Comment letter deadline on COSO revisions to ERM framework

When Sep 30, 2016
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Where Comment letter deadline
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On June 15, 2016, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued a proposal, “Enterprise Risk Management — Aligning Risk With Strategy and Performance,” which addresses the increasing complexity of risk and new risks that have developed since the issuance of its 2004 enterprise risk management (ERM) framework.

The update, Enterprise Risk Management — Aligning Risk with Strategy and Performance, is designed to address the needs of all organizations to improve their approach to managing new and existing risks as a way to help create, preserve, sustain and realize value.

The update reflects the critical importance of the connection between strategy and performance, offers perspective on current and evolving concepts and applications of enterprise risk management, and updates the core definitions of risk and enterprise risk management. One of the most significant enhancements is the introduction of components and supporting principles that reflect the evolution of risk management thinking and practices.

COSO has expanded its website,, with a section on the Framework update that includes the proposed Framework, survey and comment tools, and FAQs about the project, details of the most significant updates and how to respond to the survey. The site also includes a video that features four members of the Advisory Council addressing the ERM update process and the importance of obtaining input from a variety of risk professionals about the proposed changes.

Comments on the proposal are due by September 30, 2016. For more information, see the press release and proposal on COSO’s Web site.

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