10 May 2017 New COSO Updated ERM Framework – Coming Soon – End of June, Perhaps
Just a heads up, a source has suggested that the new long-anticipated COSO (Committee of Sponsoring Organizations of the Treadway Commission) ERM update might finally be out at the end of June. COSO is spending a very long time (since October 2014) preparing and vetting this “update” of the 2004 Enterprise Risk Management — Integrated Framework. COSO’s sponsoring organizations are the American Accounting Association (AAA), the American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), The Institute of Internal Auditors (IIA), and the National Association of Accountants (now the Institute of Management Accountants ), and the Commission includes representatives from industry, public accounting, investment firms, and SROs (exchanges).
We’ll have to wait and see what we get with this “update,” which will either simply be a relatively unimpressive or vague tweak, or a useful, modernized, sufficiently detailed guide which might become the standard to achieve, or somewhere in between. I’m hopeful for the useful version – ERM needs a big boost – this “update” is important. I find that there really are only three ways to provide this type of boost: sponsorship and push by large or influential organizations and people, mandatory (i.e., by law, regulation or rule) adoption, or, sometimes, push and expectancy by the public.
Here is the link to the COSO website https://www.coso.org/Pages/default.aspxDisclaimer: This blog and website are public sources of general information concerning our firm and its lawyers, as well as the information presented. They are intended, but not promised or guaranteed, to be correct, complete, and up-to-date as of the date posted. This blog and website are not intended to be, and are not, sources of legal opinion or advice. The materials, information, and communications on this blog and website do not apply to any particular person, entity, or situation, and do not apply to you or to your specific situation. You will need to consult with an attorney and/or other appropriate professional about your specific situation. Thank you.