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CIS558 Week 3 Assignment 1 - ERM Roadmap Worth 125 points The following material may be useful for the completion of this assignment. You may refer to the documents titled “Embracing Enterprise Risk Management: Practical Approaches for Getting Started” and “Developing Key Risk Indicators to Strengthen Enterprise Risk Management”, located at http://www.coso.org/-ERM.htm. Imagine you are an Information Technology Manager employed by a business that needs you to develop a plan for an effective Enterprise Risk Management (ERM) program. In the past, ERM has not been a priority for the organization. Failed corporate security audits, data breaches, and recent news stories have convinced the Board of Directors that they must address these weaknesses. As a result, the CEO has tasked you to create a brief overview of ERM and provide recommendations for establishing an effective ERM program that will be used as a basis to address this area moving forward. Write a three to four (3-4) page paper in which you: Summarize the COSO Risk Management Framework and COSO’s ERM process. Recommend to management the approach that they need to take to implement an effective ERM program. Include the issues and organizational impact they might encounter if they do not implement an effective ERM program. Analyze the methods for establishing key risk indicators (KRIs). Suggest the approach that the organization needs to take in order to link the KRIs with the organization’s strategic initiatives. Use at least three (3) quality resources in this assignment (in addition to and that support the documents from the COSO Website referenced in this assignment). Note: Wikipedia and similar Websites do not qualify as quality resources. Your assignment must follow these formatting requirements: Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are: Describe the COSO enterprise risk management framework. Describe the process of performing effective information technology audits and general controls. Use technology and information resources to research issues in information technology audit and control. Write clearly and concisely about topics related to information technology audit and control using proper writing mechanics and technical style conventions. Click here to view the grading rubric for this assignment. w3_assignment_1___erm_roadmap.docx embracing_enterprise_risk_management.pdf Unformatted Attachment Preview CIS558 Week 3 Assignment 1 - ERM Roadmap Worth 125 points The following material may be useful for the completion of this assignment. You may refer to the documents titled “Embracing Enterprise Risk Management: Practical Approaches for Getting Started” and “Developing Key Risk Indicators to Strengthen Enterprise Risk Management”, located at http://www.coso.org/-ERM.htm. Imagine you are an Information Technology Manager employed by a business that needs you to develop a plan for an effective Enterprise Risk Management (ERM) program. In the past, ERM has not been a priority for the organization. Failed corporate security audits, data breaches, and recent news stories have convinced the Board of Directors that they must address these weaknesses. As a result, the CEO has tasked you to create a brief overview of ERM and provide recommendations for establishing an effective ERM program that will be used as a basis to address this area moving forward. Write a three to four (3-4) page paper in which you: 1. Summarize the COSO Risk Management Framework and COSO’s ERM process. 2. Recommend to management the approach that they need to take to implement an effective ERM program. Include the issues and organizational impact they might encounter if they do not implement an effective ERM program. 3. Analyze the methods for establishing key risk indicators (KRIs). 4. Suggest the approach that the organization needs to take in order to link the KRIs with the organization’s strategic initiatives. 5. Use at least three (3) quality resources in this assignment (in addition to and that support the documents from the COSO Website referenced in this assignment). Note: Wikipedia and similar Websites do not qualify as quality resources. Your assignment must follow these formatting requirements: • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are: • Describe the COSO enterprise risk management framework. • Describe the process of performing effective information technology audits and general controls. • Use technology and information resources to research issues in information technology audit and control. • Write clearly and concisely about topics related to information technology audit and control using proper writing mechanics and technical style conventions. Click here to view the grading rubric for this assignment. 1/14/2020 Welcome to COSO (https://www.coso.org/) Welcome to COSO The Committee of Sponsoring Organizations of the Treadway Commission COSO) is a joint initiative of the five private sector organizations listed on the left and is dedicated to providing thought leadership through the development of frameworks and guidance on enterprise risk management, internal control and fraud deterrence. We hope you will find the information on this site to be helpful and we welcome your input. 2017 Enterprise Risk Management – Integrated Framework The 2017 update to the Enterprise Risk Management — Integrated Framework addresses the evolution of enterprise risk management and the need for organizations to improve their approach to managing risk to meet the demands of an evolving business environment. The update highlights the importance of considering risk in both the strategy-setting process and in driving performance. Review a free copy of the Executive Summary (/Documents/2017-COSO-ERM-Integrating-withStrategy-and-Performance-ExecutiveSummary.pdf). View additional information or purchase the updated Enterprise Risk Management — Integrated Framework (/Pages/erm.aspx). 2013 Internal Control – Integrated Framework The 2013 update to the Internal Control — Integrated Framework helps organizations design and implement internal control in light of the many changes in business and operating environments since the issuance of the original Framework in 1992. The update broadens the application of internal control in addressing operations and reporting objectives, and clarifies the requirements for determining what constitutes effective internal control. Review a free copy of the Executive Summary (/Documents/990025P-Executive-Summary-finalmay20.pdf). View additional information or purchase the updated Internal Control — Integrated Framework (/Pages/ic.aspx). University Professor/Student Discounts https://www.coso.org/Pages/default.aspx 1/14 1/14/2020 Welcome to COSO For information on discounts available to qualified university professors and their students, please contact Joanna Dabrowska at jdabrow1@depaul.edu (mailto:jdabrow1@depaul.edu?subject=University\%20Professor\%20and\%20Student\%20Discounts). Acceptable Use of COSO Materials (/Documents/Acceptable-Use-of-COSO-Materials.pdf) Copyright Permission Request Form (/documents/COSO\%20Copyright\%20Permission\%20Request\%20Form\%2020140516.docx) Whats New December 17, 2019 New COSO Guidance Addresses How Companies Can Use ERM Framework to Assess Cyber Risks Even as companies become more digital savvy, they continue to confront new and emerging data risks that pressure financial and reputational vulnerabilities. To help address these challenges, the Committee of Sponsoring Organizations of the Treadway Commission (COSO), in collaboration with Deloitte Risk & Financial Advisory, is releasing new guidance, “Managing Cyber Risk in a Digital Age.” Written to boards of directors, audit committee members, executive management, and cyber practitioners, the new guidance addresses how companies can apply COSO’s Enterprise Risk Management–Integrating with Strategy and Performance (ERM Framework), one of the most widely recognized and applied risk management frameworks in the world, to protect against cyberattacks. The guidance provides insight into how organizations can leverage the five components and 20 principles of the ERM Framework to identify and manage cyber risks. News Release (/news/Pages/coso-issues-guidance-on-managing-cyberrisk-in-a-digital.aspx) Managing Cyber Risk in a Digital Age (/Documents/COSO-DeloitteManaging-Cyber-Risk-in-a-Digital-Age.pdf) October 30, 2019 Collaborative Work on ERM-ESG Alignment Earns UN ISAR Honors Promoting Sustainability The United Nations Conference on Trade and Development (UNCTAD) honored the Committee of the Sponsoring Organizations of the Treadway Commission (COSO), of which The Institute of Internal Auditors (IIA) is a sponsoring organization, the World Business Council for Sustainable Development (WBCSD), and EY for their collaborative work on integrating environmental, social and governance (ESG) aspects into companies’ mainstream enterprise risk management practices. The recognition is for development of the Applying Enterprise Risk Management to Environmental, Social and Governance-related Risks (https://www.wbcsd.org/Programs/Redefining-Value/Business-DecisionMaking/Enterprise-Risk-Management/Resources/Applying-EnterpriseRisk-Management-to-Environmental-Social-and-Governance-relatedRisks) guidance and ESG-risk workshops. The guidance was a collaboration between COSO and WBCSD with support from EY through funding from the Gordon and Betty Moore Foundation. https://www.coso.org/Pages/default.aspx 2/14 1/14/2020 Welcome to COSO News Release (/Documents/Collaborative-Work-on-ERM-ESGAlignment-Earns-UN-ISAR-Honors-Promoting-Sustainability.pdf) February 20, 2019 COSO Issues Guidance for Healthcare Providers Amid heightened scrutiny and ever-increasing complexities in operations and regulation, healthcare organizations face unique challenges related to the design and operation of internal controls. In response, the Committee of Sponsoring Organizations of the Treadway Commission (COSO), in collaboration with Crowe LLP and CommonSpirit Health, has published new guidance: “2013 COSO Integrated Framework: An Implementation Guide for the Healthcare Provider Industry.” Healthcare organizations experience issues with system access and integrity, clinical documentation, coding, and billing, all of which may result in potential noncompliance with federal and state regulations – and costly mistakes. The guide introduces healthcare organizations to COSO’s widely used “Internal Control – Integrated Framework,” and provides a roadmap to implementation to help strengthen their overall governance and internal control structures. The Framework is recognized as the leading guidance for designing, implementing, and conducting internal control and assessing its effectiveness. News Release (/news/Pages/coso-issues-guidance-for-healthcareproviders.aspx) Implementation Guide for the Healthcare Provider Industry (2019) (/Documents/COSO-CROWE-COSO-Internal-Control-IntegratedFramework.pdf) October 23, 2018 COSO Announces Guidance Addressing Environmental, Social and Governance-related Risks The Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the World Business Council for Sustainable Development (WBCSD) released today the final version of “Guidance for Applying Enterprise Risk Management (ERM) to Environmental, Social and Governance (ESG)-related Risks.” This guidance, which aligns with COSO’s widely accepted Enterprise Risk Management — Integrating with Strategy and Performance, is intended to bring ESG risks and opportunities into a clearer focus for mainstream business and other organizations around the world. It is designed to enhance organizations’ resiliency as they confront the increasing prevalence and severity of ESGrelated risks, ranging from extreme weather events to product safety recalls. News Release (/news/Pages/new-guidance-addresses-resiliency-againstesg-risks.aspx) Executive Summary (/Documents/COSO-WBCSD-ESGERMExecutive-Summary.pdf) Guidance (/Documents/COSO-WBCSD-ESGERM-Guidance-Full.pdf) https://www.coso.org/Pages/default.aspx 3/14 1/14/2020 Welcome to COSO June 11, 2018 COSO Releases ERM Compendium of Examples The Committee of Sponsoring Organizations of the Treadway Commission (COSO) today announced the release of an important supplement to Enterprise Risk Management – Integrating with Strategy and Performance, with detailed examples for applying principles from the updated ERM Framework to day-to-day practices. Authored by PwC under the direction of the COSO Board, the new Compendium of Examples recognizes the connection between concepts and applications of ERM. Each illustration in the compendium was developed from industry practices identified through extensive research, including interviews and case studies. News Release (/Documents/COSO-ERM-Compendium.pdf) COSO Enterprise Risk Management - Integrating with Strategy and Performance: Compendium of Examples (/Pages/coso-erm-integratingwith-strategy-and-performance-compendium-of-examples.aspx) May 24, 2018 COSO Sponsors Launch ERM Certificate Program COSO announces the COSO Enterprise Risk Management Certificate. The program offers strategy, finance, accounting, auditing, risk management and other business professionals the opportunity to earn a certificate in the COSO ERM Framework (/Pages/erm.aspx). The COSO ERM Certificate is geared toward professionals who play a risk management role in entities of any size, consultants who provide advisory services related to enterprise risk management, and board members who provide oversight of enterprise risk management. The course is offered only through COSO’s five sponsoring organizations: American Accounting Association (AAA), American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), IMA (Institute of Management Accountants), and The Institute of Internal Auditors (IIA). (/Documents/COSO-ERM-Certificate-05-24-18.pdf)News Release (/Documents/COSO-ERM-Certificate-05-24-18.pdf) COSO Enterprise Risk Management Certificate Program (/Pages/COSO-Enterprise-Risk-Management-Certificate-Program.aspx) Feb. 7, 2018 COSO, WBCSD Release New Draft Guidance on Environmental, Social and Governance-related Risks COSO and the World Business Council for Sustainable Development (WBCSD) released at GreenBiz 2018 a draft Guidance for applying Enterprise Risk Management (ERM) to Environmental, Social and Governance (ESG)-related risks. The supplemental draft Guidance is designed to help organizations worldwide respond to the increasing https://www.coso.org/Pages/default.aspx 4/14 1/14/2020 Welcome to COSO prevalence and severity of ESG-related risks, ranging from extreme weather events to product safety recalls. COSO and WBCSD are seeking public comment on the draft Guidance and the previously released Executive Summary through June 30, 2018. Comment letters may be provided to risk@wbcsd.org (mailto:risk@wbcsd.org). A consultation survey also will be available soon through the COSO website. News Release (/news/Pages/New-draft-guidance-for-ApplyingEnterprise-Risk-Management-to-Environmental-Social-and-Governancerelated-Risks.aspx) Preliminary Draft Guidance (/Documents/COSO-WBCSD-ReleaseNew-Draft-Guidance-Online-viewing.pdf) Preliminary Draft Guidance (printable) (/Documents/COSO-WBCSDRelease-New-Draft-Guidance-Printer-friendly.pdf) Draft Executive Summary (/Documents/COSO-ERM-ExecutiveSummary-Preliminary-Draft.pdf) Draft Executive Summary (printable) (/Documents/COSO-ERMExecutive-Summary-Preliminary-Draft-Printable.pdf) Feb. 1, 2018 COSO Appoints Leading Audit and Risk Management Executive Paul Sobel as Chairman COSO has named Paul Sobel, Vice President and Chief Audit Executive at Georgia-Pacific LLC, as its new Chairman. His appointment to a three-year term is effective Feb. 1. Sobel, CIA, QIAL, CRMA, is recognized as a leading expert on governance, enterprise risk management, compliance, and internal control. He was selected as Chairman because of his extensive background along with his experience in corporate environments and professional service firms. Sobel succeeds Robert B. Hirth Jr., who served as COSO chairman since 2013. News Release (/Documents/COSO-Appoints-New-Chairman020118.pdf) Bio (/Documents/Paul-J-Sobel-Bio.pdf) Jan. 23, 2018 COSO, WBCSD Release Draft on Environmental, Social and Governance-related Risks COSO partners with the World Business Council for Sustainable Development (WBCSD) in releasing a draft executive summary about new, cutting-edge guidance, Applying Enterprise Risk Management to Environmental, Social and Governance-related Risks. The guidance will help organizations worldwide respond to the increasing prevalence and severity of ESG-related risks, ranging from extreme weather events to product safety recalls. Details of a public comment period on the draft executive summary and on a draft of the full application guidance will be available in the coming weeks. https://www.coso.org/Pages/default.aspx 5/14 1/14/2020 Welcome to COSO News Release (/Documents/COSO-ERM-Guidance-Release.pdf) Executive Summary (/Documents/COSO-ERM-Executive-SummaryPreliminary-Draft.pdf) Executive Summary (printable) (/Documents/COSO-ERM-ExecutiveSummary-Preliminary-Draft-Printable.pdf) Sept. 20, 2017 COSO Seeks New Board Chair The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is seeking applications for the position of Board Chair. The Chair is responsible for leading COSO in fulfilling its mission of providing thought leadership dealing with enterprise risk management, internal control and fraud deterrence. Candidates may submit a letter of interest along with a current resume of qualifications by the position application close date of Oct. 27, 2017. News Release (/Documents/COSO-Seeking-New-Board-Chair.pdf) Sept. 6, 2017 COSO Issues Important Update to ERM Framework The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released its highly anticipated ERM Framework: Enterprise Risk Management — Integrating with Strategy and Performance. This new document builds on its predecessor, Enterprise Risk Management — Integrated Framework, one of the most widely recognized and applied risk management frameworks in the world. The updated edition is designed to help organizations create, preserve, and realize value while improving their approach to managing risk. News Release (/Documents/COSO-Issues-Important-Update-to-ERMFramework-September-2017.pdf) April 7, 2017 COSO and WBCSD Sign Memorandum of Understanding Recognizing the benefits of mutual cooperation to their respective members and for business in general, The Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the World Business Council for Sustainable Development (WBCSD) recently completed a Memorandum of Understanding (MoU) aimed at working together to help businesses identify and prioritize issues related to sustainability and enterprise risk management. News Release (/Documents/2017-News-COSO-WBCSDMemorandum-of-Understanding.pdf) https://www.coso.org/Pages/default.aspx 6/14 1/14/2020 Welcome to COSO March 13, 2017 COSO Updated ERM Framework to be Issued Mid-2017 The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is completing its evaluation of public exposure comments regarding an update to the 2004 Enterprise Risk Management — Integrated Framework, one of the most widely recognized and applied risk management frameworks in the world. The exposure draft received more than 40,000 views from individuals and organizations around the world. Those comments have been carefully reviewed by project lead PricewaterhouseCoopers, in collaboration with the COSO board of directors and its advisory council comprising representatives from industry, academia, government agencies and not-for-profit organizations. The updated Framework is expected to be released in mid-2017. News Release (/Documents/News-COSO-ERM-Update-2017.pdf) December 9, 2016 COSO Internal Control Certificate Program Expands to On-Demand Access The Committee of Sponsoring Organizations of the Treadway Commission (COSO) announces launch of a self-study, on-demand learning program toward earning the COSO Internal Control Certificate. The program is being offered by The Institute of Internal Auditors (IIA) and the American Institute of CPAs (AICPA). The Institute of Management Accountants (IMA) plans to offer the course in January. The on-demand learning program is geared to internal auditors, accountants, and other financial professionals, allowing candidates to demonstrate expertise in designing, implementing, and monitoring a system of internal control using COSO’s updated 2013 Internal Control — Integrated Framework. News Release (/Documents/COSO-OnDemand-Certificate-Release120916.pdf) October 1, 2016 Comment Period for COSO ERM Framework Update Closed COSO has concluded its call for public comment to the proposed update to its ERM Framework: Enterprise Risk Management — Aligning Risk with Strategy and Performance. Written comments submitted to date will become part of the public record and will be available on the COSO ERM website through Dec. 15, 2016. News Release (/Documents/COSO-ERM-100116.pdf) Draft Executive Summary (/Documents/COSO-ERM-Exec-Summarydraft-Post-Exposure-Version.pdf) Exposure Draft (/Documents/COSO-ERM-draft-Post-ExposureVersion.pdf) FAQs (/Documents/COSO-ERM-FAQ.pdf) https://www.coso.org/Pages/default.aspx 7/14 1/14/2020 Welcome to COSO September 29, 2016 COSO Releases Fraud Risk Management Guide The Committee of Sponsoring Organizations of the Treadway Commission (COSO) announces the release of the Fraud Risk Management Guide, a new research report that offer ... 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