From Bolt-on to Built-in

Grant Purdy has worked for a number of years with the International Federation of Accountants (IFAC) helping them with guidance on risk management. Grant made a substantial contribution to the thought paper 'Bolt-on to Built-in' that has just been published by IFAC. The paper makes the point that risk management should never be implemented in isolation; it should always be fully integrated into the organization’s overall system of management. This system should include the organization’s processes for good governance, including those for strategy and planning and making decisions in general. The paper includes a useful model for integration.