COSO releases new publication on compliance risk management

Committee of Sponsoring Organisations of the Treadway Commission (COSO) has published Compliance Risk Management: Applying the COSO ERM Framework, authored by the Society of Corporate Compliance and Ethics (SCCE) and the Health Care Compliance Association (HCCA).

The publication describes the characteristics of effective compliance and ethics (C&E) programs associated with each of the five components and 20 underlying principles of COSO’s Enterprise Risk Management (ERM) framework.

“Compliance risks are common and frequently material risks to achieving an organisation’s objectives,” said Paul Sobel, COSO chairman.

“This publication aims to provide guidance on the application of the COSO ERM framework to the identification, assessment, and management of compliance risks by aligning it with the C&E program framework, creating a powerful tool that integrates the concepts underlying each of these valuable frameworks.”

The publication provides guidance for risk managers, internal auditors, compliance professionals and others directly involved in managing compliance risk, as well as to assist members of senior management and boards of director in understanding their roles in compliance risk management.

“As C&E programs continue to evolve and gain wider adoption globally, it makes increasing sense to understand and appreciate the synergies that can be achieved by applying the ERM framework,” said Gerry Zack, the CEO of SCCE & HCCA.

“The goal of this publication is to facilitate this synergy by creating a roadmap between required and emerging practices for C&E programs and the COSO ERM framework.”

SCCE & HCCA have developed a virtual conference to assist in understanding and applying the guidance found in this important publication. Applying the COSO ERM Framework to Compliance Risk Management is a one-day educational event, led by the publication authors, who are leaders in the compliance and ethics profession.