Application Controls

Programmed procedures in application software, and related manual procedures, designed to help ensure the completeness and accuracy of information processing. Examples include computerized edit checks of input data, numerical sequence checks, and manual procedures to follow up on items listed in exception reports.

Source : COSO Integrated Internal Controls Framework, COSO Integrated Risk Management Framework

Balanced Scorecard

A performance measurement tool, focusing on an organisation’s activities in terms of its vision and strategies, to give a comprehensive view of the performance. The key new element is focusing not only on financial outcomes but also on the non-financial measures that drive those outcomes.

Source : Henley MBA Dissertation – At the Intersection

Basel II

A capital adequacy framework applicable to Financial Services industry, covering areas such as Credit, Market and Operational Risk and how capital should be allocated to cover each of these areas.

Source : Henley MBA Dissertation At the Intersection

Board

Organisation's governing body. This includes a board of directors, head of a legislative body or agency, supervisory board, or the board of trustees or governors of a not-for-profit organisation.

Source : BS31100:2008

Business Continuity management (BCM)

Holistic management process that identifies potential threats to an organisation and the impacts to business operations that those threats, if realized might cause, and which provides a framework for building organizational resilience with the capability for an effective response that safeguards the interests of its key stakeholders, reputation, brand and value-creating activities.

Source : BS31100:2008 [BS25999, modified]

Business Drivers

The critical factors that determine the success or failure of an organization's strategy and its ability to deliver shareholder value.

Also known as Strategic Drivers.

Source: www.riskbasedperformance.com

Category

One of three groupings of objectives of internal control, control activities or controls. The categories are effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations. The categories overlap, so that a particular objective, for example, might fall into more than one category.

Source : COSO Integrated Internal Controls Framework

Compliance

Used with “objectives”: having to do with conforming with laws and regulations applicable to an entity.

Source : COSO Integrated Risk Management Framework

Component

One of five elements of internal control. The internal control components are the control environment, risk assessment, control activities, information and communication, and monitoring.

Source : COSO Integrated Internal Controls Framework

There are eight enterprise risk management components: the entity’s internal environment, objective setting, event identification, risk assessment, risk response, control activities, information and communication, and monitoring.

Source : COSO Integrated Risk Management Framework

Computer Controls

(1) Controls performed by computer, i.e., controls programmed into computer software (contrast with Manual Controls). (2) Controls over computer processing of information, consisting of general controls and application controls (both programmed and manual).

Source : COSO Integrated Internal Controls Framework