Have your provided comments on the COSO ERM draft? Please share your views on this important document. I submitted my comments some time ago. I realize that some of you prefer the ISO 31000:2009 global standard on risk management. But let’s recognize that nearly half of the risk management functions around the world are
influenced by if not using the COSO framework.
The two definitive studies by COSO identify monitoring as a critical component of internal control and risk management. Monitoring refers to both ongoing monitoring processes to ensure that a system functions as it is supposed to (including management and review aspects), as well as ad hoc special studies and audits to review the system...
You have a risk management process, even if you don’t think about it. Maybe it's an informal and verbal process, but the type of business you accept and how you deliver products and services is closely tied to your business strategy and the risk management process it requires.
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