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    COSO ERM Governance Culture Training and Developmentt

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    Rhea Simone
    COSO ERM Governance Culture Training and Developmentt

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    © All Rights Reserved
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    COSO ERM Governance Culture Training and Developmentt

    Uploaded by

    Rhea Simone
    37 views10 pages
    COSO ERM Governance Culture Training and Developmentt

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    © © All Rights Reserved

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    XLSX, PDF, TXT or read online from Scribd

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    COSO ERM Governance Culture Training and Developmentt

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    37 views10 pages

    COSO ERM Governance Culture Training and Developmentt

    Uploaded by

    Rhea Simone
    COSO ERM Governance Culture Training and Developmentt

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 10

    AuditNet Due Diligence Checklist

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    e Diligence Checklist

    Response from Contractor


    Manzoor Ahmed

    COSO – 2017 Enterprise Risk Management – Integrated Framework

    Yes
    COSO -2017 - Enterprise Risk Management - Integrating with Strategy and Performance, Risk
    influences an organization's strategy and performance throughout the process from strategic
    planning to operational activities. So it is important to embedding the risk management across
    all organizational actives i.e. from setting mission, vision, strategic planning and operational
    activities.
    This template defines the procedure to conduct audit as per COSO models and ultimate bring
    improve operations, compliance and reporting structure of the organization.
    Yes permission granted

    The template is relevant to all industries.


    COSO Principle # 3: Establishing Operating Structures
    Function: Training and Development

    COSO - 2017 ERM, Enterprise Risk Management - Integerated Framework, COSO Integrating
    with strategy and performance.
    Yes.
    This template was purchased by AuditNet from a third party under a work for hire
    agreement. You acknowledge that the Third-Party Content provided to you is
    obtained from sources believed to be reliable and that no guarantees are made by
    AuditNet®. or the AuditNet® website or the providers of the Third-Party Content as
    to its accuracy, completeness, or timeliness. You should be aware that the template
    may be incomplete, may contain errors, or may have become out of date. While
    every reasonable precaution has been taken in the preparation of this template,
    neither the author nor AuditNet assumes responsibility for errors or omissions, or for
    damages resulting from the use of the information contained herein. You
    acknowledge and agree not to hold AuditNet®, it’s website, any products or services
    through AuditNet® or the AuditNet® website liable for any product purchase or any
    decision or other transaction you may make based on your reliance on or use of
    such data, or any liability that may arise due to the delivery of the Third Party
    Content for any reason. AuditNet® is not in the business of providing insurance, tax
    or legal advice to anyone. The information contained in this document is believed to
    be accurate. However, no guarantee is provided. Use this information at your own
    risk.
    Audit Program Licensing Terms
    1. You accept that this product is intended for your use, and you will not duplicate in
    any form or manner, electronic or otherwise, copies of this product nor distribute this
    product to anyone else.
    2. You recognize that the product and its content are the sole property of AuditNet®
    (the Publisher), and that we have copyrighted the product.
    3. You agree that the Publisher is not responsible for any interruption of service or
    malfunction that is a consequence of the Internet, a service provider, personal
    computer, browser or other software or hardware components. You accept that there
    is no guarantee that this product is totally error free. You further understand and
    accept that the Publisher intends to provide reliable information but does not
    guarantee the accuracy or completeness of any information, and is not responsible for
    any results obtained from the use of such information.
    4 This license is effective until terminated, when the license or subscription period
    ends without renewal, or when you destroy this product and any related
    documentation. The Publisher may terminate your license without notice if you fail to
    comply with the conditions set forth in this agreement, and may pursue any other legal
    recourse.
    COSO - Enterprise Risk Management
    Integerating with Strategy and Performance

    INTRODUCITON:

    WHAT IS COSO 2017 ABOUT…?


    The updated COSO Framework 2017 - Enterprise Risk Management - Integerating with strategy
    and performance, Let me explain it. The Risk Management needs to be integerated with the
    organization strategy and it's performance so that it is ensured that the organizational objectives
    are achieved.

    Every organization has set a Mission, Vision, goals and Core values. All this defines what
    organization want to achieve and want how to conduct the business. There is a risk for all type of
    organization that it may not achieve what it want to achieve and organization must manage that
    risk so that organizational objectives are achieved. The updated version of COSO 2017 focuses on
    managing the risk through integerating it with strategy and performance. i.e.

    1) While setting the organizational strategy the related risk must be assessed and related risk
    management measures should be set and kept in place to management the risk.

    2) Similarly risks should be identified at operational level and related risk management measures
    should be set or kept in place to ensure that operational objectives are achieved in effective
    manner. If risk is management at operational level then entity's performance would be in
    accordance with the set objectives.

    ENTERPRISE RISK MANAGEMENT


    MISSION, VISION AND CORE VALUES GOVERNANCE & CULTURE

    STRATEGY DEVELOPMENT STRATEGY AND OBJECTIVE SETTING

    BUSINESS OBJECTIVE FORMULATION PERFORMANCE

    IMPLEMENTATION & PERFORMANCE REVIEW & REVISION

    ENHANCES VALUES INFORMATION, COMMUNICATION & REPORTING


    COSO - Enterprise Risk Management - Integrating with Strategy and Performance
    COSO Component : Governance and Culture
    COSO Principle # 3: Establishing Operating Structures
    Function: Training and Development

    COSO -2017 - Enterprise Risk Management - Integrating with Strategy and Performance, Risk influences an organization's strategy and performance throughout the process from strategic planning to operational
    activities. So it is important to embedding the risk management across all organizational actives i.e. from setting mission, vision, strategic planning and operational activities.

    Disclaimer:
    The template is prepared to provide the guidance to the users to understand and enhance their knowledge in regards to the COSO Framework 2017 and apply their knowledge in accordance with the actual scenario in
    their organization.

    Process / Risk Mitigating Control / Internal Person Responsible for Last Review Next Review
    Serial # Risk Remarks
    Activities Control the Implementation performed Date

    Management should formulate a


    comprehensive training policy
    Training policy may not be which address the training needs of
    1 Policies
    formulated each department and each
    hierarchy within the departments of
    the Organization.

    The training policy should address


    the following issues:
    - Skills / Professional level.
    Training policy may not be
    2 Policies - Training method
    formulated
    - Number of class and its duration
    - Training expenditure
    - Training responsibilities

    Training department should


    develop an annual training plan in
    line with overall training objectives
    set with training policy approved by
    Training plans may not be
    3 Training plans the board.
    developed
    The implementation of the plan
    should be reviewed quarterly by the
    management.
    Management should ensure that
    existing required skills and future
    Training plans may not be
    4 Training plans skill needs should be addressed
    developed
    within the training plans of the
    Organization.

    Management should ensure that


    training departments in adequately
    equipped and skilled to identify the
    training needs and future skills
    Training needs may not be
    5 Training plans needs of existing employees.
    identified
    The skill needs should be reviewed
    and approved by senior
    management

    Management should ensure that all


    the new employees receive
    Training needs may not be
    6 Orientation training orientation training to understand
    identified
    the culture, vision and mission of
    the organization.

    Management should ensure that


    cost-effective and suitable training
    Costly trainings may be methods are used such as video
    7 Cost of training
    conducted conferencing, recorded lectures,
    webinars, useful links to valuable
    articles, etc.

    Management should ensure that


    training expenditures are as per the
    approved budget of the
    Organization.
    Costly trainings may be
    8 Cost of training
    conducted
    Trainings should be conducted in a
    manner that objectives are
    achieved within the budgeted
    resources.

    Management should ensure that


    training activities are regularly
    Training activities may not
    9 Monitoring monitored. So that any deficiency
    be monitored
    identified can be altered or
    amended.
    Training department should ensure
    that trainings are conducted in such
    Training activities may not a manner that is attractive and
    10 Monitoring
    be monitored interesting for the employees so
    that they learn or update their skills
    willingly.

    Name and Title of Department Director (please print)

    Signature of Department Director

    Date of Department Director's Signature

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