How Do You Audit Enterprise Risk Management?
Are you auditing risk management-or merely auditing compliance with a risk management framework?
Risk management should not be about maintaining risk registers, producing heat maps, or demonstrating compliance with a standard. It should help leaders and managers make better, more informed decisions and increase the likelihood that the organization will achieve its objectives.
How Do You Audit Risk Management? challenges internal auditors to rethink how they assess risk management and the value it provides.
Rather than asking whether prescribed processes and controls are in place, the book focuses on the question that really matters: Is risk management effective?
It provides practical guidance for assessing how well risk and opportunity are considered in strategy, objective-setting, decision-making, performance management, and board and management oversight. It also explains how internal auditors can use a risk management maturity model to understand where an organization stands today, identify meaningful opportunities for improvement, and determine the assurance work that matters most.
Readers will explore how to:
Assess the maturity and effectiveness of risk managementAudit the management of risk within critical business decisions and processesEvaluate the quality of risk information provided to executives and the boardDevelop meaningful audit objectives and opinionsDetermine internal audit's appropriate role in risk managementMove toward enterprise risk-based auditingA detailed risk management maturity model provides a practical tool for assessing current capabilities and identifying the path toward more effective practices.
How Do You Audit Risk Management? is for internal auditors, risk practitioners, executives, and board members who believe risk management should be judged not by the quality of its paperwork, but by the quality of the decisions it enables.
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