Committee of Sponsoring Organizations (COSO) is a voluntary private-sector organization. COSO is dedicated to guiding executive management and governance entities toward the establishment of more effective, efficient, and ethical business operations on a global basis. It sponsors and disseminates frameworks and guidance based on in-depth research, analysis, and best practices. Two of them are particularly important and strongly integrated with each other: Internal Control – Integrated Framework and Enterprise Risk Management – Integrated Framework.
The Enterprise Risk Management Framework describes the critical principles and components of an effective enterprise risk management process, setting forth how all important risks should be identified, assessed, responded to and controlled. It also provides a common language, so that when executives, directors and others talk about risk management, they are truly communicating.
The Internal Control Framework focuses on control and helps organizations design and implement internal controls in light of many changes in business and operating environments. The ERM 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.
SoftExpert offers the most advanced and comprehensive software solution for compliance management that meets the stringent needs of various global regulations. SoftExpert Excellence Suite helps companies adhere to COSO ERM and Internal Control frameworks while lowering the costs of compliance, maximizing success, increasing productivity and reducing risks.
The SoftExpert solution offers tools for the complete management of the organization’s risks and controls in compliance with COSO frameworks. With online collaboration capabilities, the organization and managers can identify and evaluate risks, implement and monitor controls, perform risk and control assessments, involving more users, teams, offices and business units with a systematic and unified approach to obtain excellence in risk and control management.
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Value is maximized when the management establishes a strategy and objectives to strike an optimal balance between growth and return goals and related risks. COSO framework, supported by an IT solution, promotes the following benefits:
- Align risk appetite and strategy.
- Enhance risk response decisions.
- Reduce operational surprises and losses.
- Identify and manage multiple and cross-enterprise risks.
- Seize opportunities.
- Improve capital deployment.
- Improve internal controls.
- Enhance security.
- Facilitate compliance conformity with related regulations, including ISO 31000, SOX and others.