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BRUSSELS—The Federation of European Risk Management Assns. and the European Confederation of Institutes of Internal Auditing have issued guidance to help companies comply with Europe’s equivalent of the U.S. Sarbanes-Oxley Act.
In the guidance concerning the European Union’s 8th Company Law Directive, the Brussels-based industry groups said that good risk management and internal controls can help companies “go faster, further and more safely.”
The E.U. directive, which went into effect in June 2006 and has been adopted by most E.U. member states, places “clear responsibility” on boards of directors to be involved in “risk management and risk-taking,” according to FERMA.
The joint guidance aims to give an overview of the role and responsibilities for effective risk management for company boards, audit committees, CEOs, senior management, operational management, and monitoring and assurance functions, the groups said.
In addition, the guidance on the 8th Company Law Directive clarifies the recommended interaction between internal controls, risk management and internal audit functions. Among other things, it also suggests sound practices for boards and audit committees.