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It was structured to develop frameworks and guidance on internal control, fraud prevention, and risk management.

The Committee of Sponsoring Organizations (COSO) was founded in 1985 with the aim of aiding the National Commission on Fraudulent Financial Reporting. Although there are different of definitions and processes for establishing risk tolerance available, COSO ERM and ISO31000 offer unified value, enabling organizations to effectively manage risk. Nevertheless, adopting the updated COSO ERM and ISO 31000 frameworks should be a priority if compliance requirements are to be met.

The implementation of multiple enterprise risk management (ERM) systems is a complex process that most organizations may find overwhelming.