Monitoring the effectiveness of internal control, internal audit and risk management systems
The European Conferderation of Institutes of Internal Audiors (ECIIA) and the European Federation of Risk Managers (FERME) published their report: Monitoring the effectiveness of internal control, internal audit and risk management systems- Guidance for Boards and Audit Committees
The objective of this FERMA/ECIIA Guidance is to assist board members, particularly members of the audit committee, with the implementation of art. 41 of the 8th European Company Law Directive.
The paper decribes the roles and responsibilities with regard to effective risk management and controls.
These roles are explained from the three ligns of defense paradigm.