What role is internal auditing playing in the ERM process?
The majority of survey participants indicated that internal auditing plays a proactive role in establishing their organization’s risk management function and actively supports the ERM process. In organizations where a formal risk management program doesn’t exist, the internal auditors are bringing ERM to management’s attention, along with suggestions for establishing such a process. The respondents agreed that independence and objectivity of approach and decisions must be maintained. A few respondents also indicated that they have incorporated ERM into the organization’s control self-assessment model, focusing on risk to evaluate and incorporate controls. Participant comments revealed that many chief audit executives are taking a lead role in coordinating and facilitating ERM efforts, providing the tools, knowledge, and assistance to management to help identify risk and to assist management with creating a work plan that addresses managing and mitigating risk. Has your organization’s m
