Practice Guide: Coordinating Risk Management and Assurance
IIA Practice Guides provide guidance for conducting internal audit activities. They represent strongly recommended guidance that includes detailed processes and procedures such as tools and techniques, programs, and step-by-step approaches for effective implementation of The IIA's mandatory guidance.
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Risk management is fundamental to organizational control and critical to providing sound corporate governance. It touches all of the organization’s activities. This Practice Guide, Coordinating Risk Management and Assurance, provides strongly recommended guidance to internal audit, management and the board.
The establishment of an effective enterprise-wide risk management system is a key responsibility of management and the board. They are responsible for adopting a holistic approach to:
- The identification of organizational risks
- Creating controls to mitigate those risks
- Monitoring and reviewing the identified risks and established controls
Management and the board should ensure that risk management is integrated into the organization, at both the strategic and operational levels.
Item Number: 10.1103