The Committee of Sponsoring Organizations of the Treadway Commission (COSO) Enterprise Risk Management (ERM) framework is a widely used risk management standard that provides guidance on how to identify, assess, and manage risks at the enterprise level.

The COSO ERM framework consists of eight components:

1. Internal environment: The internal environment includes the values, culture, and ethics of the organization, as well as the effectiveness of the governance, structure, and decision-making processes.
2. Objective setting: The objective setting process involves identifying and prioritizing the organization's goals and objectives, and establishing the framework for achieving those goals.
3. Event identification: The event identification process involves identifying and assessing the risks that could impact the organization's goals and objectives.
4. Risk assessment: The risk assessment process involves evaluating the likelihood and impact of identified risks, and determining the level of risk exposure.
5. Risk response: The risk response process involves selecting and implementing strategies for managing and mitigating identified risks.
6. Control activities: Control activities are the policies, procedures, and practices that are put in place to manage and mitigate identified risks.
7. Information and communication: The information and communication process involves collecting, analyzing, and disseminating risk-related information to stakeholders.
8. Monitoring: The monitoring process involves tracking and reviewing the effectiveness of risk management efforts, and making adjustments as necessary.

By following the COSO ERM framework, organizations can improve their risk management practices and better protect themselves from potential risks and liabilities. The framework is widely used by organizations around the world, and it is recognized as a best practice for enterprise risk management.