The latest practice guide Assessing the Risk Management Process helps CAEs navigate an evolving risk management paradigm and deliver on board and senior management expectations that adequate levels of independent assurance and advice are provided by internal audit as to the effectiveness of risk management processes and strategies.
The guidance aids internal audit in developing approaches to review and assess risk management while also taking into account various levels of maturity. It provides internal auditors with ideas for evaluating the effectiveness and contributing to the improvement of risk management processes. The guide also discusses how to communicate assurance and insights to stakeholders on the effectiveness of risk management, its maturity level, and related issues and challenges.
- The need to perform audit engagements of risk management activities.
- The key components of an effective risk management process.
- The development of an approach that takes into account the business environment, the level of maturity, and regulatory environments.
- The collection of necessary information to determine the scope of the audit engagement of risk management activities.
- The evaluation of the effectiveness of risk management processes.
- The improvement of risk management processes.