

31
Q

Review & Revision Components

A

Substantial Changes
Improvement
Review Risk and Performance

32
Q

Ongoing Information & Communication Components

A

Technology
Information Communication
Performance, Risk, Culture Reporting

COSO Framework (2 decks)

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