Carrard, A Swiss lawyer who headed the IOC in 1989-2003, was chosen as independent chairman of the FIFA 2016 Reform Committee following consultations with six of the organization’s regional confederations.
"It is vital for the future of global football to restore the integrity and reputation of its governing body," Carrad said in a press release.
Carrard pledged to establish an independent advisory board of experts from outside the sport to deliver "credible reforms."
FIFA President Joseph Blatter expressed confidence that Carrard’s "proven track record" would help the organization strengthen its governance structures "in a meaningful way."
The committee is expected to put together a package of reform proposals and introduce it at FIFA’s extraordinary elective congress on February 26, 2016, according to the organization's statement.
The Reform Committee is expected to provide a preliminary update to the FIFA Executive Committee at its quarterly meeting later next month.
The world football governing body found itself embroiled in scandal when nine of its high-ranking officials were detained on suspicion of corruption in May.
Four FIFA officials have entered a guilty plea so far out of a total of 16 indicted officials and business executives.
Carrard also coordinated the IOC 2000 reform commission.