• Register
Return to: Home > News > Standards > IFAC recommends collaboration to manage risk

IFAC recommends collaboration to manage risk

Risk management and internal control frameworks, standards and guidance should be aligned internationally, according to results of a survey carried out by the International Federation of Accountants’ (IFAC) Professional Accountants in Business (PAIB) committee.

The findings were based on results of a survey of more than 600 international organisations.

According to the respondents, risk management and internal control systems should be better integrated into the governance, strategy, and operations of organisations. Risk management and internal control guidelines should also be combined into a set of integrated guidelines, according to survey results.

In the IFAC committee’s analysis of the results: Global Survey on Risk Management and Internal Control – Results, Analysis and Proposed Next Steps, the committee recommends that national and international standard-setting bodies, professional associations and regulators should collaborate to:

  • determine the major similarities and differences between the various guidelines
  • compile leading risk management and internal control practices
  • consider the benefits of further integration and international alignment of regulations and guidelines in the area of governance, risk management, and internal control.

IFAC says the changes would benefit organisations involved in international activities by reducing costs and allowing for the comparison of systems across borders to help increase investor confidence.



Top Content

    MSI joins AGN and DFK in Global Connect

    A year after AGN International and DFK International launched Global Connect, multi-disciplinary association MSI has joined the group.

    read more

    Views from the Eurozone

    With Brexit looming, populist governments gaining footholds in a number of countries and movements such as the Yellow Jacket protests in France, 2018 was anything but a quite year for the eurozone. Here leaders report to the IAB on their markets.

    read more

    Eastern promise and how to find it

    With China rising as a global power, Jonathan Minter spoke with ShineWing’s Zhang Ke and Marco Carlei at the World Congress of Accountants 2018 in Sydney, to discuss the cultural challenges that occur when Chinese networks look beyond their border, and the dividends available for those who overcome them.

    read more

    The UK: uncertain waves rule Britannia

    The UK’s accountancy profession is currently in a period of much uncertainty. The Competition and Markets Authority (CMA) has released its review into the listed audit market which could cause the biggest shake-up the profession has seen in years, the Kingman Review has described the Financial Reporting Council (FRC) as not being fit for purpose and called for it to be replaced. All the while the country remains in a deadlock on Brexit negotiations.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.