Question

What are the eight elements of COSO's Enterprise Risk Management-Integrated Framework?

1) Internal environment
2) Objective setting
3) Event identification
4) Risk assessment
5) Risk response
6) Control activities
7) Information and communication
8) Monitoring

Answer 1

The eight elements of COSO's Enterprise Risk Management-Integrated Framework are: internal environment, objective setting, event identification, risk assessment, risk response, control activities, information and communication, and monitoring.

Step-by-step explanation:

The eight elements of COSO's Enterprise Risk Management-Integrated Framework are:

1. Internal environment: This refers to the culture and governance of an organization, including its ethics and risk appetite.
2. Objective setting: This involves defining the organization's mission, vision, and strategic objectives.
3. Event identification: The process of identifying events or risks that could affect the organization's ability to achieve its objectives.
4. Risk assessment: Evaluating the significance of identified risks and their potential impact.
5. Risk response: Developing and implementing strategies to manage and mitigate risks.
6. Control activities: The policies and procedures implemented to reduce the likelihood of risks occurring.
7. Information and communication: The process of sharing relevant information about risks throughout the organization.
8. Monitoring: Regularly assessing the effectiveness of the risk management process.