The Chapter Illustrated the Use of the COSO Enterprise Risk

question 46

Essay

The chapter illustrated the use of the COSO enterprise risk management framework with Dreambox Creations, Inc. For each statement below, identify the element of the COSO framework that most clearly applies. You must use each element of the framework exactly one time.
1. Dreambox assigned one of its three corporate officers the responsibility for annually reviewing the plan.
2. Dreambox chose "reducing" and "sharing" as discussed in the COSO framework.
3. Dreambox developed a plan to hire additional marketing professionals whose main job would be to pursue new clients.
4. Dreambox had set a strategic goal of acquiring at least three new clients every year.
5. Dreambox planned several meetings with its staff to explain the importance of ERM, the development of the ERM plan and its implications for the firm.
6. Dreambox's management had committed to developing an ERM plan.
7. If Dreambox lacked the staff with the skills and desire to pursue new clients, they might not be able to achieve their strategic goal.
8. The potential impact of that risk was great. At an inherent level, it was also high.

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Definitions:

Evaluation

The systematic assessment of a program, policy, or procedure to determine its effectiveness, quality, or value.

Pharmacist

A healthcare professional specialized in the use and effects of medications, providing prescriptions, advice, and information on drugs and their side effects.

Pharmacy Technician

A medical professional who supports pharmacists by helping distribute prescribed drugs to individuals or healthcare providers.

Medical Technologist

A healthcare professional who conducts laboratory tests to diagnose and treat diseases.