COSO vs ISO 31000
The course explains an overview of COSO, ISO 31000 and highlights the differences and similarities between both.
What is ISO & COSO?
Introduction to COSO
COSO ERM Update in 2016
Framework of COSO
Areas covered under ISO 31000
Basic Differences between ISO 31000 & COSO Framework
COSO Framework
Considerations for implementing the COSO ERM framework – where to start?
First step is to do a self evaluation
Steps to do Analysis
The COSO ERM framework has five components
How to integrate risk management practices
Principles of Enterprise Risk Management
Risk capacity and Risks need
Alignment of goals with risk tolerance with risk need
Enterprise Risk Management (ERM)
Principles, framework and risk management process under ISO 31000
The eight principles of ISO 31000
Areas common to both COSO and ISO 31000
Key differences between COSO and ISO 31000
Key differences between the two
Which One is Better? ISO 31000 vs COSO?
COSO ERM Components
Internal Environment
Objective Setting
Event Identification
Risk Assessment
Risk Response
Control Activities
Information & Communication
Monitoring
Considering the human element in controls
Best Option is to customize ERM...
Conclusion
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