COSO publishes compendium of enterprise risk management examples
- Published: Tuesday, 12 June 2018 07:58
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has released a supplement to its ERM Framework, which provides detailed examples for applying the principles of the Framework.
Authored by PwC under the direction of the COSO Board, the new Compendium of Examples recognizes the connection between concepts and applications of enterprise risk management. Each illustration in the compendium was developed from industry practices identified through extensive research, including interviews and case studies.
“The ERM Framework is designed to help organizations implement and connect ERM with strategy setting and organizational performance,” said Paul Sobel, COSO Chair. “The compendium, in turn, offers concrete examples across a variety of industries with real-world advice about how to put the ERM Framework to use. These illustrations help organizations of all types apply the Framework to their specific situation.”
Each case study describes how a specific entity scaled and adapted the enterprise risk management principles and sets out a relationship between an organization’s mission, vision, and core values; its strategic goals and directions; and the approaches used in carrying out its strategy.