AICPA Enterprise Risk Management - Framework & Compendium Bundle

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.

Author - PricewaterhouseCoopers LLP

Publisher - COSO

Framework:

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 internalbenvironments).
• 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.