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ERM Concepts [4]

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Bullet points include: COSO (2004): “Enterprise risk management is a process, effected by an entity’s board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding achievement of entity objectives”. 1. Identifying issues, setting context, 2. Assessing key risk areas, 3. Measuring likelihood and impact, 4. Ranking risks, 5. Setting desired results, 6. Developing options, 7. Selecting a strategy, 8. Implementing the strategy, 9. Monitoring, evaluating and adjusting

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