Competencies for Risk Management Assurance
5 minutes
5 Questions
The Certification in Risk Management Assurance (CRMA), offered by The Institute of Internal Auditors (IIA), validates an internal auditor's ability to provide assurance and advisory services on risk management processes. Within the context of internal audit roles and responsibilities, the competencies for risk management assurance can be grouped into several key areas. 1. Risk Management Frameworks and Governance: Practitioners must understand established frameworks such as COSO ERM and ISO 31000, and how boards and senior management define risk appetite, tolerance, and oversight structures. This enables auditors to evaluate whether governance arrangements adequately support effective risk management. 2. Risk Identification and Assessment: Competent professionals can evaluate how an organization identifies, analyzes, and prioritizes risks, including strategic, operational, financial, compliance, and emerging risks. They assess the quality of risk registers, scoring methodologies, and the linkage between risks and organizational objectives. 3. Control Evaluation and Risk Response: Auditors must assess whether risk responses (accept, avoid, mitigate, transfer) are appropriate and whether controls are designed and operating effectively to keep residual risk within acceptable levels. 4. Assurance Methodology and Independence: A core competency is designing and executing risk-based audit plans while maintaining objectivity. The IIA's Three Lines Model clarifies that internal audit provides independent assurance over first- and second-line risk activities, and must avoid taking ownership of risks or making management decisions. 5. Communication and Reporting: Professionals must clearly communicate risk insights, control gaps, and assurance conclusions to the audit committee, board, and management, translating technical findings into business-relevant language. 6. Professional Ethics and Standards: Adherence to the IIA's Global Internal Audit Standards and Code of Ethics underpins credibility, including integrity, confidentiality, and due professional care. 7. Business Acumen and Analytical Skills: Understanding the organization's industry, strategy, and data analytics enables auditors to provide meaningful, forward-looking risk assurance that adds organizational value.
Competencies for Risk Management Assurance: A Complete CRMA Study Guide
Why This Topic Matters
The Certification in Risk Management Assurance (CRMA) exists because boards and senior management increasingly rely on internal audit to provide independent, objective assurance that risk management processes are effective. That reliance is only justified if the people delivering the assurance possess the right competencies: the knowledge, skills, and behaviours needed to evaluate how an organisation identifies, assesses, responds to, and monitors risk. Weak competencies lead to false assurance, which is arguably worse than no assurance at all, because it gives the board a misplaced sense of comfort.
In the CRMA syllabus, this topic sits within the domain covering internal audit roles and responsibilities. Examiners test it because it links three things the IIA cares deeply about: conformance with the Global Internal Audit Standards (and the former Attribute Standards on proficiency and due professional care), the Three Lines Model, and the IIA Global Internal Audit Competency Framework. Expect several questions that test whether you can recognise what a competent risk assurance provider must know, how a Chief Audit Executive (CAE) ensures the function collectively has those competencies, and what happens when competencies are lacking.
What Are Competencies for Risk Management Assurance?
A competency is the combination of knowledge (what you know), skills (what you can do), and behaviours or attributes (how you act) required to perform a role effectively. For risk management assurance, the IIA frames competencies at two levels:
1. Individual competencies: what each internal auditor or risk assurance professional must personally possess or develop.
2. Collective competencies: what the internal audit function as a whole must have, which the CAE is responsible for ensuring, including through training, recruitment, co-sourcing, or outsourcing.
The key competency areas you should be able to recall are:
Professional ethics and attributes
Integrity, objectivity, confidentiality, competency (the four principles of the Code of Ethics, now embedded in Domain II of the Global Internal Audit Standards), professional scepticism, and the courage to communicate uncomfortable conclusions about risk.
Risk management frameworks and governance knowledge
Understanding of recognised frameworks such as COSO Enterprise Risk Management, Integrating with Strategy and Performance (2017), ISO 31000 Risk Management, and the COSO Internal Control Integrated Framework (2013). Knowledge of governance structures, the roles of the board and its committees, risk appetite and tolerance, and the Three Lines Model, which places internal audit in the third line providing independent assurance over first-line (management) and second-line (risk, compliance, control functions) activities.
Risk assessment and analytical skills
Ability to identify risks, evaluate likelihood and impact, understand inherent versus residual risk, assess the design and operating effectiveness of risk responses and controls, use data analytics, and apply root cause analysis.
Business acumen
Understanding the organisation's strategy, operating model, industry, regulatory environment, and key value drivers so that risk assessments are relevant rather than generic.
Standards and methodology
Knowledge of the International Professional Practices Framework (IPPF) and the Global Internal Audit Standards, especially those on risk-based planning, evaluating risk management processes (historically Standard 2120 Risk Management and 2010 Planning), proficiency and due professional care (historically 1210 and 1220, now Standards 3.1 Competency and 4.1 to 4.3 Due Professional Care and related provisions), and the Standards addressing the CAE's responsibility for human resources and competency of the function.
Communication and influence
Ability to write clear risk-focused reports, present to audit and risk committees, facilitate risk workshops, negotiate agreed actions, and tailor messages to different stakeholders without compromising objectivity.
Technology and information competencies
Awareness of IT risks (cyber, data privacy, cloud, third parties), emerging technology, data governance, and the ability to use technology-enabled audit techniques.
How It Works in Practice
1. Linking competencies to internal audit's role in ERM
The IIA Position Paper on the role of internal auditing in enterprise-wide risk management identifies three categories of activity:
- Core assurance roles internal audit should perform: giving assurance on risk management processes, on the evaluation of risks, on the reporting of key risks, and on the management of key risks.
- Legitimate consulting roles with safeguards: facilitating identification and evaluation of risks, coaching management on responding to risks, coordinating ERM activities, consolidating risk reporting, maintaining and developing the ERM framework, championing ERM, and developing a risk strategy for board approval.
- Roles internal audit should not undertake: setting risk appetite, imposing risk management processes, providing management assurance on risks, making decisions on risk responses, implementing responses on management's behalf, and taking accountability for risk management.
Competency questions often hinge on this model. A competent risk assurance provider knows not just how to assess risk but where the boundary lies so that independence and objectivity are preserved. Taking on management responsibilities is both an objectivity impairment and, in exam terms, a signal that the auditor lacks competence in understanding their role.
2. The CAE's responsibility for collective competency
The Standards require the CAE to ensure the internal audit function collectively possesses, or obtains, the knowledge, skills, and other competencies needed to fulfil the mandate. In practice this means:
- Performing a periodic skills gap analysis against the audit plan and the organisation's risk profile.
- Recruiting, training, and developing staff, often mapped to the IIA Competency Framework.
- Obtaining specialist support through co-sourcing or outsourcing (for example, actuarial, cyber, or complex financial instruments expertise) when internal competence is insufficient.
- Declining or modifying an engagement if competent resources cannot be obtained, and reporting the limitation to the board.
- Supporting continuing professional development (CPD/CPE), certifications such as CIA and CRMA, and knowledge sharing.
- Supervising engagements so that less experienced staff are appropriately guided and work is reviewed.
3. Individual responsibility and due professional care
Each auditor must maintain and improve their own competence, apply the care and skill of a reasonably prudent and competent internal auditor, and disclose when they lack the competence to perform a task. Due professional care does not mean infallibility; it means considering the extent of work needed, the relative complexity and significance of risks, the adequacy of governance and risk management processes, the probability of significant errors, fraud or non-compliance, and the cost of assurance relative to benefits.
4. Competencies by role level
The IIA Competency Framework distinguishes expectations by level (for example, internal auditor, internal audit manager, CAE). Staff are expected to apply knowledge of risk concepts and perform risk assessments; managers are expected to supervise, integrate risk assessment across engagements, and liaise with second-line functions; the CAE is expected to provide an overall opinion on risk management effectiveness, align the audit plan with strategic risks, and advise the board on risk governance.
5. Quality assurance and improvement
Competency is reinforced by the Quality Assurance and Improvement Program (QAIP). Internal assessments and external quality assessments (at least every five years) evaluate whether staff competencies conform to the Standards, and results are reported to senior management and the board.
How to Answer Exam Questions on This Topic
CRMA questions are typically scenario-based multiple choice with one best answer. Use the following reasoning process:
Step 1: Identify what is being tested. Is the question about individual competence, collective competence, the CAE's responsibility, the boundary between assurance and management roles, or due professional care?
Step 2: Anchor to the Standards and IIA guidance. The correct answer almost always aligns with what the Standards require: the function collectively must have competencies; the CAE must obtain advice or assistance if the function lacks them; auditors must not accept assignments they are not competent to perform; management responsibilities must not be assumed.
Step 3: Eliminate answers that compromise independence or objectivity. Any option where internal audit sets risk appetite, owns risks, decides risk responses, or implements controls is wrong, regardless of how competent the auditor is.
Step 4: Prefer structured, documented, board-visible solutions. Options involving a skills gap assessment, a documented training plan, co-sourcing specialists, or reporting resource limitations to the board tend to be correct over informal or ad hoc approaches.
Step 5: Watch for role-level cues. If the scenario describes the CAE, think strategically (mandate, plan, board reporting, collective competence). If it describes an engagement auditor, think about individual proficiency, supervision, scepticism, and escalation.
Worked Example
A CAE is planning an assurance engagement on the organisation's model risk management for complex derivatives. No one on the team has quantitative finance expertise. What should the CAE do first?
A. Proceed, relying on management's model validation reports.
B. Remove the engagement from the plan permanently.
C. Obtain competent advice and assistance, such as co-sourcing a specialist, before proceeding.
D. Assign the most senior auditor and ask them to self-study.
The best answer is C. The Standards require the CAE to obtain competent advice and assistance if the function lacks the needed competencies. A relies inappropriately on management (and reflects a first/second-line role), B abandons a significant risk area without informing the board, and D does not ensure competence within the engagement timeframe.
Exam Tips: Answering Questions on Competencies for Risk Management Assurance
1. Remember the word collectively. The function as a whole, not every individual, must possess the full range of competencies. Questions that imply each auditor must be an expert in everything are distractors.
2. Know the escalation path. Lack of competence leads to obtaining assistance (co-sourcing or outsourcing), then to modifying scope, then to declining the engagement and informing the board. Options that skip straight to declining, or that simply proceed anyway, are usually wrong.
3. Separate competence from objectivity, but know they interact. A highly skilled auditor who previously managed the risk function being audited has a competence advantage but an objectivity impairment. The Standards generally restrict providing assurance over areas for which the auditor had responsibility within the previous year. The exam likes to test whether you prioritise objectivity.
4. Memorise the ERM fan. Core roles, legitimate roles with safeguards, and roles internal audit should not undertake. Many competency questions are really role-boundary questions in disguise.
5. Due professional care means reasonable, not perfect. If an answer says internal audit guarantees that all significant risks are identified, it is wrong. Assurance is reasonable, not absolute.
6. Use the Competency Framework vocabulary. Terms like professional ethics, internal audit management, IPPF knowledge, governance risk and control, business acumen, communication, persuasion and collaboration, critical thinking, and improvement and innovation signal the correct answer when they appear in context.
7. Frameworks matter but the exam tests application. You should recognise COSO ERM components (governance and culture; strategy and objective-setting; performance; review and revision; information, communication and reporting) and ISO 31000 principles, but questions focus on whether the auditor can evaluate how management applies them rather than on reciting definitions.
8. Professional scepticism is a competency. Accepting management's risk register at face value, or relying solely on second-line reports without testing, indicates a competency deficiency. Correct answers involve corroboration and independent evaluation.
9. Technology competence is current. Expect scenarios involving cyber, data analytics, or emerging technology where the right answer involves acquiring specialist skills or using technology-based audit techniques rather than avoiding the area.
10. Read for the superlative. Words like first, most appropriate, best, and primary change the answer. The first step is usually to assess or gather information (for example, a skills gap analysis); the most appropriate response is usually the one that conforms to the Standards and keeps the board informed.
11. Do not confuse training with proficiency. Attending a course does not create competence for a current engagement; supervision, review, and specialist support do. Similarly, a certification is evidence of competence, not a substitute for engagement-specific knowledge.
12. Link to the QAIP. If a question asks how the board gains confidence in the function's competence, the answer involves the QAIP, periodic internal assessments, and external assessments at least every five years, with results reported to the board.
Quick Revision Summary
- Competency = knowledge + skills + behaviours.
- Individuals must be proficient and exercise due professional care; the function must be collectively competent; the CAE is accountable for ensuring this.
- Gaps are addressed through development, co-sourcing, outsourcing, scope modification, or declining engagements, with transparency to the board.
- Competent risk assurance includes knowing the limits of the role: assure and advise, never own, decide, or set appetite.
- Frameworks (COSO ERM, ISO 31000, Three Lines Model) are the knowledge base; scepticism, analysis, and communication are the skills; integrity and objectivity are the behaviours.
- In the exam, choose the answer that conforms to the Standards, preserves objectivity, and keeps governance bodies informed.
The Certification in Risk Management Assurance (CRMA) exists because boards and senior management increasingly rely on internal audit to provide independent, objective assurance that risk management processes are effective. That reliance is only justified if the people delivering the assurance possess the right competencies: the knowledge, skills, and behaviours needed to evaluate how an organisation identifies, assesses, responds to, and monitors risk. Weak competencies lead to false assurance, which is arguably worse than no assurance at all, because it gives the board a misplaced sense of comfort.
In the CRMA syllabus, this topic sits within the domain covering internal audit roles and responsibilities. Examiners test it because it links three things the IIA cares deeply about: conformance with the Global Internal Audit Standards (and the former Attribute Standards on proficiency and due professional care), the Three Lines Model, and the IIA Global Internal Audit Competency Framework. Expect several questions that test whether you can recognise what a competent risk assurance provider must know, how a Chief Audit Executive (CAE) ensures the function collectively has those competencies, and what happens when competencies are lacking.
What Are Competencies for Risk Management Assurance?
A competency is the combination of knowledge (what you know), skills (what you can do), and behaviours or attributes (how you act) required to perform a role effectively. For risk management assurance, the IIA frames competencies at two levels:
1. Individual competencies: what each internal auditor or risk assurance professional must personally possess or develop.
2. Collective competencies: what the internal audit function as a whole must have, which the CAE is responsible for ensuring, including through training, recruitment, co-sourcing, or outsourcing.
The key competency areas you should be able to recall are:
Professional ethics and attributes
Integrity, objectivity, confidentiality, competency (the four principles of the Code of Ethics, now embedded in Domain II of the Global Internal Audit Standards), professional scepticism, and the courage to communicate uncomfortable conclusions about risk.
Risk management frameworks and governance knowledge
Understanding of recognised frameworks such as COSO Enterprise Risk Management, Integrating with Strategy and Performance (2017), ISO 31000 Risk Management, and the COSO Internal Control Integrated Framework (2013). Knowledge of governance structures, the roles of the board and its committees, risk appetite and tolerance, and the Three Lines Model, which places internal audit in the third line providing independent assurance over first-line (management) and second-line (risk, compliance, control functions) activities.
Risk assessment and analytical skills
Ability to identify risks, evaluate likelihood and impact, understand inherent versus residual risk, assess the design and operating effectiveness of risk responses and controls, use data analytics, and apply root cause analysis.
Business acumen
Understanding the organisation's strategy, operating model, industry, regulatory environment, and key value drivers so that risk assessments are relevant rather than generic.
Standards and methodology
Knowledge of the International Professional Practices Framework (IPPF) and the Global Internal Audit Standards, especially those on risk-based planning, evaluating risk management processes (historically Standard 2120 Risk Management and 2010 Planning), proficiency and due professional care (historically 1210 and 1220, now Standards 3.1 Competency and 4.1 to 4.3 Due Professional Care and related provisions), and the Standards addressing the CAE's responsibility for human resources and competency of the function.
Communication and influence
Ability to write clear risk-focused reports, present to audit and risk committees, facilitate risk workshops, negotiate agreed actions, and tailor messages to different stakeholders without compromising objectivity.
Technology and information competencies
Awareness of IT risks (cyber, data privacy, cloud, third parties), emerging technology, data governance, and the ability to use technology-enabled audit techniques.
How It Works in Practice
1. Linking competencies to internal audit's role in ERM
The IIA Position Paper on the role of internal auditing in enterprise-wide risk management identifies three categories of activity:
- Core assurance roles internal audit should perform: giving assurance on risk management processes, on the evaluation of risks, on the reporting of key risks, and on the management of key risks.
- Legitimate consulting roles with safeguards: facilitating identification and evaluation of risks, coaching management on responding to risks, coordinating ERM activities, consolidating risk reporting, maintaining and developing the ERM framework, championing ERM, and developing a risk strategy for board approval.
- Roles internal audit should not undertake: setting risk appetite, imposing risk management processes, providing management assurance on risks, making decisions on risk responses, implementing responses on management's behalf, and taking accountability for risk management.
Competency questions often hinge on this model. A competent risk assurance provider knows not just how to assess risk but where the boundary lies so that independence and objectivity are preserved. Taking on management responsibilities is both an objectivity impairment and, in exam terms, a signal that the auditor lacks competence in understanding their role.
2. The CAE's responsibility for collective competency
The Standards require the CAE to ensure the internal audit function collectively possesses, or obtains, the knowledge, skills, and other competencies needed to fulfil the mandate. In practice this means:
- Performing a periodic skills gap analysis against the audit plan and the organisation's risk profile.
- Recruiting, training, and developing staff, often mapped to the IIA Competency Framework.
- Obtaining specialist support through co-sourcing or outsourcing (for example, actuarial, cyber, or complex financial instruments expertise) when internal competence is insufficient.
- Declining or modifying an engagement if competent resources cannot be obtained, and reporting the limitation to the board.
- Supporting continuing professional development (CPD/CPE), certifications such as CIA and CRMA, and knowledge sharing.
- Supervising engagements so that less experienced staff are appropriately guided and work is reviewed.
3. Individual responsibility and due professional care
Each auditor must maintain and improve their own competence, apply the care and skill of a reasonably prudent and competent internal auditor, and disclose when they lack the competence to perform a task. Due professional care does not mean infallibility; it means considering the extent of work needed, the relative complexity and significance of risks, the adequacy of governance and risk management processes, the probability of significant errors, fraud or non-compliance, and the cost of assurance relative to benefits.
4. Competencies by role level
The IIA Competency Framework distinguishes expectations by level (for example, internal auditor, internal audit manager, CAE). Staff are expected to apply knowledge of risk concepts and perform risk assessments; managers are expected to supervise, integrate risk assessment across engagements, and liaise with second-line functions; the CAE is expected to provide an overall opinion on risk management effectiveness, align the audit plan with strategic risks, and advise the board on risk governance.
5. Quality assurance and improvement
Competency is reinforced by the Quality Assurance and Improvement Program (QAIP). Internal assessments and external quality assessments (at least every five years) evaluate whether staff competencies conform to the Standards, and results are reported to senior management and the board.
How to Answer Exam Questions on This Topic
CRMA questions are typically scenario-based multiple choice with one best answer. Use the following reasoning process:
Step 1: Identify what is being tested. Is the question about individual competence, collective competence, the CAE's responsibility, the boundary between assurance and management roles, or due professional care?
Step 2: Anchor to the Standards and IIA guidance. The correct answer almost always aligns with what the Standards require: the function collectively must have competencies; the CAE must obtain advice or assistance if the function lacks them; auditors must not accept assignments they are not competent to perform; management responsibilities must not be assumed.
Step 3: Eliminate answers that compromise independence or objectivity. Any option where internal audit sets risk appetite, owns risks, decides risk responses, or implements controls is wrong, regardless of how competent the auditor is.
Step 4: Prefer structured, documented, board-visible solutions. Options involving a skills gap assessment, a documented training plan, co-sourcing specialists, or reporting resource limitations to the board tend to be correct over informal or ad hoc approaches.
Step 5: Watch for role-level cues. If the scenario describes the CAE, think strategically (mandate, plan, board reporting, collective competence). If it describes an engagement auditor, think about individual proficiency, supervision, scepticism, and escalation.
Worked Example
A CAE is planning an assurance engagement on the organisation's model risk management for complex derivatives. No one on the team has quantitative finance expertise. What should the CAE do first?
A. Proceed, relying on management's model validation reports.
B. Remove the engagement from the plan permanently.
C. Obtain competent advice and assistance, such as co-sourcing a specialist, before proceeding.
D. Assign the most senior auditor and ask them to self-study.
The best answer is C. The Standards require the CAE to obtain competent advice and assistance if the function lacks the needed competencies. A relies inappropriately on management (and reflects a first/second-line role), B abandons a significant risk area without informing the board, and D does not ensure competence within the engagement timeframe.
Exam Tips: Answering Questions on Competencies for Risk Management Assurance
1. Remember the word collectively. The function as a whole, not every individual, must possess the full range of competencies. Questions that imply each auditor must be an expert in everything are distractors.
2. Know the escalation path. Lack of competence leads to obtaining assistance (co-sourcing or outsourcing), then to modifying scope, then to declining the engagement and informing the board. Options that skip straight to declining, or that simply proceed anyway, are usually wrong.
3. Separate competence from objectivity, but know they interact. A highly skilled auditor who previously managed the risk function being audited has a competence advantage but an objectivity impairment. The Standards generally restrict providing assurance over areas for which the auditor had responsibility within the previous year. The exam likes to test whether you prioritise objectivity.
4. Memorise the ERM fan. Core roles, legitimate roles with safeguards, and roles internal audit should not undertake. Many competency questions are really role-boundary questions in disguise.
5. Due professional care means reasonable, not perfect. If an answer says internal audit guarantees that all significant risks are identified, it is wrong. Assurance is reasonable, not absolute.
6. Use the Competency Framework vocabulary. Terms like professional ethics, internal audit management, IPPF knowledge, governance risk and control, business acumen, communication, persuasion and collaboration, critical thinking, and improvement and innovation signal the correct answer when they appear in context.
7. Frameworks matter but the exam tests application. You should recognise COSO ERM components (governance and culture; strategy and objective-setting; performance; review and revision; information, communication and reporting) and ISO 31000 principles, but questions focus on whether the auditor can evaluate how management applies them rather than on reciting definitions.
8. Professional scepticism is a competency. Accepting management's risk register at face value, or relying solely on second-line reports without testing, indicates a competency deficiency. Correct answers involve corroboration and independent evaluation.
9. Technology competence is current. Expect scenarios involving cyber, data analytics, or emerging technology where the right answer involves acquiring specialist skills or using technology-based audit techniques rather than avoiding the area.
10. Read for the superlative. Words like first, most appropriate, best, and primary change the answer. The first step is usually to assess or gather information (for example, a skills gap analysis); the most appropriate response is usually the one that conforms to the Standards and keeps the board informed.
11. Do not confuse training with proficiency. Attending a course does not create competence for a current engagement; supervision, review, and specialist support do. Similarly, a certification is evidence of competence, not a substitute for engagement-specific knowledge.
12. Link to the QAIP. If a question asks how the board gains confidence in the function's competence, the answer involves the QAIP, periodic internal assessments, and external assessments at least every five years, with results reported to the board.
Quick Revision Summary
- Competency = knowledge + skills + behaviours.
- Individuals must be proficient and exercise due professional care; the function must be collectively competent; the CAE is accountable for ensuring this.
- Gaps are addressed through development, co-sourcing, outsourcing, scope modification, or declining engagements, with transparency to the board.
- Competent risk assurance includes knowing the limits of the role: assure and advise, never own, decide, or set appetite.
- Frameworks (COSO ERM, ISO 31000, Three Lines Model) are the knowledge base; scepticism, analysis, and communication are the skills; integrity and objectivity are the behaviours.
- In the exam, choose the answer that conforms to the Standards, preserves objectivity, and keeps governance bodies informed.
Test mode:
CRMA - Competencies for Risk Management Assurance Example Questions
Test your knowledge of Competencies for Risk Management Assurance
Question 1
Which statement best describes the depth of knowledge each internal auditor is expected to have about specialized risk areas, such as fraud or information technology, when providing risk management assurance?
Question 2
The risk-based internal audit plan now includes an assurance engagement over the organization's process for managing risks from its pricing and forecasting models. The internal audit function's staff have strong experience in financial and operational audits but have rarely examined quantitative models. As the chief audit executive prepares to resource the engagement, what should be done FIRST?
Question 3
The audit committee asks the chief audit executive for assurance over the organization's risk management process, including the quantitative models that drive capital planning. No one in the internal audit function has modeling expertise, and the engagement must be finished within two months. The chief risk officer offers to lend the second-line analyst who validates these models. Which action BEST equips the internal audit function to deliver this engagement?
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Other Internal Audit Roles and Responsibilities concepts
Advisory and Consulting Services on Risk ManagementAdvocating for Enterprise Risk ManagementAssessing Internal Audit Skill GapsAssurance Services on Risk ManagementBuilding an Organizationwide Risk Assurance MapChief Audit Executive Roles Beyond Internal AuditingChoosing Assurance or Advisory for a Risk RequestCombined AssuranceCoordinating Assurance Across ProvidersCore Internal Audit Roles in Enterprise Risk ManagementCo-Sourcing and Outsourcing Risk ExpertiseDeclining or Adjusting Work That Lacks CompetenceDeveloping Risk Management Competence in StaffEvaluating Reliance on Other Assurance ProvidersFinding Gaps and Overlaps with an Assurance MapFunctional and Administrative Reporting LinesImpairments from Risk Management ResponsibilitiesImproving Existing Risk Management ProcessesInternal Audit ERM Roles That Need SafeguardsInternal Audit's Role When No Risk Process ExistsMaintaining and Updating the Assurance MapOrganizational Independence of Internal AuditRecommending an Organizationwide Risk StrategyRelying on External Auditors and RegulatorsReporting Impairments to the Board and ManagementRoles Internal Audit Should Not Take in ERMSafeguards When Internal Audit Leads Risk WorkThe Three Lines ModelUsing External Experts in Risk Engagements