In this episode, Matt Kelly and I take a deep dive into the weeds regarding the COSO ERM Framework, which was recently released. We consider the structural framework, with five major components, each one supported by multiple principles. The ERM framework has 20 principles. We consider some of the changes in nomenclature in the principles which I found to be significant. We also review the ERM Framework image, which is a double-helix intended to convey the idea that risk management principles should be woven into all parts of the enterprise. We conclude with some of the challenges presented by the ERM Framework for implementation.
For more see Matt Kelly’s blog post COSO Debuts Final ERM Framework
To obtain an Executive Summary of the COSO ERM Framework, click here.
To purchase a copy of the ERM Framework, click here.
The COSO ERM Framework supplements the COSO 2013 Internal Controls Framework for the compliance professional.Click to tweet