Coso ERM framework lacks 'how-to' details
NEW YORK – The enterprise- wide risk management (ERM) framework recently released by the Committee of Sponsoring Organisations of the Treadway Commission (Coso) lacks concrete guidance on how to implement ERM, according to Gary Bierc, president of the Kingson Group, a Maryland-based provider of risk management solutions.
Bierc says although the framework is an excellent auditing tool for ERM, it falls short in helping companies on how to implement ERM. "We think it is a good tool for auditing because it directs auditors to a more enterprise-wide view of the company. However, we should not call it a standard for ERM implementation because it lacks the practical guidance necessary to implement an ERM programme."
He
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