Regulatory Alerts2024-03-08
SIRA: From Analysis to Control
The AFM and BFT conducted a joint thematic investigation into the Systematic Integrity Risk Analysis (SIRA) practices of registered accountancy organizations (AOs-RV) to assess policy design and compliance. The regulators concluded that while SIRA policies have significantly improved, they remain too generic and theoretical, often failing to address the full spectrum of integrity risks or translate into effective operational controls. The report urges organizations to tailor their risk appetite and identification processes to their specific client portfolios and to implement concrete monitoring measures to prevent integrity risks from being overlooked.
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