LP-HC events and HL-HI reserve
Global risk management and performance - From the internal control to the ERM

COSO I is associated with the first international reference framework, the first non-academic prescription, linking risk assessment to internal control and recognized by professionals. More precisely, as defined by COSO in 1992, internal control is a process implemented by an entity's board of directors, management and employees. It is designed to provide reasonable (not absolute) assurance regarding the achievement of objectives in the following areas:

• operational efficiency and effectiveness;

• reliability of financial information ;

• compliance with applicable laws and regulations.

The cube model reveals three faces on which it appears (figure 1...