COSO’s New ERM Framework Update Now Available from IIA Bookstore
LAKE MARY, Fla. (Sept. 7, 2017) — In tandem with the Committee of Sponsoring Organizations of the Treadway Commission (COSO) release this week of the 2017 Enterprise Risk Management – Integrating with Strategy and Performance, The Internal Audit Foundation announced that it is among select organizations offering this highly anticipated ERM Framework.
The most widely recognized and applied risk management framework in the world, Enterprise Risk Management - Integrating with Strategy and Performance addresses the evolution of enterprise risk management and the need for organizations to improve their approach to managing risk to meet the demands of an evolving business environment. This new version replaces Enterprise Risk Management—Integrated Framework from 2004.
The Internal Audit Foundation is the donor-supported arm of The Institute of Internal Auditors (IIA), a professional association serving more than 190,000 members worldwide. COSO is a joint initiative of five private-sector organizations, including The IIA, dedicated to providing thought leadership through development of frameworks and guidance on enterprise risk management, internal control, and fraud deterrence.
The 2017 ERM update highlights the importance of considering risk both in setting strategy and driving performance. The first part of the update 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.
“CEOs, CFOs, key managers and boards of director all will benefit from this important update,” said IIA President and CEO Richard F. Chambers, CIA, QIAL, CGAP, CCSA, CRMA. “ERM 2017 provides greater insight into the value of enterprise risk management when setting and carrying out strategy while accommodating expectations for enhanced governance and oversight.” Chambers is a director on the COSO Board.
The update focuses on challenges that today’s business leaders and boards face, including shifts in economic markets, evolving technologies, and changing demographics. The principles contained in the five interrelated components detail practices that can be applied in different ways for organizations of any size, type, or sector.
The updated Framework is available from The IIA’s online Bookstore. For additional information about the update and about COSO, please visit www.coso.org.
About the Internal Audit Foundation
The Internal Audit Foundation (Foundation) is the donor-supported arm of The Institute of Internal Auditors (IIA). The nonprofit Foundation conducts groundbreaking research and scholarly publishing, offers essential career development and thought leadership products through The IIA Bookstore, and works with colleges and universities through the Internal Auditing Education Partnership (IAEP) program to enlighten the next generation of internal auditors. For more information, visit www.theiia.org or www.theiia.org/foundation.