Risk Watch: Using Internal Audit to Manage Risk
Article
1 minute read
September 30, 2015
Business operations can always count on one thing: uncertainty. And with potential risks affecting every aspect of today’s business, it is important the CAE and the audit committee are included in assessing an organization’s vulnerabilities. Risk management is now a shared process that needs to be part of an ongoing conversation to enhance risk awareness and preparedness.
Technology, politics, “black swan” events – they’re all risk factors that can present opportunities for change, making the audit committee’s risk oversight role extremely important. There are many frameworks available that provide guidance for assessing risk, and the internal audit function can help identify an organization’s risk profile to determine the best approach.
By connecting the audit committee with key leaders such as the CEO, CFO and COO, members can collect firsthand knowledge of exposures facing the organization and can help engage other board members in addressing strategic objectives.
Read more about the audit committee’s role in risk management in the Internal Auditor article The Audit Committee in an Uncertain World by Alyssa Martin, Weaver’s partner-in-charge of risk advisory services.