Opponents of prudential oversight of systemic risk take two different positions.

Urges UNDP and UNFPA to base their oversight and accountability activities on a corporate risk model and develop risk assessment functions in their audit offices

Some prominent policymakers and analysts, however, argue that oversight aimed at identifying and stemming systemic risk is futile.

Comment by the Administration. UNOPS will refer this matter to its recently created Risk Management and Oversight Committee.

The chief will be responsible for risk control of the Fund's investments as a whole in terms of portfolio risk, operational risk and compliance risk, and will plan and perform the oversight of performance measurement, investment risk analysis and operational risk analysis, including risk arising from sub adviser and service provider relationships.

ITC is participating in a risk assessment study being carried out under the auspices of the Office of Internal Oversight Services.

In the area of internal oversight, UNDP welcomes the recommendation for the evaluation and implementation of an enterprise risk management strategy (para.

(g) Create an oversight position of chief of operations, information technology and risk to seek the benefits that obtain to an interwoven approach in those areas.

It notes that the terms of reference of the Risk Management and Internal Oversight Committee have been signed by the Executive Director and were effective 6 May 2005.

Internal oversight

Oversight Committee

Oversight lacunae

Internal oversight

In paragraph 126, the Board recommended that UNCC and the Office of Internal Oversight Services conduct a joint risk assessment so that a proper audit plan could be developed.

Enhancing governance oversight role structure, working methods and practices on handling oversight reports

These oversight mechanisms were referred to as either audit committees or oversight committees.

Management and oversight

Governance and oversight

Accountability and oversight

(a) Oversight lacunae

We agree that the Office of Internal Oversight Services should provide internal oversight services for small United Nations agencies with insufficient current oversight capacity.

Comment by the Administration. A fraud policy statement has been drafted and will be reviewed by the recently established Risk Management and Oversight Committee before being issued and communicated to staff.

Protection oversight and support

Oversight, evaluation and monitoring

Enhancing oversight and accountability

Independent oversight advisory committee

Independent oversight advisory committee

(o) Ensure that OIOS is applying sufficient resources to areas of material concern and of high risk to the Organization and that the OIOS workplan takes into consideration of other important oversight trends

The Risk Management and Oversight Committee will be the executive sponsor of the policy and, once the Committee is functioning, the process of reviewing, approving and implementing the policy will be made possible.

Ensuring effective oversight is one key function of parliament, and it includes oversight of the security forces.

Strengthening of the oversight mechanisms

(i) Accountability, audit and oversight

Relationship with other oversight bodies

Office of Internal Oversight Services

Management and oversight of programmes

Office of Internal Oversight Services

Comment by the Administration. The Management Review and Oversight Committee reviewed the proposal for a new risk management strategy in November 2004 and was to deliberate further on it at its meeting in May 2005.

Item 13 Internal audit and oversight

Under the new act, a systemic risk regulator has been established, oversight of the shadow banking sector has been strengthened, and new mechanisms have been created to deal with the failure of systemically important non banks.

The Board reiterates its recommendation that UNHCR consider disclosing more items in its financial report in respect of good governance principles applied to oversight, performance reporting, social accounting issues, risk management, continuity and internal control issues.

The Board reiterates its recommendation that UNHCR consider disclosing more items in its financial report in respect of good governance principles applied to oversight, performance reporting, social accounting issues, risk management, continuity and internal control issues.

The Board reiterates its recommendation that UNHCR consider disclosing more items in its financial report in respect of good governance principles applied to oversight, performance reporting, social accounting issues, risk management, continuity and internal control issues.

UNHCR intends to include more items in respect of good governance principles applied to oversight, performance reporting, risk management and internal control issues in an expanded introduction to the accounts previously referred as the Financial Highlights.

Establishment of the United Nations Oversight Committee

Survey results on audit and oversight committees