The Committee of Sponsoring Organizations of the Treadway Commission’s (COSO) Internal Control - Integrated Framework provides an effective and efficient approach that can be leveraged to design and implement controls to address the unique risks associated with blockchain. But blockchain also creates new risks and the need for new controls.
Blockchain-enhanced tools also have the potential to promote operational efficiency and effectiveness, improve reliability and responsiveness of financial and other reporting, and elevate compliance with laws and regulations. With careful implementation and integration, the distinctive capabilities of blockchain can be leveraged to create more robust controls for organizations. Effective C&E programs contribute to each of these objectives.īlockchain and Internal Control: The COSO PerspectiveĪs blockchain becomes mainstream, it is appropriate to focus on how this technology intersects with an entity’s internal control. A significant aspect of ERM is its focus on creating, preserving, and realizing value. The guidance, commissioned by COSO and authored by the Society of Corporate Compliance and Ethics & Health Care Compliance Association (SCCE & HCCA), describes the characteristics of effective compliance and ethics (C&E) programs associated with each of the five components and 20 underlying principles of the COSO ERM Framework. This new publication, Compliance Risk Management: Applying the COSO ERM Framework, describes the application of the Enterprise Risk Management-Integrating with Strategy and Performance (ERM Framework) to the management of compliance risks.
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New Guidance: Compliance Risk Management - Applying the COSO ERM FrameworkĬompanies are taking a closer look at how to effectively manage and mitigate compliance risks, especially at a time when many compliance programs are under the microscope from regulators while also dealing with the effects of a global pandemic. The project was commissioned by COSO and co-authored by Mike Grob, Principal, and Victoria Cheng, Managing Director, in Crowe LLP’s Consulting Services. The project, commissioned by COSO and co-authored by Deloitte, focuses on the need for organizations to design and implement governance, risk management, and oversight strategies and structures to realize the potential of humans collaborating with AI.ĬOSO Releases New Guidance: Enterprise Risk Management for Cloud ComputingĪddressing the demands for remote and flexible work arrangements as a result of the pandemic, the Committee of Sponsoring Organizations of the Treadway Commission ( COSO), in collaboration with Crowe LLP, issues “ Enterprise Risk Management for Cloud Computing.” This new guidance provides a roadmap for establishing cloud computing governance leveraging the principles of COSO’s Enterprise Risk Management (ERM) – Integrating with Strategy and Performance framework (2017). Recognizing the accelerating need to identify and manage the risks of Artificial Intelligence (AI) effectively, the Committee of Sponsoring Organizations of the Treadway Commission (COSO), in collaboration with Deloitte, has issued “Realize the Full Potential of Artificial Intelligence.” This new guidance leverages the principles from COSO’s Enterprise Risk Management (ERM) – Integrating with Strategy and Performance Framework (2017), and serves as a guide to help organizations align risk management with strategy and execution of their AI initiatives. ANY CLINICIAN SEEKING TO APPLY OR CONSULT THE NCCN CONTENT, THE NCCN GUIDELINES AND/OR ANY DERIVATIVE RESOURCES IS EXPECTED TO USE INDEPENDENT MEDICAL JUDGMENT IN THE CONTEXT OF THE INDIVIDUAL CLINICAL CIRCUMSTANCES TO DETERMINE ANY PATIENT'S CARE OR TREATMENT.For information on discounts available to qualified university professors and their students, please contact Joanna Dabrowska Use of COSO MaterialsĬOSO Releases New Guidance: Realize the Full Potential of Artificial Intelligence
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