Wednesday, November 4, 2009

COSO Releases Thought Paper on ERM

Earlier today, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) released a 24-page thought paper entitled Strengthening Enterprise Risk Management for Strategic Advantage. The new thought paper follows the release in October of a four-page thought paper entitled, Effective Enterprise Risk Oversight: The Role of The Board of Directors. FEI is one of the sponsoring organizations of COSO. Read more in COSO’s press release.

The ERM thought papers relate to COSO's 2004 ERM Framework. Separately, COSO issued in 1992 its framework entitled, Internal Control-Integrated Framework, and a number of publications have been issued since that time relating to the internal control framework, including COSO's 2006 Guidance for Smaller Public Companies, and COSO's 2009 Guidance on Monitoring Internal Control Systems. COSO has also engaged a research team to develop an update to its 1999 monograph on Fraud.

The ERM thought papers released today and in October are available by free download on COSO's website, We will have a limited number of copies at the FEI booth in the Exhibit Hall at our upcoming Current Financial Reporting Issues (CFRI) conference Nov. 16-17 in NYC, stop by our booth for a copy.

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