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23. RISK-BASED INTERNAL CONTROL MODEL
One of the latest developments of a working group under the auspices of the Committee of Sponsoring Organizations of the Treadway Commission (Committee of Sponsoring Organizations of the Treadway Commission - COSO) - The concept of enterprise risk management (Enterprise Risk Management Framework).
The presented internal control model is based on a risk-based approach. In general terms, it can be represented as follows: it is necessary to identify risks (threats to achieving the goal), develop measures to prevent them, and constantly check the efficiency and effectiveness of these measures.
Organizational risk management - a process carried out by the board of directors, managers and other employees, which begins with the development of a strategy and affects the entire activities of the organization. It aims to identify events that may affect the activities of the organization and manage the risk associated with these events, as well as control not to exceed the "risk appetite" of the organization (the risk that it is willing to take) and provide reasonable assurance that the objectives of the organization will be achieved.
Organizational risk management includes:
1) determination of the level of "risk-appetite" in accordance with the development strategy. Management evaluates "risk appetite" at the stage of choosing a strategic option when setting goals that meet the chosen strategy, as well as when developing mechanisms for managing relevant risks;
2) improving the decision-making process regarding the response to emerging risks. The risk management process determines which way of responding to risk in an organization is preferable - avoiding risk, reducing risk, reallocating risk or accepting risk;
3) reducing the number of unforeseen events and losses in business activities. Organizations increase their ability to identify potential events and establish appropriate measures, reducing the number of such events and the associated costs and losses;
4) determination and management of the entire set of risks in economic activity. Each organization faces a large number of risks that affect its various components. The risk management process promotes a more effective response to various impacts and an integrated approach to multiple risks;
5) use of favorable opportunities. By taking into account all potential events, and not just the likely risks, management is able to identify events that represent opportunities and actively pursue them.
Currently, most of the current recommendations on the organization of the internal control system contain the following elements:
1) control environment, or control environment (managerial control and culture of control);
2) activity risks (risk identification and assessment);
3) risk mitigation measures (control actions or controls);
4) Information Systems;
5) monitoring the effectiveness of the control system (monitoring of controls).
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