Enterprise Risk Management - Integrated Framework by the Committee of Sponsoring Organizations of the Treadway

By the Committee of Sponsoring Organizations of the Treadway Commission

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Sample text

When considered in conjunction with public reporting, a narrower definition of safeguarding of assets often is used, dealing with prevention or timely detection of unauthorized acquisition, use, or disposition of an entity’s assets. For further discussion of this category of objectives, reference should be made to Internal Control – Integrated Framework, including the Addendum to Reporting to External Parties module. 38 Objective Setting Achievement of Objectives An appropriate process for objective setting is a critical component of enterprise risk management.

Internal analysis – This may be done as part of a routine business planning cycle process, typically via a business unit’s staff meetings. Internal analysis sometimes utilizes information from other stakeholders (customers, suppliers, other business units) or subject matter expertise outside the unit (internal or external functional experts or internal audit staff). For example, a company considering introduction of a new product utilizes its own historical experience, along with external market research identifying events that have affected the success of competitors’ products.

By considering the internal and external factors that affect inputs to or activities within a process, an entity identifies events that could affect achievement of process objectives. For example, a medical laboratory maps its processes for receipt and testing of blood samples. Using process maps, it considers the range of factors that could affect inputs, tasks, and responsibilities, identifying risks related to sample labeling, handoffs within the process, and personnel shift changes. 44 Event Identification • • Leading event indicators – By monitoring data correlated to events, entities identify the existence of conditions that could give rise to an event.

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