The Committee of Sponsoring organisations of the Treadway Commission (COSO) released an updated version of Enterprise Risk Management framework in September 2017 titled Enterprise Risk Management - Integrating with Strategy and Performance. Compared with the previous version released in 2004, the new framework redefines risk and risk management, emphasising risks in strategy development and performance enhancement.
PwC Risk Assurance national SOE team and COSO task force have recently held COSO ERM 2017 update roadshow in Beijing, Shanghai and Guangzhou respectively. It attracted more than 400 guests from 3 locations including corporates' board members, senior executives, internal control and internal audit professionals as well as the representatives of the Government and regulators to interpret the new COSO Enterprise Risk Management framework. Topics covered a range of important aspects related to risk management, including investment risk, procurement risk, industry financing risk, big data analytics, information applications and related hot topics to share and exchange thoughts with event participants.
PwC as one of the leading authors of the COSO Enterprise Risk Management Framework for more than 20 years, has long been engaged in the research and study of enterprise risk control services. We have shared insightful information and discussed with audience on how to provide supports and guarantee for the sustainable development of the enterprises through this China roadshow of COSO ERM reform.