COSO Internal Control, The Basics
COSO is the acronym of the Committee of Sponsoring Organizations of the Treadway Commission, originally established in 1985 to combat corporate fraud, led by James Treadway Jr. The Committee comprised of special-interest organisations in the accounting and auditing industry, including the American Accounting Association; Financial Executives International; the Institute of
ORM and Organisational Prosperity, Is there a Link
All organisations want to be successful, or at least do well enough to satisfy their shareholders, and keep their various stakeholder groups happy. They also want this prosperity to be continuous, and, ideally, to increase over time. But there is one barrier that must be considered, inherent in all business
Is There A Link Between ORM and Organisational Prosperity
Operational risk is something all organisations have to deal with. It is inherent in all business activities, and can include fraud, physical damage, business disruption, transaction failures, legal and regulatory breaches, employee health and safety hazards. If not carefully managed and monitored, it may result in financial losses for the
The Fundamentals of COSO Internal Control
According to COSO, internal control is a process designed to provide reasonable assurance of the effectiveness and efficiency of operations; reliability of financial reporting; and compliance with applicable laws and regulations. These relate to the business’s objectives, performance, profitability and resources; its financial health; and its compliance with the laws
What Should You Look For, When Auditing Risk Management?
IERP’s recent Tea Talk drew a sizeable online audience because it addressed an issue that is growing in importance in corporate circles: providing independent assurance. Speaker Ramesh Pillai, Group MD of Friday Concepts (International) shared thoughts and experiences on what risk professionals can do to add value to the risk
What Do Operational Risk Managers Really Do For The Company?
Operational risk relates to losses resulting from inadequate or failed internal processes, people and systems, or external events. These may occur in an organisation’s day-to-day operations, and may involve internal resources and systems, procedures and the organisation’s employees. Operational risk may also result in data loss, equipment malfunction or high
Whose Role Is It To Manage Operational Risk?
What is operational risk? It is usually defined as the prospect of loss resulting from inadequate or failed procedures, systems or policies or other external events. Generally, it is understood to be the uncertainties and hazards that an organisation has to deal with in the course of its day-to-day business
The Race To Operational Resilience In The New Normal
What is resilience? It’s what helps individuals and organisations bounce back from adversity. The result of experience, ability and strength, resilience is a dynamic process that has to be developed over time, and continually tested to gauge its fitness for purpose. Within the business context, resilience is what keeps companies
Audit Committee’s Guide To COSO 2013 And Internal Controls
In 1992, the Committee of Sponsoring Organisations of the Treadway Commission, COSO, introduced its Internal Control – Integrated Framework with the aim of helping organisations achieve operational objectives, better reporting and compliance. Most companies then did not have the sophisticated internal controls that are widely applied today. What was generally
Why Should The C Levels Care About CyberSecurity?
Should those in the C-Suite be concerned when it comes to cybersecurity? The short answer: yes. There is no denying that being in the C-Suite signals that an executive has “arrived” and is among the movers and shakers of the organisation. But most people tend to see the perks that