Enterprise Risk Management Case Study

A) According to the statements below that we can see Ms Tiffany Pocketed the Difference amount between two payments to paying her children school fee. This is under opportunities fraud of conceal of fraud by lapping the check. The perpetrator steal the cash and cheque from Customer A mails in no pay its account receivable. Later funds from customer B uses to pay the customer balance. This covered money from another customer must continue forever unless the money is replaced. The secondly is the pressure. Ms Tiffany steal the money to pay her children school fee. The pressure here is the Ms Tiffany need to pay the school fee.

B) The control that can implement to address the fraud risk was encouraging workers to participate in training anti-fraud company. In
It means is the culture in the company. If the staff and the hold company always punctual them the nature of the company will be punctual came to the office.
Secondly is objective setting. The process in the place to set the objective consistent with the company goal. The control activities is to implement management for the risk situation. They also to checking the report so that the can analyse that weather they achieve the goal and the objective.

To improve the organisation process Committee of Sponsoring Organizations (COSO) provide second control framework it called Enterprise Risk Management – Integrated Framework (ERM). ERM is the procedure of the board of the managers and management that can use the set of the plan, find event that can gave effect the entity, it also provide the equitable the company archive their activity objective and goals company. The basic that can practise is companies are made to make value of the owner, management must make a decision how much that they can accept so that they can create the values. Third is results risk, he negative affects the company’s talent to create or preserve the