Finance for non-finance – Module 7 – Enterprise Risk Management – The concept

Finance for non-finance – Module 7 – Enterprise Risk Management – The concept

This module discusses, the types of risk, risk management and COSO framework. It articulates risk management cycle and explains this as follows:

• Control environment
• Risk assessment
• Risk maps
• Control activities
• Information and communication

It also highlights internal control processes and risk management processes. It suggests a broad risk management plan and talks about a risk management Questionnaire that should cover the following:

• Business Planning, Management and Control Environment
• Budgeting and budgetary control
• Revenue to Cash
• Procurement to Payable
• Attendance Records and Payroll
• Record to report transaction
• Information systems, Management and controls

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