Enterprise Risk Management (ERM) - Comparing COSO and ISO
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Speaker : STANLEY EPSTEIN
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When : Monday, July 22, 2024
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Time : 11 : 30 AM EST
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Stanley holds a Master’s degree in Economics and a BCom. degree in Accounting from the University of South Africa, Pretoria. He has extensive banking and IT experience, 33 of which were with the Standard Bank of South Africa. He also filled several industry level roles in South Africa. This included that of Chairman of the South African interbank PASA Risk Committee, member of the South African Clearing Bankers Association’s ERAG Group and of having represented South Africa at UNCITRAL (United Nations Commission for International Trade Law) in New York, in the formulation of the foundational legal concepts for electronic banking.
He has had extensive exposure to banking practice and banking operations in a number of countries including the USA, United Kingdom, South Africa, Israel, Europe and Australia. He has also acted as advisor to a number of central banks on payment systems, oversight, policy and payments risk issues.
More recently, he spent time in the high-tech sector as a payment systems designer and consultant to a global payments software developer.
This course is all about Enterprise Risk Management (ERM) standards.
COSO and ISO 31000 each represent a standard for managing risk. The key question is what do each of these standards say and most importantly how do they compare. This is the context of this course.
Risk management refers to a coordinated set of activities and methods that is used to direct an organization and to control the many risks that can affect its ability to achieve its objectives.
In this course, we look at and compare two of the most popular risk management standards - the Committee of Sponsoring Organizations (COSO) framework and the International Organization for Standardization (ISO) 31000.
COSO started life in 1992 as the “Internal Control – Integrated Framework” which was updated in 2013, forming the basis for the now well-known COSO Enterprise Risk Management (or ERM) cube. The COSO framework defines internal control as a process, effected by an entity's board of directors, management and other personnel, designed to provide "reasonable assurance" regarding the achievement of effectiveness and efficiency of a firm's operations.
According to ISO 31000, risk is the “effect of uncertainty on objectives”. An “effect” is a positive or negative deviation from what is expected. This definition recognizes that we all operate in an uncertain world. Whenever we try to achieve an objective, there’s always the chance that things will not go according to plan. Every step has an element of risk that needs to be managed and every outcome is uncertain. Whenever we try to achieve an objective, we don't always get the results we expect. Sometimes we get positive results and sometimes we get negative results and occasionally, we get both. Because of this, we need to reduce uncertainty as much as possible.
Areas Covered
- COSO
- ISO 31000
- Principles, Framework, and Process
- A Comparison of COSO to ISO 31000
Who Should Attend
Risk Managers, Compliance Officers, Internal Auditors, Finance Professionals, Project Managers, Operations Managers, Compliance Analysts, Executive Leadership, Consultants, Individuals in roles responsible for risk management, compliance, auditing.
Why Should You Attend
- Understanding the Standards: Both COSO (Committee of Sponsoring Organizations of the Treadway Commission) and ISO 31000 provide frameworks for managing risk, but they may have different approaches, terminology, and emphases. Attending the course would help individuals understand the specifics of each standard, including their principles, processes, and best practices.
- Compliance Requirements: Depending on the industry and jurisdiction, organizations may be required to adhere to one or both of these standards for risk management. Understanding the similarities and differences between COSO and ISO 31000 can help professionals ensure compliance within their organizations.
- Enhanced Risk Management Practices: By comparing COSO and ISO 31000, participants can gain insights into the strengths and weaknesses of each framework. This knowledge can enable them to integrate the best elements of both standards into their organization's risk management practices, leading to a more robust and effective approach.
- Optimizing Risk Management Strategies: Different organizations may find one standard more suitable for their specific needs or circumstances. By attending the course, individuals can learn how to evaluate their organization's risk management requirements and choose the most appropriate framework or combination of frameworks to achieve their objectives.
- Professional Development: Acquiring knowledge and skills related to risk management standards such as COSO and ISO 31000 can enhance an individual's professional credentials and career prospects. It demonstrates a commitment to staying current with industry best practices and a willingness to invest in continuous learning and improvement.
Overall, attending a course that compares COSO and ISO 31000 standards offers professionals the opportunity to deepen their understanding of risk management principles, improve their organization's risk management practices, and advance their own careers in the field of risk management and compliance.
Topic Background
COSO and ISO 31000 each represent a standard for managing risk.
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$160.00
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