Many of you are probably familiar with the enterprise risk management 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 enterprise risk management.
Notably, the COSO framework states explicitly that, while its components will not function identically in every entity, its principles should apply to institutions of all sizes. Small and mid-size entities, for example, may choose to apply the framework on a less-formal and less-structured basis and scale it to their own needs--as long as quality is maintained.