COSO Enterprise Risk Management

When an organization aims to achieve its objectives, it must address risks that threaten these objectives and manage them. COSO has defined various elements of an internal control system for this purpose. The COSO model depicts the direct relationship between:

  1. Organizational objectives;
  2. Control components;
  3. The activities/units requiring internal control.
  4. COSO identifies the relationships between enterprise risks and the internal control system. COSO operates under the notion that internal control is a process aimed at ensuring the achievement of objectives in the following categories:
  5. Achieving strategic objectives (Strategic);
  6. Effectiveness and efficiency of business processes (Operations);
  7. Reliability of financial reporting (Reporting);
  8. Compliance with relevant laws and regulations (Compliance).

Furthermore, organizations must demonstrate to investors and other stakeholders that they handle uncertainties correctly (Code Tabaksblat and the Sarbanes-Oxley Act). In the Risklane approach to Enterprise Risk Management (ERM), risks are identified, and their consequences are detailed. Risklane utilizes the latest standards, methods, and techniques in risk management for this purpose.

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