Final answer:
The COSO enterprise risk management framework includes elements such as Internal Environment, Objective Setting, and Event Identification. Examples of these elements include implementing a code of conduct, setting specific goals, and identifying potential risks.
Step-by-step explanation:
The COSO enterprise risk management framework is a widely recognized framework used by organizations to manage risk. One element of this framework is Internal Environment, which refers to the tone set by management regarding the importance of risk management and accountability. An example of this element could be the implementation of a code of conduct that outlines expected behavior and ethics within the organization.
Another element is Objective Setting, which involves establishing goals and objectives that are consistent with the organization's mission. For example, a company may set an objective to increase its market share by a certain percentage within a specified time frame.
Lastly, Event Identification is an element that involves identifying potential events that may affect the organization's ability to achieve its objectives. An example of this could be conducting a risk assessment to identify potential risks, such as cybersecurity threats or supply chain disruptions.