Enterprise Compliance Today
With the recent release of a new British standard BS 65000 on Organisational Resilience, and COSO’s announcement of a review of its 2001 COSO ERM framework, I believe that business is moving ahead of ISO 31000 as a necessary response the evolving business environment and accelerating rate of technical change; therefore there is a strong case for a taking a fresh look at ISO 31000.
In the last decade we have seen the evolution of Risk Management from an administrative practice to ERM for corporate governance. But the realization that results come out of action not protection, has started people pursuing a more proactive role for risk management.
It is customary at this time of year for most risk professionals to step back and take a broader look at the risk landscape ahead for the coming year. The normal starting point is the “think-tank” assessments of Global Risks such as Zurich Risk Landscape 2007-2015 and the WEF’s 2015 Global Risk Report. And Global Warming is at the top of most experts’ lists.
COSO has announced its intention to review its 2004 ERM Framework and has already started soliciting feedback. Broadly panned by the Risk fraternity, I believe it can provide a valuable contribution to the GRC landscape. Although I expect critics from both sides (COSO & ISO 31000), here are my recommendations.