A recent trip to China left me both impressed and depressed, and more aware than ever that environmental problems there belong to the entire world. Since my last visit, more than 20 years ago, the country has propelled itself from a primarily agricultural nation into an economic superpower. We are all aware of the continuous stream of double-digit growth figures but traveling through the country gives you a better idea of how this translates in actual changes in living conditions for the Chinese—an unprecedented scale!
It has been five years since the International Organization for Standardization (ISO) published the first version of its 31000:2009—Risk Management standard and the time has now come for a revision. Based on the experiences so far, ISO’s Core Risk Management Standards Working Group has decided to perform a limited editorial revision.
One of the best defenses against business failure is effective risk management and internal control, which professional accountants are positioned to plan, implement, execute, evaluate, and improve. A recent article by the authors in the Institute of Management Accountants’ Strategic Finance details how to leverage various guidelines to enhance an organization’s risk management and internal control arrangements.
IFAC staff recently created a new sustainability group to connect and exchange ideas on sustainability issues at the global and local level.
While many are paying lip service to adopting a longer-term perspective for companies and investing, short-termism is gaining ground. How can this trend be shifted?
The problem with specialist terminology is it often confuses, rather than clarifies, risk management.
Professional accountants can play a key role in risk management by engaging in scenario analysis exercises. They can use scenario analysis to improve the efficient management of resources, corporate governance, and the facilitation of information.
Olivia Kirtley, IFAC Deputy President, recently gave a presentation on how internal audit can provide the information boards and audit committees need for their decision making.
The Institute of Internal Auditors issued an exposure draft on proposed enhancements to its International Professional Practices Framework—we would love to hear your views.
The OECD is in overdrive on revisions to its Guidelines on Corporate Governance of State-Owned Enterprises—have your say before it is too late.