|Risk management and internal control frameworks, standards, and/or guidance should be aligned internationally, according to the results of the attached Risk Management and Internal Control Survey, as released by the IFAC Professional Accountants in Business (PAIB) Committee. With over 600 responses from around the globe and from all types of organizations, the survey results also highlighted that: |
risk management and internal control systems should be better integrated into the governance, strategy, and operations of organizations; and
risk management and internal control guidelines should be combined into a set of integrated guidelines, as both elements are integral parts of an effective governance framework.
As many organizations have international activities, further international alignment of risk management and internal control guidelines would benefit their operations and compliance processes, reducing costs and allowing for the comparison of these systems across borders and, thus, increasing investor confidence.
Read the survey