The 2004 COSO ERM Report Differs from the 2017 COSO

question 5

True/False

The 2004 COSO ERM Report differs from the 2017 COSO ERM Report, in that the former adopted a components- and principles-based approach to risk management.

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Definitions:

Situational Factors

External conditions or contexts that influence individuals' behaviors, decisions, and performance in various settings.

Personal Qualities

Traits or characteristics that constitute an individual's distinctive nature or personality, often related to demeanor, attitude, and behavior.

Innate Skill

A natural ability or talent that an individual is born with, as opposed to skills developed through learning or training.

Manipulating

Involves exerting shrewd or devious influence especially for one’s own advantage.