All organizations face risks in both day-to-day operations and long-term management. Some risks may be beyond the control of management. Accountants have a long history of being the professionals within the organization who help design and implement controls.
Enterprise risk management (ERM) A proper response to risk is to establish formal processes and procedures to manage risk. ERM is one of the most important ways to address the challenge of managing risk in an organization. The Committee of Sponsoring Organizations (COSO) issued a comprehensive report on enterprise risk management in 2004.
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