Forum

COSO ERM Framework/Activities

Internal Environment:  Risk Management Philosophy –Board of Directors –Establish Risk Management Framework–Organizational Structure –Assignment of Authority and Responsibility

Objective Setting:  Strategic Objectives ––Develop Risk Appetite / Risk Tolerances

Event Identification:  Identify potential threats –Events –Influencing Factors –Event Interdependencies –Event Categories –Distinguish Risks/Opportunities

Risk Assessment:  Inherent and Residual Risk –Establishing Likelihood and Impact –Data Sources –Assessment Techniques

Risk Response:  Evaluating Possible Responses –Selected Responses –Portfolio View

Control Activities:  Integration with Risk Response –Types of Control Activities

Information and Communication:   Relevant information is identified and communicated

Ongoing Monitoring:   Coordinating Risk Activities–Reporting Deficiencies