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16th of May 2012

New FERMA and ECIIA guidelines for EU companies

Vicky Beckett 14/12/2011

Guidelines on implementing European company law requirements on risk management, internal control and internal audit were published today.
 
The Federation of European Risk Management Associations (FERMA) and European Confederation of Institutes of Internal Auditing (ECIIA) compiled the publication to help companies avoid regulatory attention.
 
The two organisations used their own experience to put together the guide for senior managers on the EU 8th company law directive, which is available on the FERMA website.
 
The is the first advisory publication on board and audit committee’s responsibilities under article 41-2b of the Directive: "Monitoring the effectiveness of internal control, internal audit and risk management systems."
 
Carolyn Dittmeier, president of ECIIA, said: " The 8th EU Company Law Directive coupled with our papers gives organisations the necessary guidance to enable them to move forward with a governance framework that provides a risk-aware culture to maximise the opportunities of success."
 
Jorge Luzzi, president of FERMA, said: "Good governance depends on managers being conscious that good control reinforces management systems.
 
“With this Part 2 of the Guidance, ECIIA and FERMA aim to provide senior executives with practical guidance to be adapted to the culture, activities and organisation of their companies."

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Bettie 15/01/2012 9:00am

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utntbhm 16/01/2012 9:12am

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