Purpose
This assignment is intended to help you learn to design, implement, and test COSO risk management principles in a business.
Overview
Each week, you will write a brief paper (5 pages maximum) to develop the final course project.
Week 1: COSO Risk Management Principles 1 – 5 (Governance & Culture)
Week 2: COSO Risk Management Principles 6 – 9 (Strategy and Objective Setting)
Week 3: COSO Risk Management Principles 10 – 14 (Performance)
Week 4: COSO Risk Management Principles 15 – 17 (Review & Revision)
Week 5: COSO Risk Management Principles 18 – 20 (Information, Communication, & Reporting)
In Week 6, you will also give an oral presentation on your course project.
Action Items
1.Create a hypothetical small business that reflects your own interests, one which you might establish and operate as a sole proprietor. For example, you might choose a part-time landscaping business, an ice cream shop, a house painting company, etc. Keep it small and simple! You will use the same small business each week.
2.Write a brief paper (5 pages maximum) in which you analyze and describe how the COSO Risk Management Principles 1 – 5 (Governance & Culture) described in the Sobel (2018) reading for this week might be designed, implemented, and tested in your business.
a.Write 3-5 sentences for each principle.
b.Describe the risks and the risk management processes you would implement.
c.Why is it important to address the risks you identified? How would the risk management principles be implemented? Be specific! Think in terms of your small business, and the risks and controls (i.e., risk management) that would be most appropriate for your business.
