ISO 31000 vs. COSO ERM - The Great Debate Part II: Taking the Right Level of the Right Risks for Success

In the Great Debate, the panelists all agreed that decision-making is the heart of risk management. Decisions are how risks are taken. The focus of risk management should not be limited to avoiding harms, but instead enable informed decisions that lead organizations to achieve objectives. They also agreed that the COSO 2017 update was an improvement on the 2004 version, but it does not provide sufficient guidance on decision-making and the need to 'balance' the potentials for harm and reward.

Since the first Great Debate, ISO has published the 2018 update to their global risk management standard. The panelists will share their thoughts on whether the latest edition provides the guidance on decision-making that we need. Finally, the panelists will debate whether using the word 'risk' in risk management is actually leading practitioners, regulators, and other stakeholders astray.

Learning Objectives

• Describe the key concepts behind the new ISO 31000 now in final form and COSO 2017 enterprise risk management frameworks
• Describe the strengths and weaknesses of risk management frameworks
• Understand how decision-making is central to risk management and how these frameworks address decision-making

Presenters

• Tim Leech, provocative COSO critic in the past, who has now publicly endorsed the new COSO 2017 ERM framework – “the right emphasis at the right time”
• Norman Marks, retired CAE and CRO; and evangelist for better run business. Outspoken critic of the new COSO 2017 ERM framework – “not what the world needed now”
• Alex Sidorenko, participant in the development of ISO 31000 scheduled for release in 2018 – “neither efforts are really hitting the mark”
• Scott Mitchell, OCEG Founder, recognized Influencer in Corporate Governance, Risk and Compliance, host and moderator

CPE Notice

This is a group internet-based event for NASBA authorized continuing education credit. OCEG webinars are free for anyone to attend. Attendees who have an OCEG All Access Pass will receive a certificate of completion of this webcast indicating 1 hour of CPE.

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