Compliance is higher when risk management is regulation based, compared to principal based. Almost all the companies in this study complied with Singapore Exchange Listing Rule, (SGX LR 1207 (10)), to provide their opinion on the adequacy of their internal controls in their annual report.
Towards Better Risk Governance
This report from Institute of Singapore Chartered Accountants (ISCA) and KPMG studies the risk management landscape in Singapore. The report states that bigger companies, companies in the finance sector and government linked companies (GLC) have adopted better risk management practices than smaller companies, but there is still room for improvement.