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Last time I graduated from the 4th principle of the COSO management for review and review. This time I want to introduce the 5th and the final principle of the leading Coso – Information, communication and reportingS
Again Coso has 5 leading principles:
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Management and culture
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Strategy and objective determination
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Implementation
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Review and review
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Information, communication and reporting
The twenty-first century welcomed the exponential growth of technology that led to a flood of data that organizations can use to make better and faster business decisions. The volume and speed of this data is caused by some organizations and security teams and can cause “analysis”.
I am not saying that we should all become experts on big data, but it would not hurt to have access to one in your organization, because we must use the promise of business intelligence and digital transformation to enrich business decisions with a risk context to help identify risks that could affect business results.
For example, cybersecurity incidents can affect the integrity and reliability of key business data. The impact can be particularly harmful if the incident is not detected and resolved quickly. We have recently witnessed a very public impact, which the cybersecurity incident can have with the attack on a colonial pipeline and the resulting gasoline shortage on the east coast.
The three principles of Coso for Information, communication and reporting are:
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Uses information and technology
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Communicates risk information
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Risk, Culture and Efficiency Reports
In the coming weeks, I will discuss how to implement each of these principles.
As always, I love your comments and if you want to have a direct conversation, please shoot me a message and we will set up something.
Have a nice week!
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