4. Expand input from other risk-related functions
It is becoming more and more common for both internal audit teams and enterprise risk management to share risk information and knowledge. One of the key benefits of this practice is the ability to strengthen risk assessments by increasing input and involvement from other functions across the organization. The stronger the input into the risk assessment process, the stronger the coordination and alignment of risk assessments with other risk-and-control units.
Often, the areas that provide the most input into the internal audit risk assessment process typically fall into the categories of Enterprise Risk Management (ERM), Compliance, Technology, Finance, and Legal. Although this may be a challenge to fully embrace and enhance knowledge-sharing and coordination between risk and control functions, the benefits cannot be overstated. The results from this sharing environment often result in being better equipped to identify, evaluate, and implement new and evolving plans to mitigate and manage risk.
5. Enhance your risk assessment planning techniques
The techniques being employed to conduct risk assessments continue to evolve in…
