Immobilien und Facility Management
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Risk Management and Internal Control System

In recent years, numerous accounting scandals and corporate collapses in Austria and abroad, the public’s confidence in stock markets and in publicly traded companies is severely shaken.

America responded to these events with the Sarbanes Oxley Act (SOX). The European Union introduced the 8th EU-Directive. This directive was put into local legislation. Therefore Risk Management (RM) and Internal Control Systems (ICS) are also important in Europe and worldwide, regardless of the industry and the companny size. Of course, an ICS does neither immediately guarantee fully functional business processes nor complete transfer of all data relevant for financial reporting. 

 

A diligently implemented and strictly monitored RM and ICS can improve the performance of a company and avoid major mistakes. The implementation of an RM and ICS is linked with high costs and expenditure of time. In a joined research project the IFM and PriceWaterhouseCoopers (PwC) are working on the definition of a risk landscape and extended reference processes, including possible risks and opportunities. This also includes a proposal for security measures to cover the risks, as well as to use the opportunities.

Contact Persons: Alexander Redlein/Barbara Redlein