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Implementing the updated 2013 COSO framework
Takeaways for banking and capital markets firms
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released an update to the Internal Control-Integrated framework (2013 COSO framework) in May 2013. Firms have until December 15, 2014, to incorporate the framework into their business, regulatory, and operating environment.
2013 COSO framework
The updated framework continues its aim to assist organizations in their ongoing efforts to effectively and efficiently develop and maintain systems of internal control that can enhance the likelihood of achieving an organization's objectives. The 2013 COSO framework retains the five components of internal control from the original framework, but introduces 17 principles that are associated with the five components.
View this paper for insights into the 2013 COSO framework and what the changes mean for banking and capital markets firms:
- The application of the 2013 COSO framework
- Consideration of existing enterprise-wide controls programs
- Dynamic risk assessment process
- Outside service providers
- Fraud risk factors and fraud risk assessment
- Information to carry out internal control responsibilities