Risk Insights: Refocusing the Internal Audit Function

The business climate has changed amidst the recent economic difficulties organizations have experienced. New risks that influence business success have arisen, and these challenges illustrate the importance of identifying and assessing strategic risks. Strategic plans focused on introducing new products, entering new markets, changes in the sales model, outsourcing functions or undertaking other substantial change also expose organizations to new vulnerabilities. Internal audit can play a vital role in identifying and monitoring strategic risks across the organization.

An emphasis from organizational leadership on addressing strategic risk and justifying costs presents opportunities to refocus the internal audit function — one that enables the organization to take a more proactive approach toward addressing vulnerabilities and process-level risks within various business units and departments. By identifying exposures and potential enhancements throughout the organization, the internal audit function becomes a catalyst for continuous improvement.

The Weaver Risk Insights document Refocusing the Internal Audit Function explains how you can add value to your organization, from initial steps in refocusing the internal audit function to establishing measurement standards and evaluation plan results. You may also contact Alyssa Martin or Jody Allred, partners in risk advisory services, for a discussion specific to your organization.