ISO 3100 vs COSO.docx - Running head COSO vs.ISO 31000 1 COSO ERM verse ISO 31000 Student’s Name Institution Affiliation COSO vs.ISO 31000 2 Contrast

ISO 3100 vs COSO.docx - Running head COSO vs.ISO 31000 1...

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Running head: COSO vs.ISO 31000 1 COSO ERM verse ISO 31000 Student’s Name Institution Affiliation
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COSO vs.ISO 31000 2 Contrast and comparison between COSO and ISO 31000 Enterprise Risk Management (ERM) plays a relevant and wide role that is recognized by the academic and professional literature (Rubino, 2018). For the past decade, growing interest in risk management issues has been viewed to bring awareness of risk by companies and it has been increased by ensuring that corporate objectives are preserved and companies’ value grows. Different standards have been published over time to guide public and private organizations to correctly implement an effective risk management process (Rubino, 2018). ISO 31000 is one of the frameworks that was recently updated for the management of risk. ISO 31000 was introduced in 2009 but it was updated in the year 2018 to assist companies to apply risk management principles so that they can improve their risk planning and assessment for it to be effective and decision making measures easier. A COSO framework is an alternative to ISO 31000 that was introduced in 2004 and update in 2017 (Moeller, 2011). Both the frameworks were brought together to a better intervention of risk management and governance strategy. The two frameworks share a lot of principles in common and almost the same terminologies, these help organizations to remove inconsistency and big interpretations through their simple framework (Moeller, 2011). Understanding their similarity and difference between ISO 31000 and COSO give room for identifying their strategies and how risks operate. Comparison between COSO and ISO 31000 Both COSO and ISO 3100 can review risks because threats keep on evolving and adjusting on risks is important (Moeller, 2011). Both focus on determining risks since as long as information security is still on the line, attackers are still changing the ways of attacking the system. Both COSO ERM and ISO 3100 are meant for guidelines whereby they provide the
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COSO vs.ISO 31000 3 highest level of guidance on risk management component frameworks. Risk management should exist in every organization; therefore it is important for standard guidelines. It is a company or organization's responsibility to make sure that such standards are practiced and fit the needs of the organization's culture (Moeller, 2011). Secondly, both frameworks’ versions are currently improved dramatically. COSO was updated in 2017 and followed by ISO 31000 in the year 2018. Both standards were improved from the last version to fit the current trend in evolving technology. The old versions in both frameworks were confusing to illustrate. COSO and ISO 31000 were expanded to scope risk management, whereby they both give encouragement and aid in guidance concerning risk-taking.
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