Which of the following is TRUE regarding the Enterprise Risk Management (ERM) framework?
A) The ERM framework replaces the COSO internal control framework.
B) Proper identification of risk can help management properly allocate resources.
C) The COSO requested the assistance of Ernst and Young for development of the ERM.
D) All of the above are true statements regarding ERM.

Question

Quizplus · Accepted Answer

Option A is incorrect as ERM framework and COSO internal control framework are complementary to each other. Option C is incorrect as the ERM framework was developed by COSO with the collaboration of various organizations and not just Ernst and Young. Option D is incorrect as only option B is a true statement regarding ERM framework.

Which of the Following Is TRUE Regarding the Enterprise Risk