Today’s intense business environment has increased pressure on the entire C-suite and board, giving chief audit executives and their staffs opportunities to help support the company’s efforts to mitigate risks to value and pursue intelligent risk-taking for reward. Internal audit can help management take a holistic approach to enterprise risk management, focusing on both value preservation and value creation, to detect, advise on corrections, and escalate critical business exposures.

Deloitte & Touche LLP’s Enterprise Risk Assessment for Internal Audit adapts the concepts of Committee of Sponsoring Organizations (COSO)-Enterprise Risk Management integrated framework and combines it with our own methodology. The benefits include:

• Development of a business risk profile and risk response plan
• Identification of potential impacts on value preservation and creation, and areas of vulnerability
• Processes to better align internal audit resources to support business strategy, risk responses, and potential concerns facing senior management and the board
• Suggested risk management practices to enhance strategic risk-taking for reward