COSO Publishes New ERM Implementation Guidance


The Committee of Sponsoring Organizations of the Treadway Commission (COSO) on Tuesday released two new thought papers relating to enterprise risk management (ERM) and aimed at providing guidance to help organizations advance their ERM programs.

 

The first thought paper, Embracing Enterprise Risk Management: Practical Approaches for Getting Started, describes how an organization can begin implementing an ERM process, according to a press release. It also examines perceived barriers to effective ERM and how to work through those barriers.

 

COSO’s second thought paper, Developing Key Risk Indicators to Strengthen Enterprise Risk Management, discusses the importance of developing key risk indicators to be used to monitor emerging risks that might affect the enterprise’s strategic success, according to the press release.

 

“There is a lot of current activity involving implementation and enhancement of ERM in organizations of all sizes,” COSO Chair David Landsittel said in the press release. “Given COSO’s dedication to providing ERM thought leadership, we are issuing these two thought papers with an objective of assisting organizations in becoming more robust in their risk management activities.”

 

The new papers, downloadable free of charge from COSO’s website , add to COSO’s library of ERM guidance, including its 2004 Enterprise Risk Management—Integrated Framework and previously issued survey reports and thought papers on ERM .

 

More from the JofA:

 

 Find us on Facebook      Follow us on Twitter

 

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

News quiz: Taking an economic snapshot and looking to the future

Recent news included IRS actions that affect individuals and partnerships and a possibly influential move by a Big Four accounting firm.Take this short quiz to see how much you know about the news.