COSO Expects to Issue the Updated Internal Control-Integrated Framework and Related Supporting Documents During the First Quarter of 2013.

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has announced that the updated Internal Control–Integrated Framework (ICIF or Framework) is expected to be released during the first quarter of 2013. The final Framework is expected to enable organizations to adapt to increasing complexity and pace of change; to mitigate risks to the achievement of objectives; and to provide reliable information to support sound decision making.

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COSO Develops Draft Update to Internal Control - Integrated Framework. Public Comment Period Now Closed.

In December, COSO released – for public comment – a draft update to the 1992 Internal Control – Integrated Framework (Framework) intended to help organizations improve performance with greater agility, confidence and clarity. The public comment period ended on March 31, and the final updated Framework is slated to be released in early 2013.

View the Initial ICFR Draft Update
View the Public Comments
Read Frequently Asked Questions
Download PowerPoint Presentation
Read Initial Press Release Published December 19, 2011

Visit the exposure draft Website for more information: www.ic.coso.org

COSO Releases Thought Paper on Enhancing Board Oversight by Avoiding and Challenging Traps and Biases in Professional Judgement

COSO has released Enhancing Board Oversight: Avoiding Judgment Traps and Biases, a thought-paper detailing a five-step judgment process that board members and others can use to overcome common pitfalls and mitigate the effects of judgment bias. The judgment process is based on KPMG’s Professional Judgment Framework, which enables individuals to identify where and when the quality of judgments tends to be threatened by predictable, systematic judgment traps and biases.

View thought paper.
View press release.

Enterprise Risk Management - Understanding and Communicating Risk Appetite

Organizations encounter risk every day as they pursue their objectives. Risk appetite — the amount of risk organizations are willing to accept in pursuit of their objectives — is an integral part of an effective ERM system. This thought paper aims to help organizations develop, better articulate, and implement “risk appetite.” It provides examples of statements of risk appetite and emphasizes the notion that risk appetite should be clearly defined, communicated by management, embraced by the board, and continually monitored and updated.

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Read Press Release