The COSO Framework for Internal Control
February 12, 2025
The question that is uppermost on business leaders’ mind is how to foster an inclusive environment as the current environment in the business world is about not tolerating harassment and discrimination. For instance, in recent years, there has been some high profile cases involving senior management figures in the US and in India in matters […]
Leaders are responsible for creating and realizing the vision by encouraging the followers to work towards the fulfilment of a common goal. Effective leaders should be able to have a perfect assessment of their strengths/weaknesses and deal with it efficiently. By adopting remedial measures, they should reinforce their areas of strengths and overcome their deficiencies. […]
It is no secret that consumers are leading extremely busy lives. In many families, both the partners are working and as a result, neither had the time to cook food. This is where food delivery apps come in handy. Apps like UberEats deliver restaurant food to the consumer at very little extra costs. There are […]
A setup where individuals from diverse backgrounds, different educational qualifications and varied interests come together to work towards a common goal is called an organization. (Also called workplace). An organization is nothing but an arrangement where individuals work together and join hands in achieving a common goal. The success and failure of an organization is […]
Following are the main roles of a leader in an organization: Required at all levels- Leadership is a function which is important at all levels of management. In the top level, it is important for getting co-operation in formulation of plans and policies. In the middle and lower level, it is required for interpretation and […]
Once an organization decides to go for Enterprise Risk Management, the challenge is the implementation. At the ground level there are lots of considerations in successful implementation of the same. These considerations vary with the organizations; however the following more or less remain the same:
Successful ERM implementation requires a revamp that may cause the above mentioned to become defensive. There is thus a need for coordinating different departments, educating them and promoting them for more initiative and cooperation.
For example, no one could have thought of risks like the criminal tampering of products in pharmaceutical industry! In risk assessment the challenge is to identify and contemplate of such unthinkable events.
Similarly an operational inefficiency that goes unnoticed for long can lead to production deficit. These are risks that are difficult to estimate in terms of their likelihood and degree of impact. Such risks can be better dealt with qualitative analysis to determine the relative possibility of occurrence.
Capital and reinsurance markets, for example, are not adequate to support an organization in its risk transferring mechanism. These markets need due evolution in terms of products and services with time. In case of operational and strategic risk the transfer mechanism is even more inappropriate.
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