• 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

    Time pressure: Facing up to mental health

    In an ‘always on’ culture, it is becoming increasingly difficult to manage a healthy work-life balance. While companies are beginning to address this problem by introducing different support systems, Joe Pickard finds more could be done to ensure the wellbeing of the professions workforce.

    read more

    Venezuela: the race for the dollar

    With a new currency following hyperinflation, large sections of the population emigrating to neighbouring countries, an economy on the brink of collapse and no apparent solution coming from the government, Jonathan Minter finds a profession struggling to stay afloat in Venezuela.

    read more

    Brazil: transparency and control

    Brazilian accountants have an optimistic view of the impact of more-regular reporting and the implications of audit controversies for the profession. Paul Golden reports.

    read more

    Argentina: looking for a clearer view

    The Argentine accounting profession continues to grapple with the impacts of a weak economy and a culture of financial corruption. Paul Golden takes a closer look.

    read more

    Blockchain: adapting to disruptive tech

    In the relatively few years since digital currencies first began using blockchain technology, the array of potential applications has grown significantly – and continues to expand. Dan Balla, Matthew Schell and Dave Uhryniak from Crowe look at how it impacts accountancy.

    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.