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Implementing the Updated 2013 COSO Framework: Takeaways for Banking and Capital Markets Firms


The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released an update to the Internal Control — Integrated framework (2013 COSO framework) in May 2013. Much has changed in the business, regulatory, and operating environment since the original 1992 framework was released. The updated framework continues its aim to assist organizations in their ongoing efforts to effectively and efficiently develop and maintain systems of internal control that can enhance the likelihood of achieving an organization's objectives. The 2013 COSO framework retains the five components of internal control from the original framework, but introduces 17 principles that are associated with the five components. This paper highlights:

  • The application of the 2013 COSO framework
  • Consideration of existing enterprise-wide controls programs
  • Dynamic risk assessment process
  • Outside service providers
  • Fraud risk factors and fraud risk assessment
  • Information to carry out internal control responsibilities

Download this paper for insights into the 2013 COSO framework and what they mean for banking and capital markets firms.

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