Strategic Financial Risk Management: Implementing the COSO-ERM Framework at ABC Biotech Company

Abstract

This paper explores financial risk management through the lens of the COSO-ERM framework at ABC Biotech Company. It emphasizes the integration of risk management with corporate governance, strategy, and performance. Key aspects of the COSO-ERM framework, including Governance and Culture, Strategy and Objective Setting, Performance, and Information Communication and Reporting, are examined. The study delves into ABC Biotech's implementation of COSO-ERM, covering strategies for risk management, corporate strategy alignment, risk identification, and assessment enhancements. It underscores the importance of financial risk management as a dynamic, cyclical process aligned with strategic corporate growth, illustrating the framework's effectiveness in managing financial risks at ABC Biotech Company.