A control framework is a data structure that organizes and categorizes an organization’s internal controls, which are practices and procedures established to create business value and minimize risk.
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The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is a commonly used framework for internal controls. The COSO framework is designed to provide a model that corporations can use to run an efficient and well-controlled financial environment.
COSO's main components:
- Internal control environment
- Objective setting
- Event identification
- Risk assessment
- Risk response
- Control activities
- Information and communication
According to COSO, those components constitute a viable framework for describing and analyzing an organization's internal control system in a way that conforms to financial compliance regulations. COSO was originally formed in 1985 to sponsor the National Commission on Fraudulent Financial Reporting.
IT controls are a subset of internal controls related to information technology (IT). IT control frameworks include COBIT (Control Objectives for Information and Related Technology), ISO/IEC 17799: Code of Practice for Information Security Management and ITIL (Information Technology Infrastructure Library).