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COSO Enterprise Risk Management (ERM) Integrated Framework (2004) study guide mind map by Mind Map: COSO Enterprise Risk Management (ERM) Integrated Framework (2004) study guide mind map
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COSO Enterprise Risk Management (ERM) Integrated Framework (2004) study guide mind map

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see also COSO IC-IF mind map

Components (8) (front side)

What is it?

Internal Environment

Objective Setting

Event Identification

Risk Assessment

Risk Response

Control Activities

Information and Communication


Objectives categories (4) (top side)

What is it?

4 columns represent categories of an entity’s objectives, not parts or units of the entity.

This categorization of entity objectives allows a board and management to focus on separate aspects of enterprise risk management.

These distinct but overlapping categories – a particular objective can fall under more than one category.





Entity Structure: / Entity and units (4) (third dimension)

What is it?


Business unit



Basic Definitions (according to COSO)

Enterprise Risk Management (ERM)

Risk Appetite

Risk Culture

Risk Subcultures

Enterprise risk management (ERM) provides enhanced capability to:

Align risk appetite and strategy

Link growth, risk and return

Enhance risk response decisions

Minimize operational surprises and losses

Identify and manage cross-enterprise risks

Provide integrated responses to multiple risks

Seize opportunities

Rationalize capital

COSO ERM-IF Cube (2004)

A direct relationship exists between objectives, components, and the entity structure which can be depicted in the form of a cube.

Roles and Responsibilities

Board of Directors


Risk Officer

Financial Officers

Internal Auditors

Other Entity Personnel

External Parties

COSO ERM-IF serve as the broadly accepted standard for satisfying those reporting requirements; however, in 2004 COSO published Enterprise Risk Management - Integrated Framework. COSO believes this framework expands on internal control, providing a more robust and extensive focus on the broader subject of enterprise risk management.

This freeware mind map (aligned with the newest version of COSO ERM IF was carefully hand crafted with passion and love for learning and constant improvement as well for promotion the standard and framework COSO ERM IF and as a learning tool for candidates wanting to gain COSO ERM IF knowledge. (please share, like and give feedback - your feedback and comments are my main motivation for further elaboration. THX!)

Questions / issues / errors? What do you think about my work? Your comments are highly appreciated. Please don't hesitate to contact me for :-) Mirosław Dąbrowski, Poland/Warsaw.