Enterprise Risk Management

Paper Summary:

The paper outlines all the 'best practices' presented by the Committee of Sponsorship Organizations of the Treadway Commission (COSO) framework with applicability to the hospital setting. The paper incorporates the key concepts of the COSO recommendations within its plan. The paper aims to integrate the COSO recommendations' operational aspects into the Suburban Hospital Emergency Room model.

Outline:
Introduction
Risk Management at Suburban Hospital - A General Outline
Enterprise Risk Management Proposal - Why Incorporate COSO Recommendations?
Internal Control and Objective Setting
Event Identification, Risk Assessment and Response
Control Activities, Information and Communication, and Monitoring
Implementation/Scheduling: Integrating the COSO Recommendations in Suburban Hospital Current Structure
Conclusion

From the Paper:

"The Committee of Sponsorship Organizations of the Treadway Commission (COSO) was formed in 1985 so as to identify and make recommendations to reduce the incidences of fraudulent financial reporting. COSO has used commonality as it relates to definitions surrounding internal controls, standards, and the assessment of control systems. In 2004, the COSO presented an expansion of the initial framework and augmented the structure to include eight more components. This change in structure was published as the Enterprise Risk Management - Integrated Framework."

Sample of Sources Used:

• Maltz, A. (2003, November/December). Codes of ethics in the wake of Sarbanes-Oxley. Trustee, 56(10), 31.
• Martin, A. G. (2004, June 11). Making SOX work for your company is just good business. Fort Worth Business Press, 17(24), 34.
• Sobel, P. J. & Reding, K. F. (2004, Winter). Aligning corporate governance with enterprise risk management. Management Accounting Quarterly, 5(2), 29.

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