B1 COSO ERM

Question 1

Governance and Culture (5)

Answer 1

Defines desired culture
Exercises board oversight
Demonstrates commitment to core values
Attracts, develops, and retains capable employees
Establishes operating structure

Question 2

Strategy and Objective Setting (4)

Answer 2

Evaluates alternative strategies
Formulates business objectives
Analyzes business context
Defines risk appetite

Question 3

Performance (5)

Answer 3

Develops portfolio view
Assesses severity of risk
Prioritizes risk
Identifies risks (events)
Implements risk responses

Question 4

Review and Revision (3)

Answer 4

Assesses substantial change
Pursues improvement in enterprise risk management
Reviews risk and performance

Question 5

Information, Communication, and Reporting (3)

Answer 5

Leverages information and technology
Communicates risk information
Reports on risk, culture, and performance