Aaron Nicodemus is a staff writer and reporter at Compliance Week. He joins Vince Walden to discuss the recent report authored by COSO and to share new recommendations for managers and executives to manage compliance risks.
Internal audit professionals would be the compliance professionals most familiar with COSO, as they set the guidelines for Sarbanes-Oxley internal controls compliance. The report, titled “Compliance Risk Management: Applying the COSO ERM Framework,” was like a collaboration between accountants and attorneys, according to Vince.
Compliance should not be viewed as a low level function, Aaron remarks. Rather, it should be viewed as a strategic partnership with a business to run their operations and initiatives according to the rulebook, in order to avoid missteps and minimize risk.
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COSO report: Elevating compliance leads to more informed decision-making