Communication

Information and
Monitor Control
Processes
 Group Members are…

Name Section ID

× Jannatun Nayeema 45B 2181011123

× Israt Jahan Tonny 45B 2181011099
× Rabin Khan 45B 2181011142
× Jasmin Akter Ritu 45B 2181011121
× Tarina Sarker Mim 45A 2181011032
× Arafat Al Jubair Shoron 45A 2181011021

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Enterprise Risk Management
(ERM)
Enterprise Risk Management (ERM) is the process that the
board of directors and management use to set strategy,
identify events that may affect the entity, assess and manage
risk, and provide reasonable assurance that the company
achieves its objectives and goals.

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1. Information and
Communication

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Information and communication systems capture and exchange the
information needed to conduct, manage, and control the
organization’s operations. Communication must occur internally
and externally to provide information needed to carry out day-to-
day internal control activities. All personnel must understand their
responsibilities.
× Obtaining or generating relevant, high-quality information to
support internal control
× Internally communicating information, including objectives and
responsibilities, necessary to support the other components of
internal control
× Communicating relevant internal control matters to external
parties

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2. Monitoring

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The entire process must be monitored, and
modifications made as necessary so the system
can change as conditions warrant. Evaluations
ascertain whether each component of internal
control is present and functioning.

The key methods are:

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1. Perform internal control evaluations (Internal
control effectiveness is measured using a formal or self- assessment
evaluation. )
2. Implement effective supervision (Effective
supervision involves training and assisting employees, monitoring their
performance etc.)
3. Use responsibility accounting systems
(Responsibility accounting systems reports comparing actual and
planned performance & procedures for investigating and correcting
significant variances.)

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4. Monitor system activities (Risk analysis and management
software packages review computer and network security measures, detect
illegal access, test for weaknesses and vulnerabilities, report weaknesses found
and suggests improvements. )

5. Track purchased software and mobile devices

(This tracks down and fines companies that violate software license
agreements.)
6. Conduct periodic audits (External, internal and network
security audits can assess and monitor risk as well as detect fraud and
errors.)

7. Employ a computer security officer and a

chief compliance officer

8. Engage forensic specialists

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9. Install fraud detection software

10. Implement a fraud hotline

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