BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Determine how the risk should best be managed.
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Provide assurance on the management of the risk.
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Update the risk management process based on risk exposures.
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Design controls to mitigate the identified risks.
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Detailed explanation-1: -The main role of internal audit in risk management is assessing and monitoring risks that company faces, and providing recommendations for appropriate risk mitigation controls.
Detailed explanation-2: -Risk assurance involves tiers of internal processes including management and internal controls, financial control and security, inspection, compliance, internal audit and leadership teams that are aware of the companies internal and external risks.
Detailed explanation-3: -The following are roles that internal audit should not undertake setting the risk appetite, imposing risk management processes, taking decisions on risk response, implementing risk responses on management’s behalf and accountability for risk management. These roles majorly lie on the operational management.