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Under the COSO Enterprise Risk Management Framework, who is responsible for risk management?
Suggested Answer: C, D
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35 comments · newest first
LO
Lorean
11 months ago
I can't believe shareholders have no role in this!
LO
Lonny
11 months ago
Nope, it's definitely not just for managers and directors.
KA
Katie
11 months ago
Wait, really? I thought it was just the board's job.
LA
Larae
12 months ago
Totally agree, risk management is a team effort.
GA
Gail
12 months ago
Every member is responsible, that's how it works!
HU
Hubert
1 year ago
I’m confused because I thought it was mainly the managers and directors, but now I’m questioning if it’s really everyone involved. Maybe C?
LA
Lamar
1 year ago
I practiced a question similar to this, and I think it emphasized that everyone in the organization plays a part. So, A seems likely.
MA
Margart
1 year ago
I feel like we discussed how the board has a key role, but I can't recall if it's just them or if it's broader. Could it be B?
EM
Emeline
1 year ago
I think I remember that risk management is a collective responsibility, so maybe it's A? But I'm not entirely sure.
EM
Emile
1 year ago
I'm a little confused on this question. I know the COSO framework is about enterprise risk management, but I can't recall the details on who is responsible. I'll have to review my notes before answering.
SI
Silva
1 year ago
The COSO framework emphasizes a collaborative approach to risk management, so I believe the correct answer is that every member of the entity is responsible. I'll select option A.
CA
Catrice
1 year ago
Hmm, I'm a bit unsure about this one. I know the COSO framework covers enterprise-wide risk management, but I can't remember the specifics on who is responsible. I'll have to think this through carefully.
EU
Eulah
1 year ago
I'm pretty sure the COSO framework says that risk management is the responsibility of everyone in the organization, not just the board or managers. I'll go with option A.
SA
Salome
1 year ago
I think the divisional structure would be the best fit here. Differentiation at the business level usually requires more flexibility and autonomy, which a divisional structure can provide.
FR
Franchesca
1 year ago
I've got a strategy for this. I'll focus on finding the right Activity element in XML Document 2 based on the Code attribute, then update its Status element accordingly. Gotta be careful with the namespace-aware parsing.
CY
Cyril
1 year ago
I'm pretty sure this is a change in accounting estimate. The company is updating its estimate of future warranty costs based on a production improvement, which doesn't seem to be a change in principle or a correction of an error. I'll select option B.
KE
Kenneth
1 year ago
I vaguely remember a similar question where an off-by-one error caused issues. I wonder if that's happening here too.
ST
Stevie
1 year ago
Hey, if the shareholders were in charge of risk management, I'd be rich by now! Guess they're not as competent as we thought. Option A all the way.
NO
Noemi
1 year ago
Shareholders responsible for risk management? What is this, a comedy show? They're just there to make money, not to run the company. Definitely going with Option A.
DY
Dylan
1 year ago
Only managers and directors? Sounds like a recipe for disaster. Everyone in the entity should be involved in risk management, from the CEO to the janitor. Option A is the way to go.
CO
Corinne
1 year ago
Shareholders should also be involved in understanding and managing risks.
DE
Desmond
1 year ago
Managers and directors should definitely play a key role in risk management.
JO
Joseph
1 year ago
I think the board of directors should have the ultimate responsibility for risk management.
PA
Pamela
1 year ago
I agree, everyone in the entity should be responsible for risk management.
DO
Dominque
1 year ago
I think the board of directors should be responsible for risk management. They're the ones calling the shots, so they should be the ones managing the risks too. Option B for me.
RO
Rolande
1 year ago
Managers and directors should also play a role in risk management. It shouldn't just be left to one group to handle all the risks.
PH
Phung
1 year ago
I think every member of the entity should be responsible for risk management. It's important for everyone to be aware of and involved in managing risks.
FR
France
1 year ago
I agree, the board of directors should definitely be responsible for risk management. They have the overall authority.
AN
An
1 year ago
Well, the COSO ERM Framework clearly states that risk management is the responsibility of everyone in the organization, not just the board or managers. Option A seems like the right choice here.
LO
Lore
1 year ago
That's correct, the COSO ERM Framework emphasizes the importance of a collective effort in risk management.
BR
Brendan
1 year ago
Yes, it's important for all members of the entity to be involved in managing risks.
MI
Michal
1 year ago
I agree, risk management should be everyone's responsibility.
CH
Chun
2 years ago
But don't you think managers and directors should also be responsible for risk management?
MA
Marylyn
2 years ago
I disagree, I believe it's the board of directors only.
CH
Chun
2 years ago
I think every member of the entity is responsible for risk management.