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COSO Enterprise Risk Management - Integrating with Strategy and Performance
This new 2017 update highlights the importance of considering risk in both the strategy-setting process and in driving performance. The first part of this updated publication offers a perspective on current and evolving concepts and applications of enterprise risk management. The second part, the Framework, is organized into five easy-to-understand components that accommodate different viewpoints and operating structures, and enhance strategies and decision-making.
In short, this update:
Provides greater insight into the value of enterprise risk management when setting and carrying out strategy.
Enhances alignment between performance and enterprise risk management to improve the setting of performance targets and understanding the impact of risk on performance.
Accommodates expectations for governance and oversight.
Recognizes the globalization of markets and operations and the need to apply a common, albeit tailored, approach across geographies.
Presents new ways to view risk to setting and achieving objectives in the context of greater business complexity.
Expands reporting to address expectations for greater stakeholder transparency.
Accommodates evolving technologies and the proliferation of data and analytics in supporting decision-making.
Key Features and Benefits
Focused framework that is easy to follow with 5 interrelated components broken up into 20 different principles
The principles are manageable in size, and they describe practices that can be applied in different ways for different organizations regardless of size, type, or sector. Adhering to these principles can provide management and the board with a reasonable expectation that the organization understands and strives to manage the risks associated with its strategy and business objectives.
Framework is future-focused and discusses several trends that entities are likely to face and will have an effect on enterprise risk management, such as:
Dealing with data proliferation
Leveraging artificial intelligence and automation
Managing the cost of risk management
Buidling stronger organization