The traditional answer is an emphatic "Yes!" But times, they are a-changing.

If you did a search on this topic, you will find a variety of research reports. 

My good friend, Michael Rasmussen, and I have had a number of interesting conversations and debates over the last few years. Many have focused on what the term GRC means, with both of us ascribing to the OCEG definition as a capability that enables optimized performance through the management of risk while acting with integrity (my phrasing). Recently, Michael concluded a ‘rant’ (his word) about how the analysts view the so-called GRC market. I recommend it to you at http://www.grc2020.com/?p=1239.

The Department of Justice and the Securities and Exchange Commission have just released A Resource Guide to the U.S. Foreign Corrupt Practices Act (the link is to the Department of Justice’s web site, which summarizes the guidance and has a link to download a PDF of the Resource Guide). 

An article in Compliance Week, PwC Takes Hit in Latest Inspection, Asks PCAOB to Act, should be mandatory reading for every audit committee, whether they have PwC as their auditor or not.

I have just submitted my comments. The detailed letter can be downloaded from here.

I have been a fan of the COSO Internal Control–Integrated Framework since it first appeared in draft. It's not perfect, but there is a great deal for which we should commend the authors (a team from PricewaterhouseCoopers).