Research On The Construction Of Risk Management System Of Company Z Based On COSO-ERM Framework(2017)

As China's comprehensive reforms keep deepening,the uncertainty lying in the operation process of an enterprise multiplies due to pressure from the changes of external economic environment,as well as pressure from optimization of the business of the enteprise itself.Thus,it has become a must for an enterprise to improve its risk managenenet.In 2017,the COSO committee published COSO-ERM(2017)framework,this framework points out new direction and gives new thinking for entrepreneurial risk management all around the world.However,it is not long before the new COSO-ERM framework comes into being,so its applicability needs further study.This paper takes Z Company as a sample,it is worth studying that Z Company can build an overall risk management system under the perspective of COSO-ERM(2017).Firstly,through the research of COSO-ERM(2017)framework and risk management theory at home and abroad,this paper analyses the characteristics of the new framework,and finds out the core elements of the risk system framework.Secondly,from the perspective of COSO-ERM(201 7)framework,through case studies,literature studies,field research and other methods,Z enterprise objectives,strategies,risks and risk management status are analyzed to identify the deficiencies of enterprise risk management.Thirdly,through the analysis of the necessity,feasibility and construction principle of Z enterprise's comprehensive risk management,it is determined that the five elements of COSO-ERM(2017)framework should be taken as the guide,the core elements should be integrated into each link,and the overall idea of risk management system should be put forward,and the risk management system with the basic internal control system,the core air control system and the evaluation and optimization system as the subsystems should be preliminarily constructed.Finally,according to the construction idea,the related work of each subsystem module is completed,and the existing problems and shortcomings are pointed out.By what is analysed in the paper,we could see that the application of new COSO-ERM framework in the risk management of Z Company is not only the application of the most recent risk management theory in the operating process of Z Company,it could also make contribution to the development of Z Company.Other similar enterprises can also learn from Z Comany's practise.