Practice Guide: Assessing the Risk Management Process
This practice guide will aid internal auditors in developing approaches to assess the effectiveness of risk management processes and strategies while also taking into account how to communicate assurance and insight to senior management and the board.
Risk management is driven by the need to understand, prioritize, and treat significant risks at any level to ensure organizational success and value creation. The guide examines the concept of exploring and embracing opportunities ― the positive side of risk.
- The need to perform audit engagements of risk management activities.
- The key components of an effective risk management process.
- The development of an approach that takes into account the business environment, the level of maturity, and regulatory environments.
- The collection of necessary information to determine the scope of the audit engagement of risk management activities.
- The evaluation of the effectiveness of risk management processes.
- The improvement of risk management processes.
Item Number 10.1311.dl