Match each description to the appropriate component of the ERM Framework. Internal Environment Objective Setting...
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Match each description to the appropriate component of the ERM Framework. Internal Environment ✓ Objective Setting ✓ Event Identification Risk Assessment and Risk Response ✓ Control Activities ✓ Information and Communication - Monitoring A. Management must try to anticipate all possible positive or negative incidents and determine which are most and least likely to occur. B. The ERM process must be continuously evaluated and modified as needed, and deficiencies must be reported to management. C. Corporate vision or mission; Management sets at the corporate level and then subdivides into specific subunits. D. Management must assess a risk's likelihood and impact, as well as the costs and benefits of alternate responses. E. Understanding how transactions are initiated, data are captured, files are accessed and updated, data are processed, and information is reported. F. Company culture, influences how organizations establish strategies and objectives; structure business activities; and identify, assess, and respond to risk. The foundation for all other ERM components. G. Policies and procedures that provide reasonable assurance that control objectives are met and risk responses are carried out. Match each description to the appropriate component of the ERM Framework. Internal Environment ✓ Objective Setting ✓ Event Identification Risk Assessment and Risk Response ✓ Control Activities ✓ Information and Communication - Monitoring A. Management must try to anticipate all possible positive or negative incidents and determine which are most and least likely to occur. B. The ERM process must be continuously evaluated and modified as needed, and deficiencies must be reported to management. C. Corporate vision or mission; Management sets at the corporate level and then subdivides into specific subunits. D. Management must assess a risk's likelihood and impact, as well as the costs and benefits of alternate responses. E. Understanding how transactions are initiated, data are captured, files are accessed and updated, data are processed, and information is reported. F. Company culture, influences how organizations establish strategies and objectives; structure business activities; and identify, assess, and respond to risk. The foundation for all other ERM components. G. Policies and procedures that provide reasonable assurance that control objectives are met and risk responses are carried out.
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Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
Posted Date:
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