Mastering Risk Management

SUMMARY

We have already said that the speed (fast or slow) of response to audit queries is a good indicator of the quality of risk management in a firm and of its risk culture. This can also be an indicator of the level of respect for the internal audit function, and even of the quality of queries being raised. If it works well, internal audit will gain credibility and respect from the business, who will therefore listen and seek advice from the function, such as when a new project is being considered.

Much of the job is about building awareness of the value which internal audit can bring. The obvious way from a risk perspective is in providing the board and management with objective assurance that the risk governance and risk management processes ...