Enterprise Risk Management (ERM) has been around for some time. In August 2004, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued its “Enterprise Risk Management—Integrated Framework” after completing a three-year long project expanding on previously issued “Internal Control—Integrated Framework” and thus providing more robust focus on ERM. The financial crisis (2008) helped to boost ERM into overall business strategy (see Figure 3.1).
In 2013, COSO upgraded the framework creating the COSO Cube to better align risk management with the way management runs an enterprise and integrates the risk program within the management process (see Figure 3.2).
In September 2017, the “2017 ...
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