Current strengths and weaknesses of risk management and internal controls: Most of the survey respondents currently have a risk management and/or internal control system in place within their company. Many of these systems are active due to requirements from regulators, governments, and customers. While a majority of the respondents indicated risk management and internal control guidelines are separate in their current company, they believe integration of the two will be a great improvement. Increased awareness, systematic design and implementation, more integration, effective and efficient controls, and continuous improvement are some of the strengths noted within their current organizations. Current weaknesses noted include treating risk management as an “add-on” instead of a “built-in” integrated part of the business, control environment, objective setting, risk assessment and response, and information and communication.
Function of risk management and internal control guidelines: Many respondents agree that the current guidelines in their country are satisfactory and can be improved by integrating risk management and internal control guidelines. It is believed attention to risk management and internal control has increased globally, but on separate levels rather than integrated. Overall, the respondents think risk management and/or internal control guidelines are in need of more integration, global alignment, and a wider scope.