2012年ACCA《P1专业会计师》备考复习指导32

2012年ACCA《P1专业会计师》备考复习指导32
Management responsibilities in risk management
　　Everyone who works for the organization has responsibilities for risk management.
The board
　　The board is responsible for the total process of risk management:
　　<1> The broad is responsible for determining risk management strategy and monitoring risks as part of its responsibility for the organization’s overall strategy and its responsibilities to shareholders and stakeholders.
　　<2> It also responsible for set appropriate policies on internal controls and seeking assurance that the internal control system is functioning effectively.
　　<3> It should also communicate their risk management strategy and processes to employees.
Risk management committee
　　<1> Under corporate governance best practice, organizations should have separate risk management committee.If not, the audit committee will perform similar responsibilities.
　　<2> The risk management committee is established by the board to ensure that adequate risk management systems are in place, and it will report back to the board.
　　<3> Responsibilities of risk management committee
　　a.Approve the organization’s risk management strategy and policy
　　b.Review reports on key risk prepared by business operating units, management and the board
　　c.Monitor overall exposure to risk and ensuring it remains within limits set by the board
　　d.Assess effectiveness of organization’s risk management systems
　　e.Provide early warning to the board on emerging risk issues and significant changes in the company’s exposure to risks
　　f.In conjunction with the audit committee, reviewing the company’s statement on internal control with reference to risk management, prior to endorsement by the board.
Risk management group
　　Risk management group, staffed by senior managers, may be responsible for building on the overall strategy and framework prescribed by the board.
　　<1> Add more detail and prescribe methods of risk management that operating units will employ.
　　<2> Concentrate on risk responses and monitor risk management to ensure strategies and policies are operating effectively.
　　<3> Consider issues such as the staffing of risk management function, risk management impact on the relations between central management and operating units.
　　<4> Risk management group will report to the board and receive reports from line managers and employees.
Line manager
　　Line managers will responsible for implementing board policies on risk and control.
　　<1> Identify and evaluate risk
　　<2> Have an awareness of the risk that fall into their areas of responsibility and possible links with other areas
　　<3> Design and operate an appropriate system of internal control
　　<4> Use performance indicators to help them monitor key business and financial activities and highlight when intervention is required
　　<5> Communicate risk management policies to staff and set a good example themselves
　　<6> Prepare report that will be considered by the board and senior managers