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The Committee of Sponsoring Organisations (COSO) outlined six key principles of Enterprise Risk Management (ERM).
Which of the following are COSO key principles?
Suggested Answer: B, C, E
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34 comments · newest first
IV
Ivory
12 months ago
D is spot on, it’s all about aligning with strategy!
TH
Thora
12 months ago
Wait, E is not a principle, right? That sounds off!
PE
Peter
1 year ago
C seems too narrow, risk management is broader than just a committee.
BU
Burma
1 year ago
I think B is also correct.
CL
Clay
1 year ago
A is definitely one of the principles!
LA
Lacey
1 year ago
I know that considering risk in the context of business strategy is important, but I'm unsure if it's explicitly listed as a key principle.
PE
Pearly
1 year ago
I feel like the responsibility of risk management is broader than just the risk committee, but I can't recall the exact wording from the framework.
JU
Juan
1 year ago
I think a comprehensive approach to risk management is definitely one of the principles. It seems familiar from our practice questions.
MA
Marva
1 year ago
I remember that COSO emphasizes a risk-aware culture, but I'm not sure if that's one of the key principles.
TA
Tambra
1 year ago
Ah, I remember learning about this in class. I'm confident I can identify the right description.
RA
Rasheeda
1 year ago
Hmm, I'm not too familiar with the TIBCO CIM utilities. I'll have to think this through carefully and try to eliminate the options that don't sound right.
MA
Maile
1 year ago
This question seems straightforward, but I want to make sure I understand the details correctly before answering.
LA
Lavera
2 years ago
Hold up, did someone say 'financial risk' is the main risk? That's like saying the Titanic's main problem was the iceberg, not the gaping hole in the hull. Clearly, E is not the way to go.
RO
Rory
1 year ago
Exactly, a holistic approach is key to effective risk management.
JE
Jenise
1 year ago
I agree, focusing only on financial risk is not enough. We need to consider all aspects of risk.
MA
Malika
1 year ago
D) Consideration of risk management in the context of business strategy.
LE
Leslie
1 year ago
B) A comprehensive and holistic approach to risk management.
CE
Celia
1 year ago
A) The creation of a risk aware culture.
VO
Vonda
1 year ago
D) Consideration of risk management in the context of business strategy.
JE
Jestine
1 year ago
B) A comprehensive and holistic approach to risk management.
BO
Bobbie
1 year ago
A) The creation of a risk aware culture.
KE
Keva
2 years ago
A, B, and D, for sure. C? That's like saying the IT department is the only one responsible for technology. Nah, not buying it.
JE
Jenise
2 years ago
I believe the key principles should also include C, as the risk committee plays a crucial role in managing risks.
AV
Avery
2 years ago
I agree with Jestine, those principles make sense for effective risk management.
MA
Markus
2 years ago
Hmm, I'm going with A, B, and D. E sounds like it's straight out of the 90s. This is 2023, people! We need a more holistic approach to risk.
KI
Kirk
1 year ago
Yeah, E does seem a bit outdated. We need to consider all types of risks in today's business environment.
PA
Pa
1 year ago
I agree, A, B, and D are definitely key principles for effective risk management.
JE
Jestine
2 years ago
I think the key principles are A, B, D.
HU
Hubert
2 years ago
Definitely A, B, and D. E seems a bit too narrow-minded. Isn't ERM supposed to consider all kinds of risks, not just financial ones?
HE
Herschel
2 years ago
A, B, and D seem pretty spot on to me. Not sure about C though - I thought risk management was everyone's responsibility, not just the risk committee's.
FL
Fletcher
1 year ago
It's important to take a comprehensive and holistic approach to risk management, not just focus on one main risk like financial risk.
AB
Abel
1 year ago
COSO's key principles definitely emphasize the importance of a risk aware culture and considering risk in the context of business strategy.
IS
Isadora
1 year ago
I think you're right, risk management should be everyone's responsibility, not just the risk committee's.
GR
Gregoria
2 years ago
I agree, A, B, and D are definitely key principles of ERM.