Adoption of the framework of the project risk management (ERM) to confirm the quality control

	Adoption of the framework of the project risk management (ERM) to confirm the quality control
Al Kut Journal of Economics Administrative Sciences
Article 1, Volume 0, Issue 17, 2018, Pages 462-493
Abstract
Abstract. This study focuses applying the modern concepts of internal control according to COSO framework for management risk (ERM Model) in Najaf Factory for garments (industrial sector); because the framework is comprehensive as it consist of strategic, operating and compliance aspects in the enterprise besides other related important aspects such as governance, internal and external audit strategic planning…..etc. in addition to the above mentioned advantages the study consists of the mechanism of implementation these components in integrated manner and determination of -the tasks, responsibilities and self-assessment for each department -the behavior, ethics and staff development The research conclude the role of this conceptual framework for Iraqi establishments the face economic issues to be a strong competitor in local and international market. The researcher suggests a model that can be applied according to ERM concepts using 3-dimension figure-COSO model with detailed analysis for control environment. The following key conclusion are submitted: 1- The modern conceptual for internal control (ERM) has adopted the preventive approach for achieving the strategic objectives for economic unit though preventing the occurrence of the risk and processing them. 2- The modern concepts of internal control provides the proper base for application the corporate governance through activating strategic and control aspect. 3- The modern framework for internal control (ERM) provides complete information about financial statement and control reports. 4- The departments of risk management and internal control should be involved in formulating the strategic and operating objectives. 5- The factory adopts traditional financial and managerial systems and methods that unable to create data base for decision making purposes. 6- There is no consistency between the concepts and objectives of the ERM framework and the Laws and the Local instructions of payroll and purchases procedures. The fallowing key recommendation are submitted: 1- Constructing an independent department for managing risks in the organizational hierarchy to study the variables in the business environment to determine the opportunities and risk to achieve the oblectives of economic unit. 2- Activating the role of ERM staff and increasing their efficiency to fact the continues changes in the business environment through preparing training program. 3- Establishing data bases that enable the department to manage the operations to facilitate the transfer of data between the to facilitate the transfer of data between the parties and the direct supervision of the control authorities on inputs and out puts to facilitate decision making. 4- The necessity for delegating the authorities for department’s managers to allow them to manage their operations with professional style.
Keywords
ERM

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