Tag: risk based approach

Natural disasters, such as hurricanes, flooding, and wildfires, have the potential to devastate people’s everyday lives by causing injuries and death, destroying homes and infrastructure, and wreaking economic havoc. From 2000 through 2019, there were 7,348 major disaster events worldwide, which claimed 1.23 million lives, affected 4.2 billion people (many more than once), and resulted in approximately U.S. $2.97 trillion in global economic losses. Governments usually lead recovery efforts by…

During the COVID-19 pandemic, outdated and ineffective crisis and management systems have exacerbated disruptions to the work of many Supreme Audit Institutions (SAIs), potentially undermining their ability to ensure accountability. Often, these systems do not take into account risks that have intensified during the pandemic, like limited human and financial resources, or emerging risks, like those that accompany digitization. In response to these challenges, INTOSAI Development Initiative (IDI) is…

The Turkish Court of Accounts (TCA), the country’s Supreme Audit Institution (SAI), is finalizing an update to its Enterprise Risk Management (ERM) process, which will enable it to carry out its activities more efficiently and effectively. This update aligns with…

The Supreme Audit Institution (SAI) of Belarus introduced a new selective inspections system at the beginning of the year. These audits, coordinated by the SAI and carried out by monitoring and oversight bodies per national law, are based on risk assessment criteria established (and ranked) by evaluating…

The Albanian Supreme Audit Institution (ALSAI) organized its fourth Annual Scientific Conference in Tirana, Albania June 20-22, 2016. The conference, entitled “Risk Analysis,” garnered much attention, including that of the European Parliament…

Financial institutions and markets provide essential services to the U.S. and global economies. However, weaknesses in federal oversight have contributed to the thrift and bank crises in the 1980s and the financial crisis experienced from 2007-2009. For example, the resolution of banks and thrifts during these crises cost federal bank and thrift insurance funds over $165 billion and resulted in unprecedented…