COSO Framework: COSO Enterprise Risk Management
COSO’s (The Committee of Sponsoring Organizations) vision is to define essential enterprise risk management components and provide clear direction and guidance for enterprise risk management professionals. COSO directs organizations to improve performance by developing thought leadership that enhances internal control, risk management, governance and fraud deterrence. COSO has developed an Integrated Risk Management Framework that divides internal control objectives into three categories: operations, reporting, and compliance. COSO’s five components of internal control include standards and processes for control environment, ethical values, organizational structure, commitment to employ competent employees, and human resource policies.
COSO Enterprise Risk Management with VComply
VComply supports COSO Framework and helps organizations design and implement internal controls so that they can focus on adhering to laws, and compliance and improve the effectiveness of the organization. VComply provides a central library with a prebuilt compliance framework and change control capabilities. It simplifies and streamlines risk management processes with pre-configured risk score guidance and inherent and residual risk assessments. VComply enables companies to identify, assess, manage, and monitor their risks. It empowers risk managers with a risk register and their corresponding controls and assessments; results from individual assessments; key risk indicators in a single solution. Its workflow capabilities streamline the risk assessment process and reduce operational risks.
Improve Your Risk
- Supports a reusable risk register and central library with pre-defined controls
- Implement workflows to streamline risk management processes
- Prioritize risks with heat maps, reports, and dashboards
Harness Insights and
- Visualize the risk landscape of your organization
- Map controls to risks and develops new controls and monitors the effectiveness of controls
- Track and implement remediation process across organization