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

Of Scenarios and Accountants: The Importance of Scenario Analysis for Organizations

by Eli R. Khazzam, Editor-in-Chief, Global Knowledge Gateway, IFAC and Vincent Tophoff, Senior Technical Manager, IFAC | June 23, 2014 |

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. Read More

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A Ball of Confusion: What Is Your Appetite for Risk Appetite?
by Vincent Tophoff, Senior Technical Manager, IFAC | June 18, 2014 |

The problem with specialist terminology is it often confuses, rather than clarifies, risk management. Read More

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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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Defending against Business Failure: Effective Risk Management and Internal Control
by J. Stephen McNally, CPA, Finance Director, Campbell Soup Company and Vincent Tophoff, RA, Senior Technical Manager, IFAC | May 13, 2014 |

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. 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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