Strengthen Internal Controls with COSO and Acuity

Welcome to Acuity Risk Management, your partner in strengthening internal controls and risk management practices aligned with the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework. Explore how Acuity’s solutions can enhance your risk management and governance.

The Challenge

Effective internal control and risk management are vital for organizations.

The COSO framework outlines five essential components for risk reduction:

  1. Control Environment: Sets organizational standards and emphasizes management’s commitment to internal controls.
  2. Risk Assessment: Identifies and manages risks at both organizational and granular levels.
  3. Control Activities: Implements detective and protective controls tailored to different risk levels, helping prioritize efforts and maximize effectiveness.
  4. Information and Communication: Provides management assurance on control effectiveness, using clear, business-focused language. Also addresses reporting needs for stakeholders such as prospective customers, auditors, regulators, and investors.
  5. Continuous Monitoring: Regularly reviews and assesses control implementation and effectiveness to address weaknesses promptly. Establishes an ongoing process responsive to changing environments, with progress reported over time.

Our Solution: STREAM for COSO

Acuity presents STREAM, a powerful platform tailored to COSO framework alignment. Here’s how we can help:

Internal Control Assessment

Identify, assess, and manage internal control risks in line with the COSO framework guidelines.

Controls assurance gives confidence to business leaders and other stakeholders that business objectives will be achieved within a tolerable level of risk. This allows the organization to steer its direction and avoid possible hazards along the way. A well-established and executed controls assurance program can provide significant benefits to an organization, including enhanced security assurance, better responsiveness to threats, and maximum ROI on security investments.

Real-time Risk Monitoring

Stay vigilant against emerging risks with real-time identification and monitoring.

Real-time risk monitoring is essential to promptly identify emerging threats and vulnerabilities, allowing organizations to take immediate action to mitigate potential impacts and safeguard their assets. By continuously monitoring risks in real-time, businesses can maintain proactive and agile responses, minimizing the likelihood and severity of adverse events.

Incident Response Plans

Develop and execute incident response plans to mitigate risks effectively.

Incident response plans are crucial for swiftly and effectively addressing security breaches or unexpected events, enabling organizations to minimize disruption and mitigate potential damages to their operations, reputation, and stakeholders. By having well-defined incident response protocols in place, businesses can mitigate the impact of incidents, enhance resilience, and swiftly restore normal operations, ensuring business continuity and minimizing financial and reputational losses.

Compliance Reporting

Generate reports that showcase your adherence to COSO framework requirements to stakeholders and auditors.

Effective compliance reporting ensures transparency and accountability, providing stakeholders with accurate insights into an organization’s adherence to regulatory requirements and internal policies. By maintaining thorough compliance reporting, businesses can mitigate legal risks, build trust with regulators and investors, and uphold their reputation as ethical and trustworthy entities in their industry.

Your Trusted Governance and Risk Partner

Acuity Risk Management understands the critical role of governance and risk management in organizational success. We offer technology expertise to assist you in aligning your processes and strengthening your internal controls, ensuring the implementation of effective risk mitigation strategies. Let us assist you in aligning with the COSO framework and implementing tailored risk management practices to meet your specific needs and objectives.

Let’s Strengthen Internal Controls with COSO

Ready to enhance your internal control and risk management practices?

With our tailored solutions and expert guidance, we’ll help you navigate the complexities of COSO framework requirements.

Request a demo today to discover how STREAM can empower your organization.