Enterprise Risk Management: COSO Application

Enterprise Risk Management

Unify risk procedures across your organization

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Enterprise risk management (ERM) seeks to unify your approach to risk across every stakeholder in your organization. But how are you supposed to align on risk tolerance, perceived threats, and act on opportunities if you are not all speaking the same risk language?

The Committee of Sponsoring Organizations (COSO) has an answer by providing clear direction and guidance for your ERM program. COSO’s Enterprise Risk Management: Integrating with Strategy and Performance framework sets up key principles and concepts to identify and assess enterprise risks and keep your key objectives on track.

How It Works

Risk Cloud’s Enterprise Risk Management: COSO Application aligns with COSO’s proven framework to give you a centralized location for your ERM activities and a common risk language to depend on, no matter who is contributing to the program. 

The Application includes pre-configured risk impact, likelihood, velocity, and vulnerability scoring guidance built to assess inherent and residual risk scoring based on COSO guidance. Risk scores are auto-calculated and visualized in Risk Cloud’s reporting dashboard, making it easy for you to create a complete Enterprise Risk Management function with confidence.

Why You Need It

  • Perform risk assessments alongside guidance from COSO’s Enterprise Risk Management: Integrity with Strategy and Performance to highlight enterprise, divisional, and functional risks 
  • Present a unified risk language that all risk stakeholders across the business can quickly visualize and adhere to 
  • Understand the relationships between your organization’s entity, divisional, operational, and functional level objectives, and risk scores
  • Use customizable, pre-built workflows to assess and execute business objectives, risk inventory, risk assessments, and risk responses

Learn more about the Enterprise Risk Management: COSO Application

Publisher: LogicGate

Date Added: 01/22/2021

Type: Applications

Version: Based on 2017 Enterprise Risk Management - Integrated Framework


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