Council Of Sponsoring Organizations Of Treadway Commission (COSO) Q4-2024

COSO Framework is made up of two integrated frameworks (updated in 2013);

Enterprise Risk Management (ERM)
Internal Control –Integrated framework-oldest framework 1992/Widely used
Internal control – has the following objectives
Operations – Effective and efficient use of its resources
Reporting – Reliability of reporting
Compliance – compliance with applicable laws and regulations

ERM – has the following objectives
- Strategic – High-level goals, aligned with and supporting its mission
- Operations – Effective and efficient use of its resources
- Reporting – Reliability of reporting
- Compliance – compliance with applicable laws and Regulations
- In COSO will talked about Component, Principles and attribute (FISMA-we talked about Class, Families and control)

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