Achieving Risk Intelligence in Volatile Times
As companies are asked to do more with less, internal auditors can contribute to value preservation – and value creation
Whether the times are good or bad, companies need internal audit’s expertise to alert them to issues, attain transparency, improve their ability to execute against business plans, and strengthen their risk management capabilities.
As economic conditions change, so too must risk management priorities. That is why internal auditors should consider, first and foremost, whether they are aligned with the strategy and direction of the company.
This article highlights key areas of focus where internal audit can focus in volatile economic conditions. In addition, it highlights the nine fundamental principles of a risk-intelligent enterprise. Internal auditors that help their company follow these principles can stay on the path to risk intelligence.
By aligning their roles and responsibilities with both the long-term strategies and short-term initiatives of the company, risk intelligent internal auditors can help avoid surprises, improve process efficiencies, contain costs, and protect and enhance value through effective risk management during the tough economic times and recovery.
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