What is the role of internal auditors in enterprise risk management? How will this framework help them?
• Board and audit committees have an oversight role to determine that appropriate risk management processes are in place and that these processes are adequate and effective. Internal auditors can assist both management and the audit committee by examining, evaluating, reporting, and recommending improvements on the adequacy and effectiveness of management’s risk management processes. The COSO Enterprise Risk Management – Integrated Framework provides a benchmark for internal auditors to use in the evaluation of their organization’s risk management efforts. Who are the potential implementers of the framework? • The framework is robust. It works best when an organization develops an integrated process to address risk throughout the organization, and further, that risk approach is led from the top of the organization. The framework can be used in all functional areas, including information technology, finance, accounting, internal audit, and risk specialists within any organization. Howev
Related Questions
- How Does This Framework Relate to COSOs Internal Control Framework? Are you replacing the Internal Control Framework with the Enterprise Risk Management Framework?
- What is the role of the CFO and others in the financial management organization in enterprise risk management? How will this framework help them?
- What is the role of internal auditors in enterprise risk management? How will this framework help them?
