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Technical

COSO Enterprise Risk Management - Framework and Compendium Bundle Logo aicpa

  $99.00 - 199.00 |   04 Jun 2018 |   AICPA Store
Who Will Benefit?
  • CFOs, CEOs, controllers, management, boards of directors
Key Topics

Framework:

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:

  • Dealing with data proliferation
  • Leveraging artificial intelligence and automation
  • Managing the cost of risk management
  • Building stronger organizations

Compendium:

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.

Framework:

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:

  • Provides greater insight into the value of ERM when setting and carrying out strategy.
  • Enhances alignment between performance and ERM to improve the setting of performance targets and understanding the impact of risk on performance.
  • Accommodates expectations for governance and oversight.
  • Recognizes the globalization of markets and operations and the need to apply a common, albeit tailored, approach across geographies.
  • Presents new ways to view risk to setting and achieving objectives in the context of greater business complexity.
  • Expands reporting to address expectations for greater stakeholder transparency.
  • Accommodates evolving technologies and the proliferation of data and analytics in supporting decision-making.

Compendium:

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:

  • Provides context to the industry in which the illustrated entity operates (both external and internal
  • environments).
  • Provides background information on the specific entity.
  • Highlights the applicable principles.
  • Discusses in detail how the organization applies those principles.
  • Shows how enterprise risk management is integrated with the business.
  • Summarizes the key benefits of those enterprise risk management practices.

Note: Participating members — including student and educator members — of the COSO organizations are eligible to receive copies of this framework document at the member price shown above. If you are a member of any one of the organizations listed below, please enter your appropriate Coupon Code in the Coupon Discount Code box during checkout.

Organization

Coupon Code

  • Student & Educator Members
BKA
  • AICPA Student/Educator
  • BKB
  • American Accounting Association
  • AAA
  • Financial Executives International
  • FEI
  • Institute of Management Accountants
  • IMA
    Topics covered:
    • Management accounting: Technical: Risk management & internal control: Internal control, Foundational

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