• 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

    Brazil: regulation and technology form basis for recovery

    Opportunities in the capital markets and the ever-growing influence of technology are expected to have a significant impact on the Brazilian accounting profession over the next 12 months, writes Paul Golden.

    read more

    Mentoring support and the opportunity to delegate

    Jon Lisby will be known to many from his former role as CEO of Kreston International. Here, he explains the background to his new venture, Global Alliance Advisory Services (GAAS), and how he aims to offer support to alliance CEOs.

    read more

    Global by name, global by nature

    Stephen Heathcote became chief executive officer of PrimeGlobal on 1 June 2019. Robin Amlôt met him to discuss the various new challenges that he has taken on, and his ambitions for the association.

    read more

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    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.