Risk Management Software and COSO

COSO - A brief overview

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued "Internal Control - Integrated Framework" to help businesses assess and enhance their internal control systems. COSO initiated a project to develop a framework for an organisation's enterprise risk management.

For achieving goals always means to take risks, management has to establish a strategy with objectives to get an optimal balance between achieving goals and related risks. An enterprise risk management comprises:

Match risk appetite (acceptable risk with regard to goals) with strategy
Improvement of risk response decisions
Reduction of operational losses
Identification of multiple and cross-enterprise risks
Identification of opportunities
Improved deployment of capital.

COSO determines eight interrelated components of an enterprise risk management:

COSO and Enterprise Risk Register®

Enterprise Risk Register® is a valuable tools to improve the risk management in a cost efficient way. It can assist you in your efforts to implement the COSO approach.

Enterprise Risk Register® assists you to collect all risks identified in its risk log or risk register. It helps you to provide consistency across a project and even the entire organisation.

Enterprise Risk Register® supports qualitative risk assessments and provides the ability to record, sort and filter data by all its characteristics.

And Enterprise Risk Register® allows you to collect treatments against the risks and analyse the effect of implementing the treatments. This way it demonstrates successful risk management leading to cost reduction.