As part of an enterprise risk management (ERM) program, how can a risk practitioner best leverage the work performed by an internal audit function?

Leveraging the internal audit function as part of an enterprise risk management (ERM) program is vital for effectively monitoring the organization's control environment. The internal audit's role typically includes examining and evaluating the adequacy and effectiveness of internal controls, risk management processes, and governance processes.

By assisting in monitoring, evaluating, examining, and reporting on controls, a risk practitioner can utilize the internal audit's insights to enhance the overall risk posture of the organization. Internal auditors conduct independent assessments that can identify weaknesses and areas of improvement in the organization's controls. This information is crucial for the risk practitioner as it provides a foundation of verified data from which to evaluate existing risk management strategies and take corrective measures if necessary.

Moreover, the internal audit provides an objective view, thereby promoting accountability and enhancing the reliability of the risk management program. Their findings can guide decision-making and prioritization of risk mitigation efforts while ensuring that the organization adheres to compliance requirements and best practices in risk management.

The collaboration between risk management and internal audit strengthens the framework through which risks are assessed, controlled, and mitigated, making it a vital component of a robust ERM program.