Is there a best practice ERM framework?

Raef Lawson, Vice President of Research and Professor-in-Residence for the Institute of Management Accountants was interviewed in The Hindu Business Line and asked about the COSO ERM framework.

Q: Do you foresee that eventually COSO framework will be considered as the best practice on enterprise risk management?

A: We are not sure there really is a single best practice framework as that implies that there has been a high level of adoption of ERM as a business process/practice in the US and around the world, which unfortunately is not the case. With that said, COSO is one of several global frameworks that went through a rigorous evaluation and comment period and we believe that given the high number of translations (Japanese, Chinese, German, etc.) the COSO framework is robust and relevant for ERM implementations. … given the low adoption rate of ERM around the globe, there really is no prevalent or best practice ERM framework.

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