Mba 560 Coso Erm Framework

2587 Words11 Pages
RUNNING HEAD: COSO ERM FRAMEWORK COSO ERM Framework University of Phoenix COSO ERM Framework Raytheon Missiles Systems is one of the major defense contractors specializing in missiles systems. As a publicly traded company that generates over $5 Billion in revenue, Raytheon’s mission is to provide top quality missiles to the United States Armed Forces and other military forces of allied nations. In order to continuously increase market share and profitability, Raytheon could benefit tremendously from implementing an enterprise risk management (ERM) strategy that is based on the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In addition to using the COSO eight step ERM framework, Raytheon should incorporate preventive, detective and corrective internal controls and devise a preventive solution that uses risk mitigation methods. The purpose of this paper is to illustrate the demanding requirements needed to comply with the Sarbanes-Oxley Act. The author’s thesis is that a corporate compliance report will summarize a strategy that establishes the COSO eight step ERM framework that will allow Raytheon to manage risk while identifying new avenues to increase market share. The first step for Raytheon is to establish an ERM approach that ensures internal controls as well as corporate governance system are active. COSO Enterprise Risk Management Managing risk has become a functionality that requires commitment and discipline to probably and accurately report the company’s transactions. In order to manage accuracy and reporting, the entire organization, from top to bottom, must understand the objectives, risk and standards that must be followed. Enterprise risk management is a process affected by an entity’s board of directors, management and other personnel, applied in

More about Mba 560 Coso Erm Framework

Open Document