Translation of "corporate risk-management " (English → French) :

(b)in reporting on internal control and risk management systems, the corporate governance statement shall refer to the main features of the internal controls and risk management systems for the undertakings included in the consolidation, taken as a whole.

in reporting on internal control and risk management systems, the corporate governance statement shall refer to the main features of the internal controls and risk management systems for the undertakings included in the consolidation, taken as a whole.

Because the entity referred to in the response to Q-972 was involved in active projects in several countries, CIDA took the following specific measures to protect the interests of the Crown: CIDA established a multi-disciplinary task force to oversee a common, integrated and corporate approach to managing the situation and mitigating potential risks; discussions and meetings were held with senior representatives of the organization, who provided detailed information on the extent and severity of the financial situation, and the likely operational impacts; based on the initial information received, as well as a review of the current sta ...[+++]tus of project implementation, management arrangements and contractual terms and conditions, CIDA completed an internal review and assessment of the fiduciary and other risks across each program; a proactive monitoring and integrated risk management approach was developed and agreed with the organization, which featured open and direct channels of communication at a senior level to provide regular updates on the financial situation and recovery as well as to facilitate the dissemination of information on operational progress across the agency and decision-making on individual projects; in projects where the organization was part of a consortium, the agency agreed, on a non-objection basis, to the transfer or assignment of the lead implementation role to other well-established members or partners, who were jointly and severally liable; for projects where the organization was solely responsible for delivery or implementation, the agency took steps to ensure that all financial and performance guarantees were enforceable, in case of need; as part of its efforts to continue operations and remain a going concern, the organization presented a comprehensive business plan and financial projections that were developed with legal and financial third party advisors, a plan was subsequently validated by independent auditors as part of the due ...

Background: The financial crisis revealed significant weaknesses in corporate governance in financial institutions: board supervision and control of management was insufficient; risk management was weak; inadequate remuneration structures for both directors and traders led to excessive risk-taking and short-termism; and shareholders did not exercise control over risk-taking in the financial institutions they owned.

That statement should at least provide shareholders with easily accessible key information about the corporate governance practices actually applied, including a description of the main features of any existing risk management systems and internal controls in relation to the financial reporting process.

Internal control and risk management: in this area which aims at ensuring that companies manage their risks efficiently and safeguard shareholders’ investments the increase in disclosure requirements and the requirement to establish audit committees that will be introduced by the forthcoming modifications of the 4th, the 7th and the 8th Company Law Directives are viewed by most as important steps towards improving corporate governance.