Risk Management & Internal Control

Global Knowledge Gateway

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


How to Manage Risk More Effectively—Make it Part of How You Manage

by Grant Purdy, Associate Director, Broadleaf | July 3, 2014 |

Managing risk is already a natural part of how people make decisions and execute them; risk management is already “integrated”. Risk management tools and processes should be adapted to suit the needs of the decision makers and their existing approaches to decision making rather than the other way around. Read More

 2 Recommended

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

 1 Recommended

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


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


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

 1 Recommended

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