COSO Plans Update to Enterprise Risk Management Framework
The Committee of Sponsoring Organizations of the Treadway Commission, also known as COSO, is planning a project to review and update its decade-old Enterprise Risk Management–Integrated Framework.
The framework, which was originally published in 2004, is widely used by management to improve an organization’s ability to manage uncertainty and to consider how much risk to accept as it strives to increase stakeholder value.
COSO hopes to enhance the framework’s content and relevance so organizations around the world can get better value from their enterprise risk management programs. As part of the initiative, COSO also intends to develop tools to help report on risk information and review and assess the application of enterprise risk management. The framework will be updated to enhance concepts developed in the original framework and to reflect the evolution of risk management thinking and practices, as well as changing stakeholder expectations. Read more on Accounting Today.