Effective Governance, Risk Management, and Internal Control
Policy Position Paper #7

IFAC believes that establishing an integrated and effective system of governance, risk management, and internal control is desirable for all types of organizations and can make an invaluable contribution to achieving sustained organizational success. When organizations fail, the costs to society can be considerable.1 This was illustrated during the global financial and sovereign debt crises, when the failure of organizations—irrespective of size or structure, or whether in the private sector or public sector—led to a variety of adverse consequences. These included loss of social, financial/economic, or environmental value; reduced services; deprived stakeholders; the need for government bailouts and subsidies; increased unemployment; and, in extreme circumstances, civil unrest.

Effective Governance, Risk Management, and Internal Control (PDF | 417K)
Policy Position Paper 7
Date: Dec 13, 2012

Effective Governance, Risk Management, and Internal Control (PDF | 160K)
At a Glance
Date: Dec 13, 2012

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