Some of you are probably familiar with the ERM framework published over a year ago by the Committee of Sponsoring Organizations of the Treadway Commission, or COSO. The COSO framework provides a useful way to look at ERM and helps generate further discussion.
In the COSO framework, ERM consists of eight interrelated components derived from the way management runs an enterprise and integrated with the management process: (1) internal environment, (2) objective setting, (3) event identification, (4) risk assessment, (5) risk response, (6)  BIS Review 55/2006  1  control activities, (7) information and communication, and (8) monitoring.