Question: Enterprise risk management ( ERM ) is an important component of any business. The COSO, ISO 3 1 0 0 0 and COBIT frameworks cover

Enterprise risk management

(

ERM

)

is an important component of any business. The COSO, ISO

31000

and COBIT frameworks cover all the aspects of ERM in great detail, including reporting, compliance, strategy and operations. Organisations can implement frameworks to significantly reduce the risks they are exposed to

.

COSO

The COSO framework was developed by the Committee of Sponsoring Organizations of the Treadway Commission.

It is geared towards audit and financial entities.

It is primarily used in North America.

It broadly focuses on corporate governance as an ERM enabler.

ISO

31000

The ISO

31000

framework was developed by the International Organization for Standardization.

It is used across the world and across various industries.

It focuses exclusively on risk management as a part of overall strategic planning.

The ISO and COSO ERM frameworks have certain advantages and disadvantages, which are listed below.

COSO Versus ISO

31000

COSO Versus ISO

31000

Through a case study, Explain the ERM process is implemented with ERM using above methods

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