Despite calls for integration, the update to the COSO internal control framework will not include any effort to fold in the concepts of COSO’s Enterprise Risk Management framework.
Marie Hollein, president and CEO of Financial Executives International, said the COSO board has considered and dismissed the idea of integrating COSO’s ERM framework into its Internal Control — Integrated Framework as part of its current project to update the 20-year-old framework. Speaking at Compliance Week 2012 this week, Hollein said the scope of the project doesn’t permit the board to consider integration at this time. “It would take much longer to do it,” she said. “We may in the future. It’s just that at this time, we made a determination to not.”
