Original Source: Institute of Operational Risk
In September 1992, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) released a four volume report entitled Internal Control— Integrated Framework. This report presented a common definition of internal control, providing a framework against which internal control systems could be assessed and improved and later became a standard that U.S. companies now use to evaluate their compliance with the Foreign Corrupt Practices Act (FCPA). Around the same time in the UK, the Combined Code and Turnbull guidance was under development, requiring UK companies to demonstrate a sound system of internal control and risk management and to review the effectiveness of their internal controls, providing a meaningful disclosure within their annual accounts. These two initiatives largely lead to the creation of Risk Control Self Assessment (RCSA) and have since become an integral element of a firm’s overall operational risk management and control framework…
Contributors: Open SourceCategories: SIG U Resource, Tool, Whitepaper
SRC Type: Risk Management, Sourcing Management, Third Party Management