Reference no: EM133519459 , Length: Words Count:700

Assignment:

1. Create a hypothetical small business that reflects your own interests, one which you might establish and operate as a sole proprietor. For example, you might choose a part-time landscaping business, an ice cream shop, a house painting company, etc. Keep it small and simple! You will use the same small business each module.

2. Create a brief paper (five pages maximum) in which you analyze and describe how the COSO Risk Management Principles 1-5 (Governance & Culture) described in the Sobel (2018) reading for this module might be designed, implemented, and tested in your business.

1. Create three to five sentences for each principle.
2. Describe the risks and the risk management processes you would implement.
3. Why is it important to address the risks you identified? How would the risk management principles be implemented? Be specific! Think in terms of your small business, and the risks and controls (i.e., risk management) that would be most appropriate for your business.