IMF’s Office of Internal Audit Releases an Independent Progress Assessment of the Implementation of the Recommendations of the Institutional Safeguards Review

IMF News, August 28, 2024

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Canonical URL: IMF’s Office of Internal Audit Releases an Independent Progress Assessment of the Implementation of the Recommendations of the Institutional Safeguards Review

The Office of Internal Audit (OIA) conducted an independent assessment of the Implementation Plan (IP) progress to address recommendations of the 2022 Institutional Safeguards Review (ISR).
The ISR was completed and discussed by the Executive Board in June 2022 and concluded that the Fund’s safeguards mechanisms are generally robust in ensuring a high standard of institutional governance and analytical integrity.
A comprehensive Implementation Plan (IP) was developed in response to ISR recommendations to outline actions and policy changes reflecting Board and Management commitment to durable institutional change and high standards of governance.
Staff reported to the Board in December 2023 (see PR 23/471) that substantial progress had been made, with 85 percent of the actions having been completed or remaining on track for completion by end of 2023.

OIA largely confirms the staff’s December 2023 update.
Exact assessment figures reported by OIA:
- 82 percent of IP actions were completed and on track for completion (64 and 18 percent, respectively).
- 18 percent of IP actions were delayed.
The remaining open actions are expected to be completed by the end of this year.

OIA will continue to engage with staff during 2024-2025 to evaluate in-progress and delayed IP actions.
OIA will issue the next ISR progress assessment report at the outcome of the evaluation.

MEDIA RELATIONS — PRESS OFFICER: Pavis Devahasadin
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
@IMFSpokesperson

IMF Communications Department — August 28, 2024