The Institute of Internal Auditors - Australia has issued the following publications, which should interest boards and management:
In its ‘20 critical questions’ series, the institute has examined what directors should ask of risk management.
Questions are posed under headings such as risk management foundations, risk assessment, risk registers and review.
The first is ‘Does the organisation have (a) risk management framework aligned to an appropriate standard such as ISO 31000:2018 ‘Risk management – Guidelines’ (b) defined risk appetite ideally encapsulated in a risk appetite statement?’
And a ‘killer question’ is posed. ‘How does management, audit or risk committee and board of directors clearly know the organisation has identified and is effectively managing its risks in a timely way?’
If you would like to discuss this further with one of our Assurance team members, please contact us.