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Corporate Compliance Report

Corporate Compliance Report
XYZ
University of Phoenix
Week 6 MBA/560
Instructor - XYZ

Using your own organization or an organization with which you are familiar, develop a 1,500-2,000-word report in which you outline a plan to implement enterprise risk management based on the Committee of Sponsoring Organizations of the Treadway Commission (COSO) recommendations.

Corporate Compliance Report
Anthem Blue Cross is a nationwide healthcare insurance company and houses personal medical information on thousands of subscribers. The health insurance business is highly regulated at the state and federal level, and one of the most important regulations is the federal Health Insurance Portability and Accountability Act, HIPAA. Among many other issues, this act deals with the handling of a subscribers Personal Health Information, PHI, “While the Privacy Rule pertains to all Protected Health Information (PHI) including paper and electronic, the Security Rule deals specifically with Electronic Protected Health Information (EPHI). It lays out three types of security safeguards required for compliance: administrative, physical, and technical.” (Wikipedia, 2008). As a contractor to Anthem Blue Cross, Verizon deals with computers that house PHI and by default becomes a part of the process of protecting this information. This short paper will deal with a plan to implement an Enterprise Risk Management program specifically dealing with PHI residing on computer equipment that is end of life and being disposed of.
      “Among the most critical challenges for managements is determining how much risk the entity is prepared to and does accept as it strives to create value.” (COSO, 2004) The internal control structures of the COSO framework comprise five interrelated components. These five create a framework to guide in analyzing a company’s internal control system and are titled: Control Environment, Risk assessment, Control activities, Information and communication, and...