and homeland security issues. and, of course, they must still find the time and resources to run their businesses profitably. the committee of sponsoring organizations ( coso ) internal control integrated framework is still the u. s. standard on internal controls. 1 the coso model serves as the basis for meeting the internal control assessment and reporting requirements for depository institutions laid out in section 112 of the federal deposit insurance corporation improvement act ( fdicia 112 ). this model is also broadly applicable to public companies in complying with section 404 of the sarbanes - oxley act. under coso, directors have responsibility for overseeing internal control processes so that they can reasonably expect that their directives will be followed. although directors are not expected to understand the nuances of every line of business or to oversee every transaction, they are responsible coso defines internal control as “ a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of : effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations. ” internal control integrated framework is available for purchase from the american institute of certified public accountants ; an executive summary is available at http : / / www. coso. org / publications / executive _ summary _ integrated _ framework. htm. for setting the tone regarding their corporations'risk - taking and for establishing an effective monitoring program. the implication is that directors should be vigilant in maintaining a clear understanding of how coso is being implemented in their organizations. directors should also keep up with innovations in corporate governance. for example, directors should be aware that a new coso framework has been proposed to encompass enterprise risk management. 2 a draft of the updated coso framework was released for comment last summer, and a final document is expected later this year. for those of you not familiar with the new coso framework, let me briefly explain that enterprisewide risk management is a discipline that an organization can use to identify events that may affect its ability to achieve its strategic goals and to manage its activities consistent with its risk appetite. such events include not only those that may result in adverse outcomes, but also those that give rise to opportunities. when embraced, an enterprisewide risk management framework improves the quality and flow of information for decisionmakers and stakeholders, focuses attention on the achievement of organizational goals, and improves the overall governance of an organization. some key steps in effective enterprisewide risk management include

a valuable source of information, shared your expertise with others, and made connections that will assist you and your organizations in meeting the needs of those you serve. thank you for your efforts, and for the opportunity to be with you today. u. s. department of labor, bureau of labor statistics, ( 2010 ), “ overview of the 2008 – 2018 projections ”, in occupational outlook handbook, 2010 – 2011 edition : ( washington : bls ).