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Enterprise Risk Management Framework
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EXECUTIVE SUMMARY
Managements of some companies and other entities have developed processes to identify and manage risk across the enterprise, and many others have begun development or are considering doing so. While considerable information on enterprise risk management is available, including much published literature, no common terminology exists, and there are few if any widely accepted principles that can be used by management as a guide in developing an effective risk management architecture.
Recognizing the need for definitive guidance on enterprise risk management, The Committee of Sponsoring Organizations of the Treadway Commission (COSO) initiated a project to develop a conceptually sound framework providing integrated principles, common terminology and practical implementation guidance supporting entities’ programs to develop or benchmark their enterprise risk management processes. A related objective is for this resulting framework to serve as a common basis for managements, directors, regulators, academics and others to better understand enterprise risk management, its benefits and limitations, and to effectively communicate about enterprise risk management issues.
This Executive Summary sets out key elements of the Enterprise Risk Management Framework, including the definition, components and underlying principles of enterprise risk management, as well as its benefits and limitations and roles and responsibilities of various parties. This summary also highlights the relevance of enterprise risk management and its relationship to COSO’s Internal Control – Integrated Framework. Those parties desiring more in-depth knowledge are referred to the full Enterprise Risk Management Framework document.
NONE
Management
English
1-152
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