OIA Second Progress Assessment of The Implementation of The Recommendations of The Institutional Safeguards Review

International Monetary Fund

No 2025/025, IMF Policy Papers from International Monetary Fund

Abstract: The Institutional Safeguards Review (ISR), launched by the Executive Board in October 2021, made a range of recommendations to strengthen the Fund’s Data and Analysis Integrity (DAI) frameworks and improve and enhance trust in the Fund’s Dispute Resolution System (DRS). An Implementation Plan (IP) was developed in response in December 2022 comprising 71 actions. As mandated by the Board, the overall implementation of the IP is subject to independent follow-up and validation by the IMF’s Office of Internal Audit (OIA). OIA’s first independent assessment concluded in July 2024 found that 45 IP actions had been completed, leaving 26 actions in progress. The assessment also concluded that actions taken by the Fund had strengthened data and analytical integrity, tone from the top, and the DRS and its processes. This second independent OIA assessment aimed at validating progress on remaining 26 actions. OIA concluded in June 2025 that 20 out of the 26 actions have been completed, all but one related to DRS. In total, 65 IP actions (five for DAI and 60 for DRS) have now been completed representing a 92 percent overall completion rate. Six IP actions remain in progress or delayed status with varying implementation timelines. OIA will cease standalone ISR reporting but will continue to monitor the remaining actions and report periodically to Management and the Board.

Keywords: IP action; IMF's Office of Internal Audit; transparency policy; staff engagement survey; ISR recommendation; OIA audit; Internal audit; Auditing; Audit standards and procedures (search for similar items in EconPapers)
Pages: 37
Date: 2025-07-25
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