Organizational risk management and internal control -- 2

Comparing risk theories choose one thinking critically ,analysis of the risk environment in terms of business environment , corporate governance environment and internal control environment . A risk management framework governs the way in which an organisation identifies and manages its risks. COSO’s ERM framework defines Enterprise Risk Management as “the culture, capabilities, and practices integrated with strategy setting and performance, that organisations rely on to manage risk in creating, preserving and realizing value” The Internal Control- Integrated Framework of COSO defines Internal control as “a process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance” It could be argued that corporate failures are becoming incessant, making headline news as in the UK and other countries in recent years. Required: A. In the light of the above definitions of risk management, and internal controls - prepare a report that critically analyses the likely factors that led to the failures at any listed company globally of your choice, within the past 10 (ten) years. B. Based on your findings make recommendations on what could have helped prevent these failings in the light of an effective risk management framework, and internal controls system.