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23226New COSO ERM - Governance and Culture

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  • Dave Tate
    Oct 5
      Greetings all. I have started going through the new COSO ERM framework. One comment, and one question.

      1. It is a lot of material. In addition to understanding and learning the materials, I have one overriding issue, which is, if I am given 20 minutes to initially explain and interest a board, or an audit committee, or in-house attorneys in the framework and why they should use it, from a legal perspective, that seems like a pretty difficult task, so in addition to developing my own materials I will be looking for discussions or materials that I can also use from other people which will help with that task. I'm not being critical, but I am concerned that the framework is sufficiently complicated such that I will lose the audience.

      2. Focusing on governance and culture, in both the first component, and then also in the fifth component for reporting purposes, are governance and culture primarily or only from the ERM or risk management view (that is, do the entity and its leaders encourage ERM and risk management), or are we also getting into, as possible examples, ethics, integrity, tone at the top, possible rewards that are offered to employees for performance, treatment of employees and customers, whether the entity and its leaders encourage employees to speak up, compliance with work place legal requirements, and whether the entity and its leaders actually walk the talk, etc.?

      Thanks for your comments.
      David Tate, Esq. (Royse Law Firm, California (Menlo Park Office)    
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