Basics of Risk Management
Author: Robert K Minniti
||2 hours for CPAs
One question that every organization has to answer is “What can go wrong”. Risks can come from employee errors, fraud, natural disasters, or other sources. How does an organization identify risk and determine their risk appetite? Not all risks can be eliminated so how do we mitigate the negative effects of those risks. How do we manage risks to reduce the consequences the company may face from those risks?
Publication Date: February 2019
CPAs, internal auditors, CIAs, external auditors, managers, CFOs and others responsible for risk management or internal controls.
- How does an organization identify risk and determine their risk appetite?
- How do we manage risks to reduce the consequences the company may face from those risks?
- COSO Enterprise Risk Management
- Benefits of an Effective Risk Management Plan
- ERM Framework
- Examples of Risks
- Mitigating Risks
- Definition of Internal Controls
- COSO Framework for Internal Control
- Identify basic strategies for risk management
- Recognize what an organization that wants to apply the COSO enterprise risk management (ERM) framework must do
- Recognize and apply benefits of an effective risk management plan
- Describe which part of the ERM framework establishes an organization's "tone at the top"
- Identify risk appetite using the COSO ERM framework
- Recognize and provide examples of types of risk
- Describe the five components of the COSO internal control framework
- Identity types of internal controls addressing the safeguarding of company assets
NASBA Field of Study
Accounting (2 hours)