Question

This component of the ERM framework concerns the entirety of enterprise risk management and is accomplished through ongoing management activities, separate evaluations, or both.

a. control activities
b. Monitoring
c. objective setting
d. risk response

Answer 1

The ERM framework component responsible for overseeing the entire enterprise risk management through ongoing or separate evaluations is Monitoring. Monitoring ensures that risks are managed effectively and that the organization's risk management processes remain robust over time.

Step-by-step explanation:

The component of the Enterprise Risk Management (ERM) framework that concerns the entirety of enterprise risk management and is implemented through ongoing management activities or separate evaluations is Monitoring. Monitoring is essential in assessing the quality of the ERM process over time and ensuring that controls are effective and risks are being managed appropriately. It involves tracking identified risks, oversight of the management of those risks, and evaluating the effectiveness of the related policies and procedures on a continuous basis. It is through monitoring that an organization can provide assurance to stakeholders that the risk management practices are functioning as intended and that necessary adjustments or improvements can be made in a timely manner.