Give your two cents on the updated COSO ERM framework
The recently released updated COSO Enterprise Risk Management (ERM) framework is available for public comment through Sept 30, 2016. Provide feedback here.
With risk strategy and management vastly expanding and increasing in complexity, this updated framework is designed to apply to all businesses more extensively to meet changing demands.
Updates from the 2004 framework include:
- Increasing focus on in-depth board awareness and oversight
- Linking strategy and performance
- Evolution of practices
- Current and changing approaches
COSO partnered with PwC, author of the original framework, and created an advisory council, composed of industry leaders and nonprofit organizations, to determine what updates and changes were necessary to include.
For early adopters of the COSO ERM framework, this comment period is an opportunity to contribute ideas and concerns, and help ensure the new framework addresses your needs and provides solutions accordingly. If you are not currently using this framework, this is a prime time to see how it would be a good fit for your organization.
Improving your ERM strategy comes in two components: The framework and the technology used to implement it. As with any effective framework, in order to be effectively supportive, a technology solution needs to be flexible enough to adapt to the evolving nature of risk.
Wdesk provides a unique reporting environment that easily connects all three lines of defense in a way the encourages a healthy risk culture and provides timely visibility into critical risk information. The cloud-based platform is flexible enough to help risk managers effectively execute any ERM function, including the COSO ERM framework. To learn more, watch this short video.
About the Author
Mike Rost is a key contributor to product strategy at Workiva and works with business leaders in the areas of financial reporting and compliance. With more than 25 years of experience assisting organizations using technology to optimize business processes, Mike has an extensive background in finance and accounting, corporate performance management, and GRC technology. Mike was a founding member of XBRL International with involvement in the XBRL initiative dating back to 1999. He has also been active in industry associations, including the Open Compliance and Ethics Group (OCEG) and the Institute of Internal Auditors (IIA). Mike has a bachelor's degree in economics and an MBA in marketing and finance from the University of Minnesota.