The first in a three-part series, this report serves as a how-to guide to assist internal auditors in assessing their current level of preparedness regarding privacy and data protection issues, particularly as their approaches relate to the present state of the profession overall.
Further, the report is intended to help internal auditors understand specific risks and threats and to help them ensure that relevant controls are developed, implemented, and operated effectively. The framework, audit plan, and implementation discussions in the later sections of the report are designed to provide a foundation on how internal audit departments can build their own structures.
The target group for these guidelines is organisations that would like to either establish an Enterprise Risk Management function or develop their existing risk management function further. The principles in this guidance may also be useful for organisations without a discrete Enterprise Risk Management function, but where responsibility for Enterprise Risk Management is assigned to another function with enterprise-wide responsibility.
The main motivation for internal auditors’ involvement in defining what is good practice for Risk Management is that Enterprise Risk Management has developed over the last 15 to 20 years to become a vital element in good corporate governance. Unlike the profession of internal auditing which has had a unifying global body defining principles and standards the Institute of Internal Auditors (founded in 1941) there is currently no equivalent worldwide body representing the profession of Enterprise Risk Management.
In the Nordic and Baltic countries the profession is characterised by a number of formal and informal associations, some of which are members of a European representative body FERMA. The primary aim therefore of this good practice guideline is twofold, firstly to set a common benchmark which it is believed may strengthen the development of the risk management profession in the Nordic and Baltic countries and second, to facilitate the internal audit function to discharge more effectively its responsibility according to the professional standard requirement that “the internal audit activity must evaluate the effectiveness and contribute to the improvement of risk management processes”.
The “Good Practice Guidelines for the Enterprise Risk Management function” has been developed by a steering group drawn from the institutes of internal auditors for the Nordic and Baltic countries.
View the webinar from the launch of the ERM Guidelines: Presentation (Access Password: L6%6a+hC) Du kan også laste ned foilene HER.
Agile audits are fast-paced, repeatable, and emphasize full transparency and collaboration between stakeholders and self-organized audit teams. While Agile audit processes offer clear benefits in terms of speed and efficiency, implementing them can pose a significant challenge, especially for audit teams who may be resistant to change.
This latest Global Knowledge Brief features the experiences of four CAEs who explain how agile audits are fast-paced, iterative, and emphasize full transparency and collaboration between stakeholders and self-organized audit teams.
Understanding and implementing Enterprice Risk Management
Over the past few decades, enterprise risk management (ERM) has received increased attention from boards and executives, and it continues to evolve in its development and uses. To further inform organizations on its benefits, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) is releasing new guidance, “Creating and Protecting Value: Understanding and Implementing Enterprise Risk Management,” offering succinct, tangible steps to implement an effective ERM program.
Learn more about all the COSO- guidance here: www.coso.org.
Global Technology Audit Guide (GTAG) – Recommended Guidance
Change management in the IT environment is, as the guide’s title states, critical for organizational success. Organizations are bombarded with change requests ― not only to improve or update existing application functionality, but also to implement necessary patches to help secure those applications, and in some cases to comply with relevant regulatory requirements. Managing the flow of requests should be handled efficiently and effectively to avoid mishaps, rework, unintended consequences, or even system failure.
The updated third edition of this topic will help internal auditors understand the risks and controls associated with IT change management and how to assess the operational efficiency of processes involving change management.
This guide provides tools to help internal auditors obtain and evaluate evidence that management’s assertions are accurate, and explains how to provide assurance over this critical area.
This guidance will enable internal auditors to:
Have a working knowledge of IT change management processes.
Distinguish effective change management processes from ineffective ones.
Recognize red flags and indicators that IT environments are having control issues related to change management.
Understand that effective change management hinges on implementing appropriate preventive, detective, and corrective controls to ensure adequate management supervision.
Recommend best practices for addressing issues, both for assurance of risks and increasing effectiveness and efficiency.
Vårt tidligere fagblad SIRK dekker områdene risikostyring, compliance, virksomhetsstyring, kontroll og sikkerhet, internrevisjon.
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