Problem
A small business that reflects your own interests, one which you might establish and operate as a sole proprietor. For example, you might choose a part-time landscaping business, an ice cream shop, a house painting company, etc.
A. Describe the risks and the risk management processes you would implement.
B. Why is it important to address the risks you identified?
C. How would the risk management principles be implemented? Be specific! Think in terms of your small business, and the risks and controls (i.e., risk management) that would be most appropriate for your business.
Analyze and describe how the COSO Risk Management Principles
1) COSO Risk Management Principles (Governance & Culture)
2) COSO Risk Management Principles 6-9 (Strategy and Objective Setting)
3) COSO Risk Management Principles 10-14 (Performance)
4) COSO Risk Management Principles 15-17 (Review & Revision)
5) COSO Risk Management Principles 18-20 (Information, Communication, & Reporting
6) Described in the Sobel (2018) reading for this module might be designed, implemented, and tested in your business.