Once approved “limits of risk” (risk tolerance) are obtained, internal auditors must assess if the limits are excessive or too conservative.
To be successful, every business must take some degree of risk. To truly understand if controls are working effectively to manage these risks, it is important to know how much risk your organization’s governance is willing to accept.
Richard Chambers, President and CEO of The Institute of Internal Auditors, spoke of the Five Imperatives for Internal Audit at the 2011 Houston IIA Conference this Spring. In this newsletter, I share these imperatives with you. Internal audit teams that utilize RBIA should be happy to know they are ahead of the crowd.
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