COSO
COSO is the Committee of Sponsoring Organizations of the Treadway Commission.Enterprise Risk Management (ERM) is defined by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) as: "ERM is a process, effected by an entity's board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and mange risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives."
All financial regulatory agencies have adopted and strongly encourage COSO's ERM framework. Additionally, the Federal Reserve and OCC have provided further guidance regarding financial institution specific risks within the COSO ERM framework.
Click here for a PDF of the Treadway Commission report on ERM.
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