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立场公告.doc
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1、THE ROLE OF INTERNAL AUDITING IN ENTERPRISE-WIDE RISK MANAGEMENT2009年1月发布IntroductionThe importance to strong corporate governance of managing risk has been increasinglyacknowledged. Organizations are under pressure to identify all the business risks theyface; social, ethical and environmental as we
2、ll as financial and operational, and toexplain how they manage them to an acceptable level. Meanwhile, the use ofenterprise-wide risk management frameworks has expanded, as organizationsrecognize their advantages over less coordinated approaches to risk management.Internal auditing, in both its assu
3、rance and its consulting roles, contributes to themanagement of risk in a variety of ways.What is Enterprise-wide Risk Management?People undertake risk management activities to identify, assess, manage, and controlall kinds of events or situations. These can range from single projects or narrowlydef
4、ined types of risk, e.g. market risk, to the threats and opportunities facing theorganization as a whole. The principles presented in this paper can be used to guide theinvolvement of internal auditing in all forms of risk management but we are particularlyinterested in enterprise-wide risk manageme
5、nt because this is likely to improve anorganizations governance processes.Enterprise-wide risk management (ERM) is a structured, consistent and continuousprocess across the whole organization for identifying, assessing, deciding on responsesto and reporting on opportunities and threats that affect t
6、he achievement of itsobjectives.Responsibility for ERMThe board has overall responsibility for ensuring that risks are managed. In practice,the board will delegate the operation of the risk management framework to themanagement team, who will be responsible for completing the activities below. There
7、may be a separate function that co-ordinates and project-manages these activities andbrings to bear specialist skills and knowledge.Everyone in the organization plays a role in ensuring successful enterprise-wide riskmanagement but the primary responsibility for identifying risks and managing them l
8、ieswith management.Benefits of ERMERM can make a major contribution towards helping an organization manage the risksto achieving its objectives. The benefits include:Greater likelihood of achieving those objectives;Consolidated reporting of disparate risks at board level;Improved understanding of th
9、e key risks and their wider implications;Identification and sharing of cross business risks;Greater management focus on the issues that really matter;Fewer surprises or crises;More focus internally on doing the right things in the right way;Increased likelihood of change initiatives being achieved;C
10、apability to take on greater risk for greater reward andMore informed risk-taking and decision-making.The activities included in ERMArticulating and communicating the objectives of the organization;Determining the risk appetite of the organization;Establishing an appropriate internal environment, in
11、cluding a risk managementframework;Identifying potential threats to the achievement of the objectives;Assessing the risk (i.e. the impact and likelihood of the threat occurring);Selecting and implementing responses to the risks;Undertaking control and other response activities;Communicating informat
12、ion on risks in a consistent manner at all levels in theorganization;Centrally monitoring and coordinating the risk management processes and theoutcomes, andProviding assurance on the effectiveness with which risks are managed.Providing assurance on ERMOne of the key requirements of the board or its
13、 equivalent is to gain assurance that riskmanagement processes are working effectively and that key risks are being managed toan acceptable level.It is likely that assurance will come from different sources. Of these, assurance frommanagement is fundamental. This should be complemented by the provis
14、ion ofobjective assurance, for which the internal audit activity is a key source. Other sourcesinclude external auditors and independent specialist reviews. Internal auditors willnormally provide assurances on three areas:Risk management processes, both their design and how well they are working;Man
15、agement of those risks classified as key, including the effectiveness of thecontrols and other responses to them; andReliable and appropriate assessment of risks and reporting of risk and controlstatus.The role of internal auditing in ERMInternal auditing is an independent, objective assurance and c
16、onsulting activity. Its corerole with regard to ERM is to provide objective assurance to the board on theeffectiveness of risk management. Indeed, research has shown that board directorsand internal auditors agree that the two most important ways that internal auditingprovides value to the organizat
17、ion are in providing objective assurance that the majorbusiness risks are being managed appropriately and providing assurance that the riskmanagement and internal control framework is operating effectively1.1 The Value Agenda, Institute of Internal Auditors UK and Ireland and Deloitte & Touche 2003F
18、igure 1 presents a range of ERM activities and indicates which roles an effectiveprofessional internal audit activity should and, equally importantly, should not undertake.The key factors to take into account when determining internal auditings role arewhether the activity raises any threats to the
19、internal audit activitys independence andobjectivity and whether it is likely to improve the organizations risk management,control and governance processes.Figure 1 Internal auditings role in ERMThe activities on the left of Figure 1 are all assurance activities. They form part of thewider objective
20、 of giving assurance on risk management. An internal audit activitycomplying with the International Standards for the Professional Practice of InternalAuditing can and should perform at least some of these activities.Internal auditing may provide consulting services that improve an organizationsgove
21、rnance, risk management, and control processes. The extent of internal auditorsconsulting in ERM will depend on the other resources, internal and external, available tothe board and on the risk maturity2 of the organization and it is likely to vary over time.Internal auditors expertise in considerin
22、g risks, in understanding the connectionsbetween risks and governance and in facilitation mean that the internal audit activity iswell qualified to act as champion and even project manager for ERM, especially in theearly stages of its introduction. As the organizations risk maturity increases and ri
23、skmanagement becomes more embedded in the operations of the business, internalauditings role in championing ERM may reduce. Similarly, if an organization employsthe services of a risk management specialist or function, internal auditing is more likelyto give value by concentrating on its assurance r
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