Enterprise Risk Management (ERM) Flashcards
1
Q
Components of ERM
A
IS EAR AIM Internal Environment Setting objectives Event Id Assessment of risk Risk response Control Activities Information and communication Monitoring
2
Q
Internal Environment
A
EBOCA Ethical values Board oversight Organizational structure Commitment to competence Accountability
Human resources
3
Q
Objective Setting
A
SORC Strategic Objectives Operations objectives Reporting objectives Compliance objectives
4
Q
Event Id
A
Both negative and positive, internal and external
5
Q
Assessment of Risk
A
Analyzed in relation to the likelihood and serverity
6
Q
Risk response
A
Risk must align with org’s overall risk appetite
7
Q
Control Activities
A
the policies and procedures used to effect management’s response to risk
8
Q
Information and Communication
A
Includes the id, capture and communication of information throughout the organization
9
Q
Monitoring
A
Ongoing monitoring activities, separate evals, reporting deficiencies
