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The CISA® Prep Guide: Mastering the Certified Information Systems Auditor Exam by John Kramer

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7.4. Evaluating Risk Management and Governance Implementation

Evaluation of the risk management process used by an organization to manage its risk is an important aspect of the control environment. Risk management should be a visible part of the management strategy for an organization in order for it to be considered a well-controlled company. Because it is impossible to adequately control what you cannot measure, measuring the risks will be a necessary first step to this process. But before the process can be evaluated, there has to be a mandate and requirement in the form of management controls, corporate governance expectations, and organizational policy, which is directing that this process be performed and actively managed by the leadership and on down through the organization.

Why is risk management such a big deal? Why can we not just direct our practices along the lines of best practice processes and controls and call that good enough? Are not our risks similar if not exactly like our competitors, therefore requiring standard control applications, making our control needs and solutions off-the-shelf items? To answer these questions, you will need to come full circle back to the beginning of this book and revisit the discussion about risks. Risks are an inherent part of doing business as you should recall. They are a natural part of the business process and cannot be completely eliminated or there would be no business to be done. The relationship between risk and reward ...

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