Conclusion

In the first section, we briefly reviewed three requirements for global risk management. Even though COSO II was born out of a culture of internal control, there has been significant progress compared with COSO I. The integration of internal control as an element of the overall system is also positive. The integration of internal control as part of the overall system is also positive, and we'll come back to this in a moment.

ISO 31 000, 31 010 and Guide 73 form a coherent "ready-to-use" package, but do not address internal control. Finally, the AMF recommendation addresses risk management and internal control together.

Now, in practice, there is a huge gap between the ambitions of the prescriptions and the possibilities offered by the conceptual framework of an inefficient triptych to take account of uncertainty and complexity.