Risk-based performance

A set of standards against which an internal control system can be measured in determining effectiveness. The five internal control components, taken in the context of inherent limitations of internal control, represent criteria for internal control effectiveness for each of the three control categories. For one category, reliability of financial reporting, there is a more detailed criterion, the material weakness concept.

Source : COSO Integrated Internal Controls Framework

A set of standards against which enterprise risk management can be measured in determining effectiveness. The eight enterprise risk management components, taken in the context of inherent limitations of enterprise risk management, represent criteria for enterprise risk management effectiveness for each of the four objectives categories.

Source : COSO Integrated Risk Management Framework