Improving Organizational Performance and Governance: How the COSO Frameworks Can Help (2014)
COSO’s fundamental premise is that good risk management and internal control are necessary for long term success of all organizations and we seek to support that premise by articulating how the frameworks contribute to improving organizational performance and governance. Our purpose in writing 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.
Improving Organizational Performance and Governance: How the COSO Frameworks Can Help
Enhancing Board Oversight: Avoiding Judgment Traps and Biases (2012)
The board of directors plays a major role in setting strategy; formulating high-level objectives; allocating resources; and providing guidance, direction, and accountability for management. The Committee of Sponsoring Organizations of the Treadway Commission’s (COSO’s) Internal Control—Integrated Framework and
Enterprise Risk Management — Integrated Framework identify effective board oversight as one of the fundamental principles for establishing the entity’s tone at the top within the internal environment. In this context, the board has responsibilities for providing governance and oversight, including defining what it expects in terms of integrity and ethics. The purpose of this thought paper is to improve board oversight of management’s judgments by raising board member awareness of important insights that can improve the judgment of experienced business executives and board members.
Enhancing Board Oversight: Avoiding Judgment Traps and Biases
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