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 …