Preparing Future-Ready Professionals

Enabling the Accountant's Role in Effective Enterprise Risk Management

IFAC
Jan 07, 2019 | Surveys & Reports
English

All available Translations: French Romanian

Don't see your language? Request permission to translate

Enterprise risk management (ERM) needs to be part of the professional accountant mindset and makeup. This report explores the contribution of professional accountants to effective ERM in their roles as chief financial officers (CFO) and within finance functions. To add value, accountants must be seen as risk experts who are outward-looking and provide valuable insights to help organizations manage risk, respond to uncertainty, and achieve their objectives.

As businesses face rapid change and increasing uncertainty, the report identifies three ways in which CFOs and finance functions can enhance their contribution to ERM:

  • Align risk management with value creation and preservation;
  • Drive insights and enable decisions through provision of risk modeling and analytics, data governance and identification of organizational risk appetite; and
  • Enable integration and interconnectivity by breaking down siloes across the organization to share information.
 

Copyright © 2023 The International Federation of Accountants (IFAC). All rights reserved.

 

Related Resources

 
 

Get the latest updates delivered to your inbox

Subscribe now

 
 

LOOKING FOR BOARD STANDARDS?

View Boards Site

 

Translations & Permissions

Looking to reproduce the standards for your members? Want to include IFAC's publications in your training materials or university course? Learn how we can help.

IP permissions and policies

Primary tabs

Thank you for your interest in our publications. These valuable works are the product of substantial time, effort and resources, which you acknowledge by accepting the following terms of use. You may not reproduce, store, transmit in any form or by any means, with the exception of non-commercial use (e.g., professional and personal reference and research work), translate, modify or create derivative works or adaptations based on such publications, or any part thereof, without the prior written permission of IFAC.

Our reproduction and translation policies, as well as our online permission request and inquiry system, are accessible on the Permissions Information web page.

For additional information, please read our website Terms of Use. ALL RIGHTS RESERVED.

Agree