What is the COSO ERM – Integrated Framework?
Originally developed in 2004 by COSO, the COSO ERM – Integrated Framework is one of the most widely recognized and applied risk management frameworks in the world.
Over the past decade the complexity of risk has changed and new risks have emerged. A call from stakeholders for greater transparency and accountability as well as the prominence of risk discussions at the board level prompted a review and refresh of the Framework to address the evolution of enterprise risk management and the need for organizations to improve their approach to managing risk.
In 2014, COSO engaged PwC as the principal author of the update. The project garnered global, cross-industry and both public and private sector interest. The new Framework, now titled Enterprise Risk Management-Integrating with Strategy and Performance, both preserves and builds upon the strengths of the original publication while clarifying and expanding on guidance where it was deemed helpful to do so.