Don’t navigate risky waters without internal auditors

By Leigh Carmichael

Published | Wednesday, July 18th, 2018

Redefining internal audit as a business necessity

With an ocean of information out there about risk, it’s likely that you’re already feeling the pull of the tide. Nowadays internal audit teams are frequently being requested to take a more consultative approach and assume a stronger focus on risk management. Sound familiar? This is because internal audit departments are in a unique position to help business leaders comprehend and navigate risk. And as organizations continue to navigate increasingly complex business environments, audit’s role is evolving and risk acumen is vital.
Although risk knowledge can be overwhelming, let’s get one thing straight–not all risk is bad. A complete absence of business risk virtually guarantees limited growth. Taking risks within your organization’s risk tolerance and risk appetite can help your organization grow and achieve your goals. The key is to understand your organization’s risk appetite before you can audit it.

This publication highlights:

  • How to assess low, medium, and high risk using the Risk Assessment Process
  • Ways to prioritize risk using scorecards and heat maps
  • Best practices for risk-based audit planning, while staying current to changing risk profiles
  • Examples of analytics for identifying risk and case studies from public and private sector
  • 6 steps of applying analytics for risk assessment

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