COSO ERM Standard Requirements
- A board with a majority of independent directors should regularly seek executive managements responses to such questions: what are the companys top risks? Does your organization do this?
- Are the individuals responsible for the requisitioning/receiving and purchasing functions different from the individuals responsible for the invoice processing/accounts payable?
- The risk of failing an audit; what does your company believe will be the worst thing that would happen to them if others receive an adverse opinion from outside auditors?
- What are the responsibilities of the ERM. Does the function serve as a coordinating body for the individual Risk Management activities or as an advisory body?
- Does each of the performance measures include a documented definition, a consistent calculation method, and internal controls to help ensure completeness and accuracy?
- Does the company have clear objectives and have others been communicated so as to provide effective direction to employees on risk assessment and control issues?
- The anticipated responsibilities of the ERM; will the function serve as a coordinating body for the individual risk management activities or as an advisory body?
- Do the policies, procedures and organizational structure (control activities) actively attempt to control the risks that were identified in the risk assessment?
- Where should the organization enhance its Risk Management processes to have maximum benefit and impact on its ability to achieve business objectives?
- Does the internal control plan include information explaining how and when management monitors the goals, objectives and activities contained in the plan?
Why Own The COSO ERM Self-Assessment?
The COSO ERM Self-Assessment will make you a COSO ERM domain expert by:
Reducing the effort in the COSO ERM work to be done to get problems solved
- Ensuring that plans of action include every COSO ERM task and that every COSO ERM outcome is in place
- Saving time investigating strategic and tactical options and ensuring COSO ERM opportunity costs are low
- Delivering tailored COSO ERM advise instantly with structured going-forward plans
All the tools you need to an in-depth COSO ERM Self-Assessment. Featuring 851 new and updated case-based criteria, organized into seven core areas of process design, this Self-Assessment will help you identify areas in which COSO ERM improvements can be made.
What Is In The COSO ERM Self-Assessment?
The COSO ERM Complete Self-Assessment Excel Dashboard
- Ensures you don't miss anything: 851 criteria in 7 RDMAICS (Recognize, Define, Measure, Analyze, Improve, Control and Sustain) steps with easy and quick navigating and answering for 1 or up to 10 participants
- Shows your organization instant insight in areas for improvement: Auto generates reports, radar chart for maturity assessment, insights per process and participant and bespoke, ready to use, RACI Matrix
- Gives you a professional Dashboard to guide and perform a thorough COSO ERM Self-Assessment
- Is secure: Ensures offline data protection of your Self-Assessment results
- Dynamically prioritized projects-ready RACI Matrix shows your organization exactly what to do next
The COSO ERM Complete Self Assessment eBook version of the book in print
- Provides a convenient way to distribute and share among the participants to prepare and discuss the Self-Assessment
In using the Self-Assessment you will be better able to:
Diagnose COSO ERM projects, initiatives, organizations, businesses and processes using accepted diagnostic standards and practices
Implement evidence-based best practice strategies aligned with overall goals
- Integrate recent advances in COSO ERM and process design strategies into practice according to best practice guidelines
Assess And Define COSO ERM With This COSO ERM Self Assessment. Sample Questions From The Complete, 851 Criteria, Self-Assessment:
- Recognize Criterion: Consider your own COSO ERM project. what types of organizational problems do you think might be causing or affecting your problem, based on the work done so far?
- Define Criterion: Organizational context: what are your organizations objectives, structure and operations?
- Measure Criterion: What are your key COSO ERM organizational performance measures, including key short and longer-term financial measures?
- Analyze Criterion: Can we add value to the current COSO ERM decision-making process (largely qualitative) by incorporating uncertainty modeling (more quantitative)?
- Improve Criterion: Is Supporting COSO ERM documentation required?
- Control Criterion: Do you monitor the effectiveness of your COSO ERM activities?
- Sustain Criterion: How can we incorporate support to ensure safe and effective use of COSO ERM into the services that we provide?
Cost/Benefit Analysis; COSO ERM Self-Assessment Justification And Approval Tools:
Purchasing a The Art of Service Self Assessment will spur new ideas, fast track project strategy and advance your professional skills. We’ve developed a set of criteria that will aid in gaining approval and give you the ability to validate and review your Self-Assessment investment:
- Excluding hired consultants and advisors from top management consulting firms, internal COSO ERM Self-Assessment work is typically undertaken by senior level positions with titles such as Enterprise Architect, Business Process Architects, Business Process Re-engineering Specialists and Business Architects.
Statistics according to Glassdoor and Indeed tell these positions receive an average basic pay of $125,000. Daily rates of basic pay are computed by dividing an employee's annual pay by 260 days. The daily salary is then derived by dividing the annual salary of $125,000 by 260 days = a daily rate of $480.
- Top management consulting firms start at $2,000 a day, with rates typically charged up to 40 hours per week.
For a fraction of this the Self-Assessment will make you a COSO ERM domain authority.
Defining, designing, creating, and implementing a process to solve a business challenge or meet a business objective is the most valuable role… In EVERY company, organization and department.
Unless you are talking a one-time, single-use project within a business, there should be a process. Whether that process is managed and implemented by humans, AI, or a combination of the two, it needs to be designed by someone with a complex enough perspective to ask the right questions. Someone capable of asking the right questions and step back and say, 'What are we really trying to accomplish here? And is there a different way to look at it?'
For more than twenty years, The Art of Service's Self-Assessments empower people who can do just that - whether their title is marketer, entrepreneur, manager, salesperson, consultant, business process manager, executive assistant, IT Manager, CxO etc... - they are the people who rule the future. They are people who watch the process as it happens, and ask the right questions to make the process work better.
Get The COSO ERM Self Assessment That Will Make You A COSO ERM Domain Expert Now.