An Appraisal in Internal Control Frameworks Implementation of COSO, ISO 27001 and NIST for Opportunities in Industry 5.0

Industry 5.0 represents a paradigm shift in industrial evolution, emphasising human-machine collaboration through sophisticated cognitive systems. This transformation creates new opportunities and challenges for organisations implementing established frameworks like COSO, NIST, and ISO 27001 for compliance, risk management, and governance. While Industry 5.0 builds upon Industry 4.0's foundation, it focuses explicitly on enhancing cognitive capabilities and human-centric approaches. Cognitive technologies enable the automation of complex tasks such as document review, data analysis, and real-time decision support, leading to improved efficiency, cost reduction, and accuracy. However, integrating these technologies presents significant challenges, particularly in data quality management and algorithmic bias mitigation. This study comprehensively analyses internal management practices in Industry 5.0 organisations through a systematic literature review and conceptual analysis. The research examines academic literature on human-machine collaboration performance management and evaluates key frameworks' applicability in this new paradigm. Given the increasing complexity of automation and interconnectivity in modern enterprises, robust internal controls have become critical for organisational success. This paper aims to guide organisations in adopting Industry 5.0 technologies while effectively integrating cognitive systems and human oversight, ultimately achieving enhanced efficiency, personalisation, and sustainability.