Focused framework that is easy to follow with 5 interrelated components broken up into 20 different principles. The principles are manageable in size, and they describe practices that can be applied in different ways for different organizations regardless of size, type, or sector. Adhering to these principles can provide management and the board with a reasonable expectation that the organization understands and strives to manage the risks associated with its strategy and business objectives. Framework is future-focused and discusses several trends that entities are likely to face and will have an effect on ERM, such as:
During the development of Enterprise Risk Management—Integrating with Strategy and Performance, the PwC Project Team received requests for the publication to include examples of the framework in use. This Compendium of Examples responds to that request, providing illustrations of how organizations of different types and sizes and in different industries and geographies might choose to apply these principles. All the examples were developed by identifying industry practices through interviews, case studies, and research.
Each example focuses on a specific industry, but those in other industries can benefit from the insights. Similarly, while each example describes how a different entity has scaled and adapted the principles, other entities can use the information as they see fit.
This bundle puts the most widely recognized and applied risk management framework in the world and a compendium of its illustrative examples into the palm of your hands.
The COSO Enterprise Risk Management - Integrating with Strategy and Performance addresses the evolution of enterprise risk management (ERM) and the need for organizations to improve their approach to managing risk to meet the demands of an evolving business environment. This new version replaces COSO Enterprise Risk Management—Integrated Framework from 2004.
This new 2017 update highlights the importance of considering risk in both the strategy-setting process and in driving performance. The first part of this updated publication offers a perspective on current and evolving concepts and applications of ERM. The second part, the Framework, is organized into five easy-to-understand components that accommodate different viewpoints and operating structures, and enhance strategies and decision-making. In short, this update:
The COSO publication COSO Enterprise Risk Management - Integrating with Strategy and Performance sets out a relationship between an entity's mission, vision, and core values; its strategic goals and directions; and the approaches used in carrying out its strategy.
This complementary publication—the Compendium of Examples—offers examples to illustrate how an organization might apply principles from COSO Enterprise Risk Management - Integrating with Strategy and Performance to its day-to-day practice. Each example highlights specific principles that are relevant to entities of different types and sizes in different industries. Together, the examples relate to each of the five components and twenty principles set out in the Framework.
Using fictional examples in the various chapters in the compendium show how the principles can be applied, with each focusing on aspects of different components covered in COSO Enterprise Risk Management - Integrating with Strategy and Performance. Each example:
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