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Assignment: COSO Framework Application in PricewaterhouseCoopers (PwC)

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Rubric:
Professionalism & Writing (10 Points)
Position clearly stated Structure, Development, and Consistency- Organization, flow and coherence of ideas. Correct use of terminology and concepts taught in class, grammatically correct and clear layout.
This criterion is linked to a Learning OutcomeMaterial Risks to the Firm (20 Points)
Identify the firm’s material risks (maximum 4 risk types). The goal is not an exhaustive list of risks but to demonstrate Understanding of the firm’s risk profile and establish context for the COSO principles)
Applicable COSO Principles and Benefits (50 Points)
1) Which COSO principles should be applied- please pick 4 or more.
2) Summarize the benefits of ERM- Principles for the company selected
This criterion is linked to a Learning OutcomeApply Chosen Principles (20 Points)
Demonstrate a plan to apply the chosen principles and build/ strengthen ERM capabilities.
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Assignment Objective: You are a consulting firm (for example, PWC, EY, KPMG), and your objective is to identify gaps in the company’s risk framework that can be remediated by implementation of 4 or more COSO principles. Read all the chapters and choose a company and apply at least 4 or more aspects of different components covered in ERM- Integrating with Strategy & Performance”. You can choose the company selected for Assignment 1 or choose a new company. As before, no duplicates. Leverage this thought leadership piece and apply it to your chosen company. You can apply the ERM concepts discussed in one or more chapter for the company chosen. Provide rationale on why these concepts are relevant for that company.

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COSO Framework Application in PricewaterhouseCoopers (PwC)
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COSO Framework Application in PricewaterhouseCoopers (PwC)
Introduction
This paper contextualizes the application of Sponsoring Organizations (COSO) framework in PricewaterhouseCoopers. PricewaterhouseCoopers (PwC) is an international corporate organization dealing with professional services. PricewaterhouseCoopers LLP (PwC) provides professional services offer business advisory services involving auditing, accounting, taxation, human resource consulting, and strategic management services. Its operations area spans multiple fields such as defense, automotive industries, insurance, healthcare, transport, energy, and government, amongst many more! The Committee of Sponsoring Organizations (COSO) of the Treadway Commission developed a revamped enterprise risk management (ERM) framework, popularly called Enterprise Risk Management in 2017( Anders,2019). Since 1992, COSO has aided organizations design, operate, and evaluate the effectiveness of their systems of internal control over financial reporting and attain assurance that their risk of material misstatement has been minimized to an acceptable level ( Pett, Blomster & Wallace, 2015). This framework integrates strategy and performance to aid organizations in understanding and prioritize the risks. The most recent COSO framework is composed of five fundamental components.
COSO-FIVE Interrelated items in the framework
There are five core components of the COSO framework (Rae, Sands & Subramaniam, 2017). First, a governance aspect entails an institutional tone that highlights enterprise risks' relevance and develops responsibilities and oversight targeting enterprise risk management (Moeller, 2011). It involves organizational culture encompassing ethical values, expected behaviors, and in-depth comprehension of risk. Second is the strategy and objective-setting, where objective-setting works together in the strategic-planning process. A risk appetite is established and aligned with strategy. The business objectives put the plan into practice while serving as a basis for identifying, assessing, and responding to risk. The third point is bout performance. Risks that may impact the achievement of strategy and business objectives need to be identified and assessed and prioritized by severity in the context of risk appetite. Fourth, there is a component of reviews and revision: Reviewing organization performance involves determining how well the enterprise risk management functions with respect to various changes and rectifications that are needed. Finally, the COSO framework's final aspect revolves around information, communication, and reporting. There is a need for a continual and timely flow of information from both internal and external sources across the whole organization. COSO is anchored on various tenets of enterprise risk management. These items include integration, creating and emphasizing value, establishing links to strategy, recognizing the importance of culture, establishing links to performance, and decision making.
COSO Framework application in PricewaterhouseCoopers LLP Enterprise Risk Management
Every corporate organization such as Pw...
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