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COSO Enterprise Risk Management -- Integrated Framework (2004)

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In response to a need for principles-based guidance to help entities design and implement effective enterprise-wide approaches to risk management, COSO issued the Enterprise Risk Management – Integrated Framework in 2004. This framework defines essential enterprise risk management components, discusses key ERM principles and concepts, suggests a common ERM language, and provides clear direction and guidance for enterprise risk management. The guidance introduces an enterprise-wide approach to risk management as well as concepts such as: risk appetite, risk tolerance, portfolio view. This framework is now being used by organizations around the world to design and implement effective ERM processes.

Despite all that has been written about ERM, COSO recognized a need for:

  • A broadly accepted ERM framework in order to establish common definitions
  • A direction for organizations to use in determining how to enhance their risk management
  • Criteria to enable them to evaluate whether their risk management is effective

Initiated in 2001, the project included significant primary and secondary research, extensive analysis of alternative approaches and consideration of comments received during a comprehensive public comment period.  Enterprise Risk Management is one of the few ERM frameworks that has gone through such a rigorous public review process.

Enterprise Risk Management details:

  • The essential components of ERM
  • The context in which they are effectively implemented
  • Key concepts that relate to effective application of the components such as establishing an ERM philosophy, a risk appetite and a portfolio view of risk

The ERM framework builds on COSO's previously issued framework, Internal Control — Integrated Framework, and identifies the interrelationships among ERM, internal control and entity management.

This two-volume set includes:

  • Executive Summary and Framework
  • Application Techniques

All individuals who work with governance, risk management or compliance matters will benefit from this important resource.

Note: The PDF edition is an electronic download file that will be accessible immediately after completing your purchase. Access to this file – from the My Account > My Downloads page – expires 90 days from purchase date. This product purchase is non-refundable. For more information about this product or service concerns, please contact the AICPA Service Center at or call 888-777-7077.

NOTE:  Participating members -- including student and educator members -- of the COSO organizations are eligible to receive copies of this framework document at the member price shown above. If you are a member of any one of the organizations listed below, please enter your appropriate Coupon Code in the Coupon Discount Code box during checkout.


Coupon Code

Student & Educator Members BKA
AICPA Student/Educator BKB
American Accounting Association AAA
Financial Executives International FEI
Institute of Internal Auditors IIA
Institute of Management Accountants     IMA

Other COSO documents:
Internal Control—Integrated Framework (1992)
Internal Control over Financial Reporting—Guidance for Smaller Public Companies (2006)
Guidance on Monitoring Internal Control Systems (2009)

Paperback , 2004
Product# 990015
Availability: In Stock
AICPA Member:$60.00
Your Price:$75.00
Publication On-Demand 2004
Product# 990015PDF
Availability: Online Access
AICPA Member:$50.00
Your Price:$75.00
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