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Internal control of the organization through risk management

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  • Galina Kurteva

Abstract

Internal control is defined as a comprehensive process integrated in the activity of the organization and implemented by its management and employees. It aims to provide a reasonable confidence level of achievement of the set goals. The main elements of the internal control according to COSO model are five - control environment, risk management, control activities, information and communication, and monitoring. The internal control system in every organization is different and unique as it reflects the specifics, the size, the organizational structure, the complexity and scope of activities, the administrative and business environment, the level of regulation, the management style, etc. However, in order to control its activities, every organization needs all of the five elements of internal control. The article focuses on one of the five elements of internal control – the risk management. Well-managed risk-taking is seen as a prerequisite for sustainable improvement of the activities of the organization.

Suggested Citation

  • Galina Kurteva, 2017. "Internal control of the organization through risk management," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 3-18,19-30.
    • Handle: RePEc:bas:econth:y:2017:i:1:p:3-18,19-30
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    More about this item

    JEL classification:

    • M29 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Other
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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