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COSO announces Enterprise Risk Management-Integrated Framework update project

The Board of The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has announced a project to update the 2004 Enterprise Risk Management–Integrated Framework.

The Framework is a widely used by management to enhance an organization’s ability to manage uncertainty, consider how much risk to accept, and improve understanding of opportunities as it strives to increase and preserve stakeholder value.

The new project is intended to enhance the Framework’s content and relevance in an increasingly complex business environment so that organizations worldwide can attain better value from their enterprise risk management programs.

The Framework will update concepts developed in the original Framework and to reflect the evolution of risk management thinking and practices, as well as changing stakeholder expectations. The initiative will also develop tools to assist management in reporting risk information and in reviewing and assessing the application of enterprise risk management.

COSO has engaged PricewaterhouseCoopers LLP (PwC) to update the Framework under the Board's leadership and direction.

As the project commences, PwC will conduct a survey to capture views and insights regarding the current Framework and to collect suggestions for improvements. These perspectives will help shape the nature and extent of the proposed updates to the Framework. The updated Framework will be published for public comment, allowing for detailed and focused feedback.

The COSO Board also intends to form a cross-functional Advisory Council comprising individuals from across industries, academia, government agencies, and not-for-profit organizations. The Advisory Council’s collective experience and insights will help to address the conceptual and practical challenges associated with enterprise risk management.

To provide feedback directly to the PwC team, please contact them at COSO-ERM_Update@us.pwc.com

•Date: 27th October 2014 • World •Type: Article • Topic: ERM

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