COSO releases new Enterprise Risk Management Framework (2017), updating the 2004 ERM framework
In September 2017, COSO released its highly anticipated ERM Framework entitled Enterprise Risk Management–Integrating with Strategy and Performance. This new document builds on its predecessor, Enterprise Risk Management–Integrated Framework (originally published in 2004), one of the most widely recognized and applied risk management frameworks in the world. The updated document outlines how executives can have greater confidence in addressing many critical 21st century business challenge as they navigate evolving markets, rapid innovation and heightened regulatory focus.
The Framework, authored by PwC under the direction of the COSO Board, is designed to turn a preventative, process-based risk monologue into a proactive, opportunities-focused conversation to uncover how risk management can create, preserve, and realise quality and value.