Until recently, traditional risk management methodology was viewed as a series of benchmarks to be reviewed, checked off, and filed away for the following year. This laid-back system left many loopholes for corruption. Reckless trading, against the backdrop of the cutthroat competition of the 1990s into 2000 and beyond, forced regulators to get tough. The advent of enterprise risk management has brought about a dramatic change in the philosophy of risk management, making back office checking teams an important corporate resource, with a new focus on identifying and evaluating significant exposures to risk. This new approach encourages all employees to play a role in improving risk management and control systems.
Auditing the Risk Management Process brings together the latest thinking and guidance on internal control and how it pertains to the audit function to help readers implement effective enterprise risk management throughout all facets of their organizations. The first book in the new Practical Auditor Series—cobranded with the Institute of Internal Auditors—Auditing the Risk Management Process deftly illustrates how the growing trend in enterprise risk management affects the responsibilities of both internal and external auditors.
Author K. H. Spencer Pickett provides a wealth of practical guidance and tools, including his personally developed risk maps and process models, to help auditors fully understand the overall audit framework and reporting process, while complying with the demand for a higher standard of risk transparency enforced by Sarbanes-Oxley.
Written primarily for internal auditors, Auditing the Risk Management Process is also a useful tool for external auditors, compliance teams, financial controllers, consultants, and others involved in reviewing governance, risk, and control systems, as well as executives, managers, and staff as they are increasingly being asked to review their systems of internal control and ensure that there is a robust risk management process in place in all types of organizations.
Don't let your organization be derailed by poorly managed risk. Discover the best risk management practices in Auditing the Risk Management Process.
Key Features
- Original risk maps and process models developed by the author, explaining where and how topics fit within an overall audit framework.
- All the latest developments in risk management as it applies to auditors.
- Insight into how enterprise risk management affects the responsibilities of both internal and external auditors.
Contents
- Chapter 1. Why Risk Management?
- Chapter 2. Determining Risk Management Maturity.
- Chapter 3. Enterprise-Wide Risk Management.
- Chapter 4. Risk Appetite.
- Chapter 5. Control Risk Self-Assessment.
- Chapter 6. Developing an Audit Approach.
- Chapter 7. The Illusion of Perfection.
- Chapter 8. An Holisitic ERM Concept.
- Appendix A: Applying an ERM Diagnostic Tool.
- Index.
About the Authors
- K. H. SPENCER PICKETT is a senior lecturer in internal auditing at the Civil Service College in Berkshire, England. He delivers courses for internal auditors as part of their requirement to attain the government internal audit standard and prepares students for the Institute of Internal Auditors (IIA) examinations at the practitioner and professional levels. He has authored or coauthored several books, including Internal Control: A Manager's Journey; The Internal Auditor at Work: A Practical Guide to Everyday Challenges; Financial Crime Investigation and Control; and The Internal Auditing Handbook, Second Edition (all published by Wiley).
Book Details
- Hardcover: 288 pages
- Publisher: Wiley; 1 edition (2013)
- Language: English
- ISBN-10: 0471690538
- ISBN-13: 978-0471690535
- Product Dimensions: 0.9 x 6.3 x 9.2 inches
- List price: $78.95