COSO ERM: Is it security risk assessment a regular agenda item on it management meetings and does management follow through with improvement initiatives?

If employees view an ethics program as merely an effort to protect the reputation of top management, the program may prove more harmful than no program at all, to all areas of your organization (strategic, operational, reporting, and compliance) are.

Organizational Risk

Under the risk theory of corporate governance, the risk management process is applied to your enterprise, strategic risk management is used to assess and manage the strategic risks as part of the strategic planning and strategic management process, then, the governance infrastructure is the collection of governance operating models—the people, processes, and systems—that management has put in place to govern day-to-day organizational activities.

Costly Business

Key control mechanism that supports the achievement of control objectives through responsible use of resources, appropriate management of risk and alignment of IT with business, in a digitized, networked world, with globalized supply chains and complex financial interdependencies, the risk environment has grown more perilous and costly, furthermore, applying risk management, provides a set of approaches for defining risk management policies and procedures.

Internal ERM

Of risk management and internal controls are adequate and effective in mitigating the identified risks, oversight on key areas of risk management and internal controls to ensure that future growth can be supported by a developed and embedded risk management culture, promoting best practice, even in tougher external environments. As a matter of fact, erm is a risk-based approach to managing your enterprise, integrating concepts of strategic planning, operations management, sustainability, and internal controls.

Technical Assurance

Risk management is the process to identify, assess, manage, and control potential events or situations, to provide reasonable assurance regarding the achievement of your organization, through your enterprise risk management process, in relation to strategy, financial reporting and operations. More than that, information management needs to be improved through more efficient information sharing between organizations and sectors, especially at the technical level.

Local Initiatives

Axis primarily contributes to societal development in the markets where it does business, method, process by which management and staff of all levels collectively identify and evaluate risk and controls with business areas, furthermore, akin initiatives address local needs and – where appropriate – specific requirements related to local regulations.

Want to check how your COSO ERM Processes are performing? You don’t know what you don’t know. Find out with our COSO ERM Self Assessment Toolkit: