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16 Cards in this Set
- Front
- Back
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What are the 5 components of COSO's Framework?
CRIME |
Control Activities
Risk Assessment Information and Communication Monitoring Control Enviroment |
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What are the components of the Control Enviroment?
crimE - PHRASED - Tone at the top |
Philosophy and operating style of management
Human Resources Reporting (financial) competencies Authority and responsibility Structure (organizational) Ethical values (and integrity) Directors - BOD |
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Components of ERM (enterprise risk management)
IS EAR AIM |
Internal enviroment
Setting objectivies Event ID Assessment of risk Risk response Control activities Information and communication Monitoring |
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Components of Risk Assessment
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Financial reporting objectives
Financial reporting risks Fraud risk |
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Components of Control Activities
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Risk assessment integration
Selection and development Policies and procedures Information and technology |
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Components of Information & Communication
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Financial reporting information
Internal control information Internal communication External communication |
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Components of Monitoring
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Ongoing and seperate evaluations
Reporting deficiencies |
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Components of Internal Enviroment
Tone at the Top - PHRASED C |
risk management philosophy
risk appetite BOD integrity and ethical values commitment to competence organizational structure assisgnment of authority and responsibility HR standards |
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Components of Objective Setting
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strategic obj
related obj selected obj risk appetite risk tolerance |
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Components of Event ID
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events
influencing factors event ID techniques event interdependencies event categories distinguishing risks and opportunities |
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Components of Risk Assessment (ERM)
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inherent and residual risk
establishing likelihood and impact data sources assessment techniques event relationships |
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Components of Risk Reponse (ERM)
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evaluation possible responses
selected responses portfolio view |
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Components of Control Activities (ERM)
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integration w risk response
types of control activities policies and procedures controls over information systems entity specific |
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Components of Information and Communication (ERM)
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information
communication |
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Components of Monitoring (ERM)
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ongoing monitoring activities
separate evaluations reporting deficiencies |
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4 perspectives of balanced scorecard
FECH |
learning & growth (leveraging HR capabilities)
customer (measuring the effort that adds to customer satisfaction) business process (measuring efficiency & effectiveness of business process) Financial (measuring financial results) |
