Roles & Responsibilities
Assessing the management of risk
The profession of internal audit is fundamentally concerned with evaluating an organizations management of risk. For example, risks to the organizations reputation are risks of supplier failure, risks associated with market failure, cyber security and financial risks.
The key to an organizations success is to manage those risks effectively - more effectively as Organisation demand.
To evaluate how well risks are being managed the internal auditor will assess the quality of risk management processes, systems of internal control and corporate governance processes, across all parts of an organization and report this directly and independently to the most senior level of executive management and to the boards audit committee.
To review the companys internal financial controls and, unless expressly addressed by a separate boardRisk committee composed of independent directors, or by the board itself, to review the companys internal control and risk management systems.
To monitor and review the effectiveness of the companys internal audit function.
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