PwC to Update COSO's Enterprise Risk Management-Integrated Framework

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Oct 22, 2014, 09:00 ET

NEW YORK, Oct. 22, 2014 /PRNewswire/ -- PwC has been engaged by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) to review and update COSO's Enterprise Risk Management–Integrated Framework.

The original framework, authored by PwC in 2004, is a widely accepted standard used by companies to enhance an organization's ability to manage uncertainty and to determine how much risk to accept as it strives to increase stakeholder value. Updating the framework is intended to enhance its content and relevance so that organizations worldwide can attain better value from their enterprise risk management programs.

"PwC has had a long standing relationship with COSO and we've seen enterprise risk management evolve into a business-critical function over the last 10 years. We are proud to be asked by the COSO Board to update the original framework," says Miles Everson, PwC U.S. Advisory Leader and project sponsor.

The updates will build on concepts developed in the original framework, reflect the evolution of enterprise risk management thinking and practices and take into account the emergence of global megatrends and changing stakeholder expectations.

"The updated framework is intended to help organizations be more resilient and better-positioned to capture the upside of changing risk landscapes," explains Dennis Chesley, PwC's Risk Consulting Leader and project team leader for the update. "Additionally, it will explain the interconnections among risk, governance, and internal control. The expectations of the effectiveness and value of risk management have evolved significantly and span all levels of an organization, from its Board of Directors and executive management through to functional managers."

PwC will survey interested parties to capture views and concerns regarding the current framework, collect suggestions for improvements and gain insight on the direction of risk management. These comments will help shape PwC's and the COSO Board's views of the nature and extent of required updates. Questions and comments may be submitted to [email protected].

About COSO
Originally formed in 1985, COSO is a voluntary private sector organization dedicated to improving organizational performance and governance through effective internal control, enterprise risk management and fraud deterrence. COSO is jointly sponsored by the American Accounting Association (AAA), the American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), the Institute of Management Accountants (IMA), and The Institute of Internal Auditors (IIA).

About PwC US
PwC US helps organizations and individuals create the value they're looking for. We're a member of the PwC network of firms, which has firms in 157 countries with more than 195,000 people. We're committed to delivering quality in assurance, tax and advisory services. Find out more and tell us what matters to you by visiting us at www.pwc.com/US.

© 2014 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved. PwC refers to the US member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.

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