Exposure Draft for Proposed ERM Framework Update Released
The Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) has issued an exposure draft addressing risks that have emerged since the 2004 release of its Enterprise Risk Management – Integrated Framework. Released as Enterprise Risk Management—Aligning Risk With Strategy and Performance (Exposure Draft), the Exposure Draft offers views on the present concepts and applications of enterprise risk management, as well as revises the definitions of risk and enterprise risk management. The Exposure Draft also introduces components and principles reflecting how risk management thinking and practices have evolved. COSO expects the updates to help organizations increase their awareness and oversight of risk management, and improve their risk reporting efforts.
Comments on the Exposure Draft are due Friday, September 30. The press release on the Exposure Draft is available on the COSO website.