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Coso framework tailoring and scoping stage
The document outlines the implementation of the COSO framework at CoopBank, detailing its significance in enhancing organizational performance and governance, as well as its focus on fraud deterrence. It discusses the evolution of COSO from its inception to the present, emphasizing the need for adaptation to new challenges such as cybersecurity and globalization. The document also includes strategies for aligning COSO principles with CoopBank's growth strategy and risk management processes.
Coso framework tailoring and scoping stage
- 1. COSO FOR COOPBANK By: Shiferaw Bekele Date: February 18, 2022
- 2. outlines About COSO Implementation Techniques Wrap-up Significance of COSO COSOvs others COSO Justification
- 3. About COSO Developed by advisorycouncil representatives from industry, academia, gov’t, & non-profit. 01 intended to provide tools for C-level mgt & board members. 02 Comprehensive frameworks on ERM, IC, & fraud deterrence. 03 Designed to improve orgnal performance/governance. 04
- 4. COSO Justification 04 1992-2004- 2010-2013- 2015-2019-next 03 Organized as: executive summary,framework itself (), appendices, application guide with illustrative tools. 02 Sponsored/fun ded by d/t sectors. 01 Designed to reduce the level of fraud in orgn/bank.
- 5. COSO Justification… Changed area: codification, clarification,expanded R- category(int/ext financial/non-fin, greater discussion of anti-fraud govern Factors new bss env’t, globalization, expectation on govern, impact of technology, demand of transparency SO WHAT? 01 02 03
- 6. 2015-COSO in zCyber Age: white paper 3D Objective Org structure So, in which D shall we focus? D1 D3 D2 Component
- 7. 3-demnsions of IC,cited from COSO in the Cyber Age 2015
- 8. 17 principles vs.5-Components, Cited from COSO Cyber in the Cyber Age 2015
- 9. Interconnection of z5-components, Cited from COSO in the Cyber Age 2015
- 10. 01 My Team 03 My Process 02My Directorate 04 COOPbank COSO Significance Secure + Vigilant +Resilient bank
- 11. COSO Significance … Secure +Vigilant +Resilient bank COOPBank New growth Strategy Mission Vision Principles Process IC ERM Compliance Sub-process FRM ORM Cyber Security & BSS Continuity Mgt Team Cyber Risk Assessment/Taxonomy Cyber Security Capacity Building program Cyber Security Governance Tools Development
- 12. Way of implementingCOSO in COOPBank Alignment Tailoring/Scoping Deming cycle PDCA Risk mgt cycle AAT Implement Techniques
- 13. The more wesecured the more we profited COOPbank should invest in cost-justified security controls Wrap-Up
- 14.