COSO updates to ERM Framework
Duration: 60 Minutes
The COSO ERM Framework has for more than 10 years served as a popular standard for understanding and implementing enterprise risk management in both private and public sector organizations. After a two-year development process, an update to the framework is being circulated for comment. This webinar will offer an overview of the proposed framework update, which is undergoing a period of public exposure prior to finalization.
The webinar will present a summary of the proposed changes, information about the framework's revised format, and highlights of selected planned enhancements. A discussion of the benefits of the proposed framework also will be featured as well as a description of the potential implications for organizations that are considering adopting the framework or updating their ERM activities.
Objectives of the Presentation
Why Should you Attend
- Explore COSO's explanation why the ERM Framework was updated
- Discuss how the new ERM Framework is proposed to add value
- Understanding new terms within the revised framework
- Assessing how the new ERM Framework will affect strategy and performance
- Review of the proposed components and principles comprising the new framework
This webinar will help attendees understand key challenges when they face transitioning from the old framework to the new one. It will help them prepare for this challenging transition and understand if or when their organization should consider adopting the ERM Framework over the updated COSO Framework.
Topics covered in this webinar include:
Who will Benefit
- Updated definitions from COSO
- Key changes will be reviewed
- An overview of the components and principles
- The framework's potential impact on performance
- Descriptions and discussion of selected proposed enhancements to the framework with a focus on the principles of risk governance, culture, and risk in execution, etc
- Brief highlight of commentary received during the open comment period
- Timeline of next step activities
- Compliance Department
- Chief Financial Office
- Chief Compliance or Risk Officer
- Chief Audit Executive
- Senior Auditors and Auditors
- SEC Reporting Directors
COSO recently released an exposure draft that updates its 2004 integrated enterprise risk management (ERM) framework. Following COSO's enterprise risk management framework is not required, but organizations often model their processes and systems after it because COSO principles are widely considered the gold standard in managing risks. Even organizations that have not used COSO's risk management structure as a guide in the past should review the proposed changes closely, as they may indicate how ERM best practices are evolving.