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From bolt-on to bolt-in: Managing organizational risk

Learn how integrating risk management and internal control throughout your organization is more beneficial than a stand-alone function in this informative IFAC thought paper.

With the increased volatility of today’s business environment, risk management has taken on greater importance. While some organizations have created stand-alone risk management functions, this approach can impede rather than facilitate good decision-making and execution.

From Bolt-On to Built-In: Managing Risk as an Integral Part of Managing an Organization* contends that risk management and internal control are everyone’s responsibility. When these functions are integrated throughout the organization and properly implemented, they are more cost-effective and require less effort when dealing with detrimental events.

This document positions risk management and internal control as a highly relevant and useful process for decision and execution. The insights apply to all organizations, regardless of size or structure, private or public, that want to improve risk management.

You will learn about:

  • the benefits of integrating risk management and internal control into:
    • governance
    • management
    • operations
  • ideas and suggestions on how to achieve integration
  • practical examples of how professional accountants can support their organizations with integration

*This International Federation of Accountants (IFAC) publication has been reproduced with permission of IFAC.