July 2011

July 28, 2011

The Hunger for Risk Appetite

There is no doubt that when it comes to risk, the internal audit profession is maturing. A few years ago, annual risk assessments were considered a leading practice but were not even required under our professional standards. Today, documented risk assessments are mandated at least annually. Many audit executives see a need for more frequent assessments, and a growing number of executives are shifting toward a continuous risk assessment model. We are spending more and more time and resources assessing risk — but unless there is a shared vision on risk appetite within the enterprise, the full benefit of any risk assessment is unlikely to be realized.…