Senior management is eager to assess the organization's risks with regard to electricity sales processes, but the senior management team does not know where to start. How can the internal audit activity assist?
A.
Outsource the identification of best practices for risk management to an external third party.
B.
Perform an audit engagement to identify risk management practices deployed in electricity sales processes.
C.
Recommend reporting the lack of risk management to government authorities and request guidance.
D.
Facilitate a self-assessment workshop with the employees responsible for process execution.
According to IIA guidance, the internal audit activity can assist management in risk management processes through:
Facilitating risk self-assessment workshops, where employees involved in the processes:
-Identify risks within their own operations.
-Evaluate the likelihood and impact of those risks.
-Promote ownership and understanding of risk management across the organization.
This approach:
-Encourages management involvement.
-Supports risk awareness at the operational level.
-Respects internal audit's role by facilitating, not assuming management responsibility for risk decisions.
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Kozy
4 weeks agof30b972
11 months, 3 weeks ago