Risk Management Question
Description
Demonstrate your ability to understand, discuss and evaluate COSO Internal Control Framework and COSO ERM Framework principles. Apply these concepts, terminology, methodology to risk assess real-life risk event.
Utilize required reading and class material to demonstrate your understanding for Session s 1,2,3 & 4. Use optional reference material provided in Canvas and research online to risk assess the event.
Risk Identification (root cause analysis including risk factors- triggers and conditions),
Risk Assessment and Measurement (Assess Inherent Risk (Impact x Likelihood with rationale, Assign Control rating (with rationale and map the control weaknesses to COSO Internal Control and/or COSO ERM frameworks) to derive Residual Risk
Risk Mitigation and Corrective Action Plans (projects/plans to strengthen specific control weakness identified above
- Risk Monitoring- Establish KRIs around risk factors identified in root cause analysis above
- COSO KRI paper entitled “Developing Key Risk Indicators to Strengthen Enterprise Risk management” provided in Canvas files (see sections on Developing KRIS, Sources & information when developing KRIS and KRI communication & reporting)
- And other required and optional material provided in syllabus and as class material.
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