Integrated framework of internal control COSOERM: adaptation of foreign experience in Ukraine

Abstract

Introduction.The article provides a comprehensive view of the concept of integrated framework of internal control COSOERM, it describes the methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives. The ERM model has provided a foundation for organizations to manage risks more effectively. The article deals with the concept and elements of the internal control and explores the framework for risk management, which typically involves identifying particular events or circumstances relevant to the organization's objectives (risks and opportunities), assessing them in terms of likelihood and magnitude of impact, determining a response strategy, and monitoring progress.

Purpose.Purpose of the article is to provide a comprehensive view of the concept of integrated framework of internal control COSOERM, and describe the methods and processes used by organizations to manage their  risks and seize opportunities related to the achievement of their objectives.

Method (methodology).General scientific and special methods was used. The methodological basis of the research in order to define the  processof internal control is general scientific methods.

Results.Such elements of COSOERM as internal environment, objective setting, event identification, risk assessment, risk response, control activities, information and communication and monitoring have been described. The role and importance of the implementation of COSOERM in ukrainian enterprises has been defined.