COSO’s ERM framework to undergo update

A well-known framework for risk management is scheduled for another update.

The Committee of Sponsoring Organizations of the Treadway Commission
(COSO) announced Tuesday that it is undertaking a project to update
its Enterprise Risk Management—Integrated Framework, which
debuted in 2004.

Organizations use the framework to help them manage uncertainty,
consider how much risk to accept, and improve understanding of their
opportunities to increase and preserve value.

The update is being undertaken to improve the framework’s content and
relevance in the context of an increasingly complex business
environment. The update is intended to:

PwC has been engaged to update the framework under the direction
of COSO’s board. PwC will seek input and feedback on the project, and
will conduct a survey seeking opinions on the current framework and
suggestions for improvements.

More information is available at

COSO is a committee of five sponsoring organizations, including the
AICPA, that come together periodically to provide thought leadership
on enterprise risk management, internal control, and fraud deterrence.

In 2013, COSO completed an update of its internal control framework
to reflect changes in technology and the business environment that
have taken place since that framework’s origination in 1992.

Ken Tysiac (
) is a JofA editorial director.

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