24 Oct Assessing and Managing Strategic Risks: What, Why, How for Internal Auditors
Author: Richard J. Anderson, CPA, and Mark L. Frigo, PhD, CPA, CMA
Year of Publication: Aug 2017
New from the Internal Audit Foundation!
Research on internal audit stakeholders conducted as part of The IIA’s Common Body of Knowledge (CBOK) 2015 study confirms that executive management and directors expect and value internal audit expanding its roles to include both providing assurance over the organisation’s strategic risks and assisting management to enhance their risk management processes over strategic risks.
While the book discusses key concepts and possible roles and activities for internal audit related to strategic risks, the primary focus of the book is on two key processes: the assessment of strategic risks and strategic risk management. It provides frameworks on strategy and strategic risks and a basic strategic risk assessment methodology. Also included are helpful tools such as strategy maps, risk heat maps, a strategic risk management diagnostic, and detailed process charts.
This book is designed to provide internal auditors with sound, practical advice that can better enable them to meet this critical challenge and add this dimension to their existing risk assessment processes. Strategic risks and strategic risk management also represent areas of significant opportunity for internal auditors to “up their game” and more closely align the activities of internal audit to the achievement of their organisation’s overall business objectives.