The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has published a thought paper on the importance of COSO frameworks.
The mission of COSO reads, in part, “to improve organizational performance and governance.” Since their inception, COSO’s Enterprise Risk Management — Integrated Framework and Internal Control — Integrated Framework (collectively referred to as “the COSO frameworks”) were both intended to provide guidance for management on how to implement and evaluate effective enterprise risk management (ERM) and internal control processes, leading to the improvement of management and governance processes.
The purpose of this paper is to relate the COSO frameworks to an overall business model and describe how the key elements of each framework contribute to an organization’s long term success. COSO’s fundamental premise is that good risk management and internal control are necessary for the long term success of all organizations.
This paper describes the COSO frameworks in the context of a fairly standard leadership umbrella for governing and managing a successful organization. The frameworks are intended to be integrated within the governance and management processes to establish accountability for ERM and internal control.
The complete thought paper is available by clicking here
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