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Inside Internal Controls

News and discussion on implementing risk management

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COSO ERM draft

Getting risk management right

In this commentary on a recent article by Doug Anderson, an advisor on behalf of the IIA on the COSO ERM update project, examples are provided on getting risk management right.

 

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How well did COSO address comments on the ERM draft?

My impression is that COSO only tinkered with the draft. But, have they done enough to move practices forward, in the right direction? Will this update change the percentage of executives answering the piercing question by Deloitte, “Does risk management support, at a high level, the ability to develop and execute business strategies”, up from 13% close to 80%?

 

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Have your provided comments on the COSO ERM draft?

Have your provided comments on the COSO ERM draft? Please share your views on this important document. I submitted my comments some time ago. I realize that some of you prefer the ISO 31000:2009 global standard on risk management. But let’s recognize that nearly half of the risk management functions around the world are
influenced by if not using the COSO framework.

 

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