Read the COSO Report and answer the following questions:

$1)$ Who$/$what is COSO?

$2)$ How does the COSO report define value?

$3)$ What is the relationship of risk with the pursuit of value?

$4)$ What is ERM?

$5)$ What are the important characteristics of an effective risk assessment process?

$6)$ Once a risk is identified, what are the steps that an effective risk assessment process should follow?

$7)$ What is the process described by COSO that a firm or analyst should follow to measure risk?

$8)$ Review the risk measurement techniques described in the Table on P$.14$ of the COSO report. Summarize the key advantages$/$disadvantages of using qualitative versus quantitative techniques to measure risk.

$9)$ How can scenario analysis be useful in assessing risks?