Final answer:
The key feature unique to the COSO Enterprise Risk Management—Integrated Framework among other risk management standards is C. Control activities.
Step-by-step explanation:
In the COSO framework, "Control activities" stand out as a distinctive element not found in other risk management standards. These activities encompass the policies and procedures implemented by an organization to mitigate risks and ensure that directives are carried out effectively. Unlike other components like risk assessment or identification which are commonly present across various frameworks, the emphasis placed on specific control measures to manage risks sets COSO apart.
Control activities involve a range of actions such as approvals, verifications, reconciliations, and segregation of duties that aim to minimize the impact and likelihood of potential risks. By delineating this as a separate and integral component, COSO highlights the proactive measures necessary for effective risk management beyond mere identification or assessment.
The unique focus on Control activities as a distinct pillar within the COSO framework distinguishes it from other risk management standards.
Correct answer: C. Control activities.
Complete question:
The COSO Enterprise Risk Management—Integrated Framework includes eight interrelated components that should be integrated within an organization's risk management process. Which one of the following components is a key feature of the COSO standard but not other risk management standards?
- A. Communication
- B. Risk assessment
- C. Control activities
- D. Risk identification