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BP5 Ch7 - TABLE 7.1 COSO ENTERPRISE RISK FRAMEWORK BASIC...

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Focus: How does an enterprise achieve its objectives? DIMENSION Strategic Operations Reporting Compliance COMPONENT Internal Environment Objective Setting Event Identification Risk Assessment Risk Response Control Activities Information & Communication Monitoring Enterprise Risk Management – Integrated Framework: Executive Summary , Committee of Sponsoring Organizations of the Treadway Commission, 2004 TABLE 7.1 COSO ENTERPRISE RISK FRAMEWORK – BASIC ELEMENTS
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RISK FOCUS/CATEGORIES AICPA/ CICA INSTITUTE OF INTERNAL AUDITORS Company Objectives x Areas of Impact: Reputation Assets, Revenues, Costs Performance Stakeholders x x x x Sources of Risk: Environmental Strategic Operational Informational Financial x x x x x x x Specific Hazards or Perils: Lawsuits Fire Theft Earthquake/natural disasters x x x x x Degree of Control over the Risk Little, Some, Great x Documentation x TABLE 7.2 IDENTIFICATION OF BUSINESS RISKS
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PHASE 1 Develop a projected, ranked understanding of stakeholder interests/expectations Identify Rank: Urgency, power, legitimacy Dynamic analysis Confirmation PHASE 2 Compare activities to expectations to identify ethics risks and opportunities Performance: Inputs, outputs, quality Hypernorm: Honesty, fairness, compassion, integrity, predictability, responsibility Reputation Driver: Trustworthiness, credibility, reliability, responsibility PHASE 3 Reports by • Stakeholder group • Product or service • Corporate objective • Hypernorm value • Reputation driver FIGURE 7.1 ETHICS RISK AND OPPORTUNITY IDENTIFICATION AND ASSESSMENT
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