How Does This Framework Relate to COSOs Internal Control Framework? Are you replacing the Internal Control Framework with the Enterprise Risk Management Framework?
The Internal Control – Integrated Framework is conceptually sound and has stood the test of time. The Enterprise Risk Management – Integrated Framework is a broader framework that incorporates the internal control framework within it. In other words, one approach to risk is to develop controls to mitigate the risks. The frameworks are compatible and are based on the same conceptual foundation. We believe the consistent conceptual underpinnings are a major strength of the two models. Appendix C of the Enterprise Risk Management – Integrated Framework provides a detailed discussion of the relationship to Internal Control – Integrated Framework. What is the relationship between technology controls and effective enterprise risk management? • The Enterprise Risk Management – Integrated Framework requires feedback of information from throughout the company. This information must be current and accurate and must be robust enough to support the analysis of different risk responses. Therefore t
Related Questions
- How Does This Framework Relate to COSOs Internal Control Framework? Are you replacing the Internal Control Framework with the Enterprise Risk Management Framework?
- What is the role of internal auditors in enterprise risk management? How will this framework help them?
- What is the COSO definition of internal control?
