Auditing risk management

Upon completion you will be better able to:

• describe the essential components of a risk management framework
• recognise the key characteristics that contribute towards effective risk management
• draw upon a range of techniques for reviewing risk management
• evaluate the effectiveness of the design and operation of the different components of a risk management framework
• present the results of a risk management review in a meaningful way to help drive improvements within the organisation.

The essentials of risk management

• key components of a risk management framework
• good practice models
• ways to successfully embed risk management processes
• characteristics of effective risk management.

Planning an audit of risk management

• identifying useful inputs for planning
• drawing on good practice models
• using a range of approaches for reviewing a risk management framework.

Conducting an audit of risk management

• reviewing the design of each component of the risk management framework
• reviewing the operation and effectiveness of the risk management framework
• obtaining and integrating the perceptions of management
• determining the degree to which risk management is embedded
• using outputs of the risk management processes to inform the evaluation.

Concluding on the effectiveness of risk management

• drawing conclusions on each element of the risk management framework
• providing assurance – presenting results in a clear manner
• agreeing the way forward – a catalyst for continuous improvement.

• Performance (Risk management)