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Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127

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BuyFindarrow_forward

Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127
Textbook Problem

Describe the eight elements of ERM.

Summary Introduction

To explain: The eight elements of enterprise risk management (ERM).

Introduction:

Enterprise risk management (ERM):

It is the activity of planning, controlling, organizing, and leading the activities of an organization so as to minimize the effects of risk on the earnings of an organization and on its capital.

Explanation

The eight elements of enterprise risk management (ERM):

  • The internal environment of the firm that encompasses the tone of an organization and sets the guidelines on how the risk is viewed and addressed.
  • The objective setting of the firm to ensure that the firm as a well-defined objective and the objectives are aligning with the mission of the entity.
  • The event identification process must identify the activities that are affecting the organization and the possible opportunities must be channeled back to the organization...

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