Auditing the Risk Management Process
Risk management is a part of mainstream corporate life that touches all aspects of every type of organization. Auditors must focus firmly on risk: risk to the business, the executives, and the stakeholders. Auditing the Risk Management Process incorporates all the latest developments in risk management as it applies to auditors, including the new Committee of Sponsoring Organizations of the Treadway Commission (COSO) enterprise risk paper. Auditing the Risk Management Process includes original risk maps and process models developed by the author, explaining where and how topics fit within an overall audit framework, all the latest developments in risk management as it applies to auditors, and insight into how enterprise risk management affects the responsibilities of both internal and external auditors.
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Chapter 1 WHY RISK MANAGEMENT?
Chapter 2 DETERMINING RISK MANAGEMENT MATURITY
Chapter 3 ENTERPRISEWIDE RISK MANAGEMENT
Chapter 4 RISK APPETITE
Chapter 5 CONTROL RISK SELFASSESSMENT
Chapter 6 DEVELOPING AN AUDIT APPROACH
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achieve agement aspect assurance assurance services audit committee audit plan audit role Australian/New Zealand Standard Business Risk chief risk officer Committee of Sponsoring compliance concept consulting continues in Figure corporate risk COSO ERM CRSA culture decisions deﬁned develop documentation effective employees ensure Enterprise Risk Management Enterprise-Wide Risk Management entity’s ERM framework ERM process evaluate Evidence Action Executive Summary external facilitator ﬁnal ﬁnancial ﬁrst ﬁts Ibid identify impact implement Institute of Internal Internal Auditors internal control level of risk manage risk Management Guidelines AS/NZS management’s ment model is described monitoring objectives operational risk management organization’s overall performance Practice Advisory reﬂect reporting responsibility risk assessment risk cycle risk game risk management framework Risk Management Guidelines risk management process risk maturity risk policy risk register risk tolerance risk-based Sarbanes-Oxley Act Score senior management September 2004 signiﬁcant Sponsoring Organizations staff stakeholders UK & Ireland