Tip of the week: Use COSO to identify risks, assess controls
Healthcare Auditing Weekly, September 4, 2007
Identifying potential barriers to your organization's success should be your top priority to ensure your organization is on track to meet its strategic goals.
The Council on Sponsoring Organizations (COSO) of the Treadway Commission's enterprise-risk-management model is a popular tool for identifying, measuring, prioritizing, and responding to risks.
The COSO framework aligns risk appetite and strategy; links growth, risk, and return on investment; enhances risk-response decisions; minimizes operational surprises and losses; identifies and manages cross-enterprise risks; provides an integrated response to multiple risks; seizes opportunities to take advantage of positive events; and rationalizes capital allocations.
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