A new study has found that listed companies need to do more to improve disclosures on their internal control and risk management systems.

The study of 250 firms listed on the Singapore Exchange found that different companies have different ideas on who should be responsible for risk governance.

Based on the firms' annual reports as at Dec 31 last year, 34 per cent stated that their board is responsible for risk governance.

Some 26 per cent said the management is responsible while 19 per cent indicated that board committees have oversight.

The study, conducted by the Institute of Singapore Chartered Accountants and KPMG Singapore, recommended that greater clarity is needed.

It also found that only 12 per cent of companies disclosed they have a management risk committee and only five per cent have a dedicated chief risk officer.

Results of the study were released at a forum held at St Regis this morning.