Guidelines for Performing a Corporate-Wide Internal Audit Risk Assessment

Performing a corporate-wide risk assessment can seem like a daunting task for an organization. In reality, it can be done using a template and brainstorming with internal auditors, certified fraud examiners, and business unit leaders throughout your organization. Understanding your company’s risk environment is key to having an effective internal audit system; it helps to have significant experience in internal auditing and a mind for coming up with “what could go wrong” in any controlled environment.

This webinar will equip you with a methodology that has been utilized in a robust internal audit department for a billion-dollar revenue corporation. It will discuss key components of a risk assessment and management program, steps involved in the risk assessment process, and tips for continual refinement of audit projects.

As awareness regarding the potent impact of Internal Audit organizations and their associated costs continues to rise, the need for an entity-wide risk assessment becomes paramount. This practice is pivotal for optimizing the efficiency and efficacy of an Audit Organization.

Embarking on a corporate-wide risk assessment is a tangible and valuable pursuit. It not only equips the internal audit function and its organization with a roadmap for the impending audit year but also offers a sense of reassurance upon completion. This tried-and-true methodology, harnessed by billion-dollar industries, is conducted annually. It leverages templates to systematically document outcomes from a series of engagements with Company Executives and Management across all tiers during the risk assessment process.

Discover the transformative potential of entity-wide risk assessment—a cornerstone endeavor for enhancing the audit landscape. Elevate your proficiency in this domain to usher in heightened efficiency and effectiveness for your Audit Organization.

Key Topics Covered:

• The key components of a risk assessment and management program.
• The template for a risk assessment and examples of typical projects that may come up in various departments.
• Brainstorm your industry and the unique types of projects that can be worthwhile projects.
• The methodology for a successful risk assessment process.
• The steps involved in the risk assessment process.
• Continual refinement of audit projects throughout the audit year.

• Internal audit personnel involved in performing the annual risk assessment
• Internal audit management interested in performing a risk assessment
• Professionals responsible for performing risk assessment duties
• Risk/compliance officers from any industry