Internal control and risk management

(a) Enterprise risk management and internal control framework

(b) Reviewing risk management and the internal control system

(d) Effective and efficient systems of risk management and internal control and

Article 27 A securities firm should establish and complete risk management and internal control system to prevent and control the risk in the principle of prudent operation.

Discussion Paper on Risk Management and Internal Control in the EU. European Federation of Accountants.

Internal control

(c) To review the systems of internal control and risk management and compliance with those systems and with policies and regulations

(m) Review the United Nations system of internal control, including financial, operational, compliance controls and evaluate the effectiveness of risk management

Article XIII. Internal control

Internal Control Standards Committee

Internal audit and corporate risk management

Given the role internal audit should play in evaluating and improving risk management and control systems the UNHCR Audit Service embarked, in late 2004, on a risk management pilot project.

Chairman, Internal Control Standards Committee

B. Limitations on internal control effectiveness

Financial firms thus need strong internal risk measurement and control systems to ensure that the sum of the activities of their managers individually does not expose the firm as a whole to excessive risk.

IV. Discussion of the internal control standards

VI. Implementing and monitoring internal control structures

(c) Implementation of an internal control structure

Chapter 4 Business Rule and Risk Control

V. Establishing the framework for internal control structures

(b) A minimal set of internal control standards that any State could use as a framework to develop a specific internal control structure

To maintain an internal control structure that would eliminate the risk of loss is not realistic and would probably cost more than is warranted by the benefits derived.

74. Management often establishes an internal audit unit as part of its internal control structure.

The remainder of this document discusses in greater detail the definition and limitations of internal controls, the internal control standards, the establishment of the framework for internal controls and the implementation and monitoring of internal control structures.

1 Having healthy corporate governance and effective internal control

II. Overview of internal control concepts, objectives and standards

This volume of assets allows the Fund to expand its investment frontier and requires it to build up a risk control mechanism, to control comprehensively not only investment risk but also operational risk and technology risk.

The Guidelines specify the nature of the internal control structure and the objectives of internal controls.

They provide an overview of internal control concepts, objectives and standards, set out definitions and limitations of internal controls, review relevant standards and provide guidance on establishing the framework for internal control structures and recommendations on monitoring internal controls.

(e) Create a risk and compliance section for better risk control of investments and operations

Corrective action may require legislatures to change existing laws, central organizations to revise internal control standards and procedures and management to revise its internal control structure.

Accurate, complete, timely reports will also help to mitigate the risk of project cost overruns and other internal control weaknesses mentioned by the external auditors in their 2002 2003 report.

The internal auditor continually reviews the accounting and control systems.

While internal auditors can be a valuable resource to educate and advise on internal controls, the internal auditor should not be a substitute for a strong internal control structure.

It's using this as risk control, not instead of action.

II. Nature and substance of the Guidelines for Internal Control Standards

(e) Competent supervision to ensure that internal control objectives are achieved

(d) Periodic monitoring of the effectiveness of an internal control structure.

It is employing the report on the internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission as a basis for establishing its own internal control framework.

In addition, UNDP contracted a consulting firm, through competitive bidding, to review control issues in the internal control framework.

The board should report on internal control systems designed to mitigate risks.

(g) Reporting on the internal control assessments and discussing needed corrective actions.

Five internal control measures or standards are of use in this regard

65. In some countries, the legislators will establish the overall objectives that the internal control structures should achieve while leaving the establishment of internal control standards to a responsible central organization.