From Bolt-on to Built-in

Grant Purdy has worked for a number of years with the International Federation of Accountants (IFAC), helping them develop guidance for their members on risk management. Grant made a substantial contribution to the thought paper 'Bolt-on to Built-in' that has just been published by IFAC. It is available here.

The thought paper makes the point that risk management should never be implemented in isolation; it should always be fully integrated into the organisation’s overall system of management. This system should include the organisation’s processes for good governance, including those for strategy and planning and for making decisions in general. The paper includes a useful model to help integration.