January 24, 2008
COSO was originally formed in 1985 to sponsor the National Commission on Fraudulent Financial Reporting, an independent private sector initiative which studied the cause-and-effects that can lead to fraudulent financial reporting.
COSO developed enterprise risk management (ERM) recommendations for public companies and their independent auditors, and also for the SEC, other regulators, and for educational institutions.
At the heart of COSO is events and how events, both opportunity and threat-related events, in context, effect enterprise risk management.
Detecting opportunity and threats in real-time, both mentioned in COSO, is a core CEP concept; so I will be blogging on how CEP relates to COSO and ERM (and also Basel II ORM) in a future blog post.
Please stay tuned …
January 24, 2008
Joe McKendrick, in Taking the ‘complex’ out of complex event processing, makes a case for renaming CEP, BEP.
Joe references IBM’s Sandy Carter, as I did in my post earlier today, IBM Says Business Event Processing is Not CEP.
Joe wants to change the world “complex” to “business” in CEP because he believes the word “complex” is not good for marketing.
The problem with Joe’s approach, as I see it, is that CEP is different than BEP. However, I remain open-minded on the topic.
There is quite a difference in event-driven orchestration-oriented processing, BEP. and situation detection-oriented event processing, CEP.
BEP is, for the most part, about orchestrating event-driven business processes.
CEP is about detecting opportunities and threats (situations) in real-time.
It is not clear to me that simply renaming BEP CEP touches the core technical and business differences.