COSO ERM Framework Applying the COSO ERM Framework COSO releases new guidance, Compliance Risk Management: Applying the COSO ERM Framework, detailing the application of the Enterprise Risk Management—Integrating with Strategy and Performance (ERM Framework) to the management of compliance risks. The guidance was commissioned by COSO and authored by the Society of Corporate Compliance and Ethics & Health Care Compliance Association (SCCE & HCCA). PDF File Press Release

New Board Chair COSO Names New Board Chair Ms. Lucia M. Wind to Succeed Paul J. Sobel in January Lucia Wind ORLANDO, December 15, 2022 – The Committee of Sponsoring Organizations of the Treadway Commission (COSO) today named Ms. Lucia M. Wind as its next Board Chair for a three-year term starting January 1. The Chair is responsible for leading COSO in fulfilling its mission of providing thought leadership in the areas of internal control, enterprise risk management, governance, and fraud deterrence. Paul J. Sobel, the current COSO chairman, plans to step down after admirably serving in that capacity since 2018. This was previously announced on May 18. Summary

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Creating and Protecting Value ERM Guidance: Creating and Protecting Value Over the past few decades, enterprise risk management (ERM) has received increased attention from boards and executives, and it continues to evolve in its development and uses. To further inform organizations on its benefits, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) is releasing new guidance, “Creating and Protecting Value: Understanding and Implementing Enterprise Risk Management,” offering succinct, tangible steps to implement an effective ERM program. The project was commissioned by COSO and co-authored by DePaul University’s Richard J. Anderson, Clinical Professor of Strategic Risk Management, and Dr. Mark L. Frigo, Co-founder and Director Emeritus of the Strategy, Execution and Valuation Initiative & Strategic Risk Management Lab at the Kellstadt Graduate School of Business/Driehaus College of Business - School of Accountancy & MIS. PDF File Press Release

Enterprise Risk Management Integrating with Strategy and Performance In keeping with its overall mission, the COSO Board commissioned and published in 2004 the Enterprise Risk Management—Integrated Framework. Over the past decade, that publication has gained broad acceptance by organizations in their efforts to manage risk. However, also through that period, the complexity of risk has changed, new risks have emerged, and both boards and executives have enhanced their awareness and oversight of enterprise risk management while asking for improved risk reporting. This update to the 2004 publication 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. The updated document, titled Enterprise Risk Management—Integrating with Strategy and Performance, highlights the importance of considering risk in both the strategy-setting process and in driving performance. Certification COSO Materials COSO issued a supplement with detailed examples for applying principles from the ERM Framework to day-to-day practices. This supplement, titled COSO Enterprise Risk Management - Integrating with Strategy and Performance: Compendium of Examples, was developed from industry practices identified through extensive research conducted when updating the Framework. Each example focuses on specific components covered in the Framework. Written as a collection of case studies, the Compendium offers real-world advice about how to put the ERM Framework to use. Each case describes how a specific entity scaled and adapted the principles, and sets out a relationship between an organization’s mission, vision, and core values; its strategic goals and directions; and approaches used in carrying out its strategy. University Professor/Student Discounts For information on discounts available to qualified university professors and their students, please contact Joanna Dabrowska. Email Integrating with Strategy and Performance: Compendium of Examples COSO issued a supplement with detailed examples for applying principles from the ERM Framework to day-to-day practices. This supplement, titled COSO Enterprise Risk Management - Integrating with Strategy and Performance: Compendium of Examples, was developed from industry practices identified through extensive research conducted when updating the Framework. Each example focuses on specific components covered in the Framework. Written as a collection of case studies, the Compendium offers real-world advice about how to put the ERM Framework to use. Each case describes how a specific entity scaled and adapted the principles, and sets out a relationship between an organization’s mission, vision, and core values; its strategic goals and directions; and approaches used in carrying out its strategy. The Compendium may be purchased from the following organizations: Purchase Purchase

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New (ICSR) Supplemental Guidance COSO Releases New “Achieving Effective Internal Control Over Sustainability Reporting” (ICSR) Supplemental Guidance Builds Trust and Confidence in ESG/Sustainability Reporting and Decision-Making ..see more Press Release ICSR Report The principal authors of this guidance are: Robert Herz , former FASB chair, founding member of the IASB and former SASB Foundation board member; Robert Hirth , Senior Managing Director at Protiviti, former COSO Chair and former vice-chair of the SASB; Douglas Hileman , consultant, ESG specialist, and member of [former] ESG Leadership Knowledge Group; Shari H. Littan , IMA Director, Corporate Reporting Research and Thought Leadership; Brad Monterio , IIA EVP of Member Competency and Learning and member of the IFRS Foundation’s IRCC; and Jeffrey C. Thomson , President and CEO of IMA and former COSO board member/lead director. COSO wishes to thank Chair Emeritus Paul Sobel for his oversight and leadership of this project during his term as Chair. For more information, please contact Cecile Fradkin or Giuseppe Barone .

New ERM Guidance COSO Unveils New ERM Guidance to Help Organizations Improve Decision Confidence New research outlines practical steps for moving enterprise risk management from documentation to action NEW YORK, May 4, 2026 – The Committee of Sponsoring Organizations of the Treadway Commission (COSO), today announced the release of From Guidance to Action: Exploring Practical Enterprise Risk Management, a new paper designed to help organizations strengthen the strategic relevance, decision making and real world impact of their enterprise risk management (ERM) programs. Publication Press Release

Guidance Fraud Deterrence The Fraud Risk Management Guide, originally published in 2016, was intended to be supportive of and consistent with the COSO 2013 IC Framework and to serve as guidance for organizations to follow in addressing this specific fraud risk assessment principle. The Guide’s executive summary provides a high-level overview intended for the board of directors, senior management, and chief audit executives. It is designed to explain the benefits of establishing strong anti-fraud policies and controls. On the 2nd of May, 2023, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the Association of Certified Fraud Examiners (ACFE) announced the release of the Fraud Risk Management Guide: Second Edition, a new publication that offers a blueprint for helping organizations establish an overall Fraud Risk Management Program. Executive Summary 2016 The Fraud Risk Management Guide: 2nd Edition It offers a blueprint for helping organizations establish an overall Fraud Risk Management Program. An update to the original version released in 2016, the 2nd Edition addresses more recent anti-fraud developments, revises terminology, and adds important information related to technology developments - specifically data analytics. It is intended to give organizations of all sizes across all industries the information necessary to design a plan specific to the risks for that entity. There is no “one size fits all approach” to managing fraud risk. But with the right approach, an organization can create a custom-fitted program tailored to its specific needs. Press Release Executive Summary 2023 This publication may be purchased from the following organizations: Purchase Purchase Purchase Leading practices for anti-fraud professionals and organizations intent on deterring fraud NEW YORK, May 2, 2023 – The Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the Association of Certified Fraud Examiners (ACFE) announced today the release of the Fraud Risk Management Guide: Second Edition, a new publication that offers a blueprint for helping organizations establish an overall Fraud Risk Management Program. The Guide updates the first edition of the Fraud Risk Management Guide published in 2016. It also draws from a 2008 publication published and sponsored by the American Institute of CPAs (AICPA), Institute of Internal Auditors (IIA), and the ACFE. Updates reflect recent anti-fraud developments, revise terminology, and add important information related to technology developments - specifically data analytics. Since its inception, COSO has provided landmark thought leadership on internal control, enterprise risk management, and fraud deterrence. This Guide will be familiar to COSO Framework users - - it contains principles and points of focus, aligned with the internal control framework and principles outlined in COSO’s 2013 Internal Control – Integrated Framework (2013 ICIF). “The 2016 Fraud Risk Management Guide became recognized as containing a widely accepted set of leading practices for anti-fraud professionals and organizations intent on deterring fraud,” said Paul Sobel, past COSO Chair who oversaw this project. “Fraud is not static. Accordingly, COSO and the ACFE initiated an update process that included reaching out to a broad range of users for recommendations on where the Guide can be improved, and assembled a team to take a refreshed look at the Guide and assess how and where it should be updated.” Media Contacts Cecile Fradkin S&C Public Relations Inc. (646) 941-9139 Email Christopher Almonte The Institute of Internal Auditors (407) 937-1349 Email Stefanie Hallgren The Association of Certified Fraud Examiners (512) 276-8167 Email Key updates in the Second Edition includes: Fraud risk management and deterrence - Explains how fraud risk management relates to and supports fraud deterrence — a key theme in COSO’s mission. Relationships among COSO’s two frameworks and fraud risk management - Explains how the COSO 2013 Internal Control — Integrated Framework, the COSO 2017 Enterprise Risk Management — Integrating with Strategy and Performance Framework and the Fraud Risk Management Guide are related and support each other. Expanded information on data analytics - Includes expanded and updated information on data analytics, while continuing to emphasize the importance of interviewing and whistleblower systems. Internal control and fraud risk management - Explains how internal control and fraud risk management are related and support each other but are different in some important respects. Changes in the legal and regulatory environment - Includes updated information with respect to recent legal and regulatory developments in the U.S. pertaining to fraud and fraud risk management. “It is impossible to eliminate all fraud in all organizations. However, effective leaders address fraud risk as they do any risk — they manage it,” said ACFE President and CEO Bruce Dorris, “The Fraud Risk Management Guide gives organizations, whether large or small, government or private, profit or non-profit, the information necessary to design a plan specific to the risks for that entity. There is no ‘one size fits all approach’ to managing fraud risk, but by applying the guidance in the updated Guide, an organization can create a custom-fitted program tailored to its specific needs.” The Guide includes examples of key program components and resources that organizations can use to develop a fraud risk-management program effectively and efficiently. In addition, it contains references to other sources of guidance for tailoring a fraud risk-management program to a specific industry. “COSO’s mission is to help organizations improve performance by developing thought leadership that enhances internal control, risk management, governance and fraud deterrence. The Fraud Risk Management Guide is a key tool for furthering this mission, mainly with respect to fraud deterrence, particularly through the principled alignment supported by COSOs existing 2013 ICIF,” added Lucia Wind, COSO Chair. For more information, or to request a copy of the report, please visit: See More

Managing Cyber Risk Managing Cyber Risk in a Digital Age Even as companies become more digital savvy, they continue to confront new and emerging data risks that pressure financial and reputational vulnerabilities. To help address these challenges, the Committee of Sponsoring Organizations of the Treadway Commission (COSO ), in collaboration with Deloitte Risk & Financial Advisory, is releasing new guidance, “Managing Cyber Risk in a Digital Age.” Written to boards of directors, audit committee members, executive management, and cyber practitioners, the new guidance addresses how companies can apply COSO’s Enterprise Risk Management–Integrating with Strategy and Performance (ERM Framework), one of the most widely recognized and applied risk management frameworks in the world, to protect against cyberattacks. The guidance provides insight into how organizations can leverage the five components and 20 principles of the ERM Framework to identify and manage cyber risks. PDF File News Release

Request for Proposal - Corporate Governance Framework COSO and NACD Issue Request for Proposal to Develop Corporate Governance Framework and Application Guidance The Committee of Sponsoring Organizations of the Treadway Commission (COSO ), in collaboration with the National Association of Corporate Directors (NACD ), has issued a Request for Proposal (RFP) to develop a Corporate Governance Framework (CGF). ..see more Press Release IC on RPA Paper

Monitoring Internal Control Systems This guidance is designed to help organizations monitor the quality of their internal control systems. Guidance