Paul Sobel, an executive at Georgia-Pacific LLC, has been named chairman of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). His three-year term begins today, according to a COSO news release.
Sobel, Georgia-Pacific’s chief audit executive, has been chairman of the Global Board of Directors for The Institute of Internal Auditors (IIA) and chairman of the audit committee for a private company that grew from $25 million to more than $200 million in revenue, according to the release.
Sobel replaces Bob Hirth, who had been COSO’s chairman since 2013 and guided the update of COSO’s enterprise risk management (ERM) framework, Enterprise Risk Management — Integrating With Strategy and Performance.
Sobel is “recognized as a leading expert on governance, enterprise risk management, compliance, and internal control,” the release said. “He was selected for this position because of his extensive background along with his experience in corporate environments and professional service firms.”
Sobel wrote Managing Risks in Uncertain Times: Leveraging COSO’s New ERM Framework, which expands on the updated framework released in fall 2017. He also has written Auditor’s Risk Management Guide: Integrating Auditing and ERM.
“It is an honor and privilege to be selected as COSO’s new chairman,” Sobel said in the release. “I have been actively involved in the latest developments with the committee to help organizations across the globe improve their risk management, governance, and controls in our collective effort to deter corporate fraud."
Richard Chambers, IIA president and CEO, said in the release that Sobel is an “exemplary leader with a strong vision.” Chambers also thanked Hirth for his leadership. “The COSO board would like to also extend its deepest gratitude to Bob Hirth for his outstanding service and significant contribution to COSO,” he said.
COSO is a committee of five sponsoring organizations, including the AICPA, that provides thought leadership and guidance on ERM, internal control, and fraud deterrence.
— Neil Amato (Neil.Amato@aicpa-cima.com) is a JofA senior editor.