risk based approach

Graphic: The Disaster Resilience Framework: A Tool to Promote Foresight and Accountability
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October 26, 2021January 28, 2022Autumn 2021, News in Brief

The Disaster Resilience Framework: A Tool to Promote Foresight and Accountability

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Natural disasters, such as hurricanes, flooding, and wildfires, have the potential to devastate people’s everyday lives by causing injuries and death, destroying homes and infrastructure, and wreaking economic havoc. From 2000 through 2019, there were 7,348 major disaster events worldwide, which claimed 1.23 million lives, affected 4.2 billion people (many more than once), and resulted in approximately U.S. $2.97 trillion in global economic losses. Governments usually lead recovery efforts by...

IDI Launches Initiative to Help SAIs Strengthen Crisis and Risk Management
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October 26, 2021January 28, 2022Autumn 2021, Inside INTOSAI

IDI Launches Initiative to Help SAIs Strengthen Crisis and Risk Management

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During the COVID-19 pandemic, outdated and ineffective crisis and management systems have exacerbated disruptions to the work of many Supreme Audit Institutions (SAIs), potentially undermining their ability to ensure accountability. Often, these systems do not take into account risks that have intensified during the pandemic, like limited human and financial resources, or emerging risks, like those that accompany digitization. In response to these challenges, INTOSAI Development Initiative (IDI) is...

Emerging Risk Framework for Banking Systems, Regulatory Response
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July 31, 2016November 2, 2020Feature Articles, Summer 2016

Emerging Risk Framework for Banking Systems, Regulatory Response

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Financial institutions and markets provide essential services to the U.S. and global economies. However, weaknesses in federal oversight have contributed to the thrift and bank crises in the 1980s and the financial crisis experienced from 2007-2009. For example, the resolution of banks and thrifts during these crises cost federal bank and thrift insurance funds over $165 billion and resulted in unprecedented...