1a)Identify and describe the COSO Enterprise Risk Management Frameworks (detailing

the objectives, components and scope of the framework) and explain why the ERM is

important.

(15 marks)

1b) BEST Finance Department noted that data errors occasionally required an entire payrollto be re-processed at a cost of $15,000. A data validation enhancement is analysed to

be able to reduce the likelihood from 15% to 1% and would cost $800 per pay period.

Describe your approach to risk assessment and the risk response to the above event.

(15 marks)