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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.

 

 

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