Integrated Financial Risk Management (IFRM) notes

IFRM Guidelines content

• Reference to the principles in the appropriate sections in CFP - principles of oversight and transparency
• Building on existing practices in the organization i.e. the risk organization in each entity, and identify governance improvements based on the compliance checklist i.e. risk tolerance levels as an agreed consensus by an entity's Board, the adequacy of risk management design and effectiveness of internal controls over financial risk
• Widely recognized principles in risk management - what are they? Leveraging risk management in light of the financial crisis and its impact
• What is the current baseline risk management practice in general, and financial risk management practice in particular?
• Lessons learnt in the CFP roll-out and differing risk management practices
• Integration of financial risks - where financial risks are embedded into key decision-making i.e.supply chain risk management, contractor risk assessment, project risk assessment
• Common tools and methodologies in risk assessment, risk compliance, risk measurement

To be continued