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



News quiz: College debt, stolen identities, and retirement planning

See how much you know about these developments and others in the Journal of Accountancy news quiz.


Preventing and detecting fraud at not-for-profits

Organizations in all industries must deal with the potential for fraud to occur, and design controls to prevent and detect it. Environment, policies, and controls can help organizations steer clear of problems.


The dangers of dabbling

To meet evolving marketplace needs, CPAs often look to diversify their service offerings. Firms can mitigate the risk of experiencing competency-related professional liability claims by implementing these basic steps.