KnowledgeLeader Blog

Second Line of Defense: What Needs to Be Present

Posted by Protiviti KnowledgeLeader on Thu, May 02, 2019 @ 04:19 PM

What is the Second Line of Defense?

Essential to effective risk management, the lines-of-defense model is implicit in COSO’s internal control framework through the control environment, control, activities, monitoring and other components of an internal control system. It provides assurance to the board of directors, as the elected representatives of the shareholders to oversee the organization’s operations on their behalf, that risks are reduced to a manageable level as dictated by the organization’s appetite for risk. Much more than “segregating incompatible duties” and “ensuring checks and balances,” the lines-of defense model emphasizes a fundamental concept of risk management: From the boardroom to the customer-facing processes, managing risk is everyone’s responsibility.

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Topics: enterprise risk management, corporate governance, internal audit, COSO, audit committee & board, strategic risk, KL Tools

What Are the Five Components of the COSO Framework?

Posted by Sharise Cruz on Fri, Oct 28, 2016 @ 10:00 AM

What Does COSO Stand For?

In 1992, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) developed a model for evaluating internal controls. This model has been adopted as the generally accepted framework for internal control and is widely recognized as the definitive standard against which organizations measure the effectiveness of their systems of internal control. 

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Topics: COSO Framework, COSO, KnowledgeLeader tools

Raising the Bar: Auditing Your Enterprise Risk Management Program

Posted by Sharise Cruz on Wed, Oct 23, 2013 @ 11:36 AM
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Topics: enterprise risk management, Hot Issues, internal audit, COSO, risk assessment, Dan Swanson, audit committee & board, governance risk & compliance

Updated COSO Internal Control Framework: The Bulletin, Volume 5, Issue 3

Posted by Aspen Plummer on Tue, May 28, 2013 @ 01:12 PM
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Topics: Protiviti, enterprise risk management, leadership, COSO Framework, COSO, internal controls

COSO Integrated Control Framework: Do the Changes Really Matter?

Posted by Sharise Cruz on Mon, May 06, 2013 @ 10:00 AM

In January 2013, the updated version of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Integrated Internal Control Framework (Framework) went into effect (http://www.ic.coso.org). If you’re wondering what this model is, you probably work for a privately held corporation or a non-profit, or are very new to internal audit.

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Topics: Sarbanes-Oxley, Ann Butera, Hot Issues, compliance, COSO, internal controls, risk assessment, entity-level control

Protiviti publishes new “Guide to the Sarbanes-Oxley Act: IT Risks and Controls”

Posted by Dave Goff on Wed, Jan 02, 2013 @ 04:47 AM

Protiviti has published the second edition of its popular booklet, Guide to the Sarbanes-Oxley Act: IT Risks and Controls.

This publication is the definitive resource guide on IT risks and control issues related to compliance with SOX Section 404. This is a 45 page booklet covering an array of SOX-related topics in a questions and answers format.

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Topics: enterprise risk management, Sarbanes-Oxley, audit team, IT audit, COSO Framework, COSO, SOX, Data Integrity Risk, IT strategy, methodology, Application-Level Controls

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