1. COSO released updated enterprise risk management framework | Accounting Today

    The Committee of Sponsoring Organizations of the Treadway Commission released a long-awaited update Wednesday to its ERM Framework: Enterprise Risk Management–Integrating with Strategy and Performance, the first since 2004. The updated framework, developed by PricewaterhouseCoopers under the direction of the COSO board, aims to help organizations improve their approach to managing risk.

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    1. I've received a bunch of calls and a bunch of items in social media, all saying this is a big step in a direction that risk management needs to go.
    2. We've spoken to over 400 organizations in 11 countries that span five continents as part of creating this framework.
    3. 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.
    4. The relationship between ERM and performance is something that we dove deeper into in this framework.
    5. As we began looking at the strategic planning process, we realized there's a level of effort that goes into strategic planning that risk is just not a part of today.
    6. What we changed in the framework was we said risk should be integrated into the strategic planning process such that it is a key consideration in making strategic decisions and then beginning the process of implementing those.
    7. We received over 2,000 independent comments, which was an incredible number of pieces of feedback that we got on the framework.