Enterprise Risk Management: Integrated framework executive summary

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Recent years have seen heightened concern and focus on risk management. It became increasingly clear that a need existed for a robust framework to effectively identify, assess and manage risk.

In 2001, COSO initiated a project and engaged PricewaterhouseCoopers to develop a framework that would be readily usable by management to evaluate and improve their organisations' Enterprise Risk Management ("ERM"). This Integrated ERM Framework expanded on internal control, providing a more robust and extensive focus on the subject of ERM.

PricewaterhouseCoopers: Thought leader
PricewaterhouseCoopers is the thought leader behind COSO's Integrated ERM Framework. This framework, along with our proprietary guidelines, forms the basis of our ERM service offering. Our approach and methodology is flexible and can be customised and adapted to each organisation's specific needs.

How PricewaterhouseCooopers can help you
Among the most critical challenges for management is determining how much risk their organisation is prepared to accept and does accept as it strives to create value. The COSO framework will better enable them to meet this challenge.

PricewaterhouseCoopers' methodology addresses these challenges by providing an approach which can be used to:

Establish sound foundational principles for ERM through the use of relevant standards and frameworks;

Develop tangible and measurable benefits against which to evaluate ERM; and

Implement ERM to meet the needs of a specific business environment and level of risk management maturity.