COSO Releases Thought Paper on Enterprise Risk Management
Nov. 4, 2009
FEI Summary

On Nov. 4, 2009, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) released a 24-page thought paper entitled, Strengthening Enterprise Risk Management for Strategic Advantage. The new thought paper follows the release in October of a four-page thought paper entitled, Effective Enterprise Risk Oversight: The Role of The Board of Directors. FEI is one of the sponsoring organizations of COSO. Read more in COSO’s press release.

The ERM thought papers relate to COSO's 2004 ERM Framework. Separately, COSO issued in 1992 its framework entitled, Internal Control-Integrated Framework, and a number of publications have been issued since that time relating to the internal control framework, including COSO's 2006 Guidance for Smaller Public Companies, and COSO's 2009 Guidance on Monitoring Internal Control Systems. COSO has also engaged a research team to develop an update to its 1999 monograph on Fraud.

The ERM thought papers released in October and November are available by free download on COSO's Web site, www.coso.org. FEI staff will have a limited number of copies at the FEI booth in the Exhibit Hall at FEI's Current Financial Reporting Issues (CFRI) conference Nov. 16-17 in New York, stop by the FEI booth for a copy.

Prepared Nov. 4, 2009 by Edith Orenstein, director, Accounting Policy Analysis and Communications, Financial Executives International. This summary does not reflect FEI opinion unless specifically noted above.