Exposure draft : “Principles for an Effective Risk Appetite Framework”

The Financial Stability Board (FSB), a key global advocacy target for The IIA, is conducting a public consultation of its draft “Principles for an Effective Risk Appetite Framework.” The IIA’s Exposure Draft Response Working Group is seeking feedback from the National Institutes to be incorporated into a consolidated response from The Global IIA.

IIA Global, on behalf of the global internal audit profession, responds to legislators and other standard setting bodies on exposure drafts of proposed standards and regulations that impact the profession. Recently, an Exposure Draft Response Working Group has been formed to work with the International Internal Audit Standards Board (IIASB), the Professional Issue Committee (PIC) and the Public Sector Committee (PSC) to formulate a consolidated response on relevant exposure drafts. An important step in the process for responding to these drafts is to capture feedback from our Institutes and Associated Organizations to ensure a global response.

The consultation draft clearly articulates roles the FSB envisions for Boards, CEOs, CFOs, CROs, business line leaders, and internal audit, especially within “systemically important financial institutions” or SIFIs. The Working Group is looking for input based on a broad perspective of governance, risk management and control, and not solely focusing on the “internal audit” aspects.

Please provide your comments to be incorporated into a consolidated response directly Vaktechniek@iia.nl before September 20, 2013
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