This document presents an external assessment conducted by ‘Farman & Partners’ in response to the IOC Member States’ request to ‘the IOC Executive Secretary, in consultation with the Officers of the Commission, to launch an external assessment of IOC’s governance and management processes, with a view to streamlining operations and optimising the use of resources so as to be truly fit for purpose in response to the fast-evolving ocean agenda and increasing demands of Member States and multilateral processes’ (IOC Resolution EC-57/2). The document was first presented to the Intersessional Financial Advisory Group (IFAG) at its third online meeting on 16 April 2025 and then further discussed at the in-person meeting on 23 June 2025 (ref. IOC/A-33/5.1.Doc(2) – Report of the Chairperson of the IOC Intersessional Financial Advisory Group (intersessional period 2024-2025).