Risk Management & Internal Control

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Risk Management & Internal Control

Proper risk management and internal control help organizations understand the risks they are exposed to, put controls in place to counter threats, and effectively pursue their objectives. They are therefore an important aspect of an organization’s governance, management, and operations. Professional accountants can and should play a leading role in helping their organizations achieve an integrated, organization-wide approach to risk management and internal control—which ultimately helps create, enhance, and protect stakeholder value. Read More

 

New Zealand Treasury Uses IFAC Guidance for Government-wide Internal Control Assessment

by Ken Warren, Chief Accounting Advisor, New Zealand Treasury, and member of the International Public Sector Accounting Standards Board | May 13, 2014 |

The Chief Accounting Advisor at the New Zealand Treasury details how IFAC’s internal control guidance was effectively incorporated into the New Zealand government’s thinking and approach to internal control. Read More

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Revision ISO 31000 Risk Management Standard
by Bruno Bruehwiler, Convener, ISO Core Risk Management Standards Working Group, and Vincent Tophoff, Senior Technical Manager, IFAC | April 17, 2014 |

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. Read More

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From Bolt-on to Built-in: Integrating Risk Management
by Vincent Tophoff, Senior Technical Manager, IFAC | January 31, 2014 | 1

Good risk management and internal control is good management—not compliance. With the increased volatility in the modern business environment and the financial and economic crises, the effective application of risk management and internal control in organizations has taken on even greater importance.  Read More

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IFAC Facilitates Global Alignment of Risk Management and Internal Control Guidelines
by Vincent Tophoff, Senior Technical Manager, IFAC | November 8, 2013 |

An important driver of business performance, as well as one of the best defenses against business failure, is having effective risk management and internal control. Successful organizations know how to take advantage of opportunities and counter threats through risk management and internal control, thereby improving their performance. Many standards, guidelines, and resource centers are available to assist professional accountants, and their organizations, to establish more effective risk management and internal control. However, these resources are not aligned with each other. Read More

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Revised COSO Framework: Improved but Additional Adjustments Still Needed
by Vincent Tophoff, Senior Technical Manager, IFAC | November 4, 2013 |

On May 14, 2013, the COSO issued the revised version of its Internal Control-Integrated Framework to help improve implementation of internal control but further adjustments are warranted to align internal control across the globe and to help organizations better manage their risks and improve their overall performance. Read More

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