Internal Audit's Role When No Risk Process Exists
5 minutes
5 Questions
When an organization has no formal risk management process, internal audit faces a distinctive challenge because its assurance work normally depends on management's own identification and assessment of risks. The IIA's International Professional Practices Framework, particularly Standard 2120 (Risk Management) and the related Practice Advisories, addresses this situation directly and is a core topic within the Certification in Risk Management Assurance (CRMA) body of knowledge. First, internal audit must recognize and communicate the gap. The Chief Audit Executive (CAE) should bring the absence of a risk management framework to the attention of senior management and the board, explaining the governance implications and the exposure this creates. This is a reporting obligation, not an option. Second, internal audit can act as a catalyst and consultant. In a consulting capacity, auditors may facilitate risk workshops, help management articulate risk appetite, propose frameworks such as COSO ERM or ISO 31000, and assist in developing risk registers. Such involvement is permitted and often valuable, provided safeguards exist: management must retain ownership of risks and decisions, and internal audit should not design and later assure the same process without appropriate independence mitigations. Third, internal audit must still base its own audit plan on risk. In the absence of a management-led assessment, the CAE performs an independent risk assessment, using interviews, strategic documents, external data, and professional judgment to identify key exposures. This ensures audit resources focus on areas of greatest significance even without a formal enterprise process. Fourth, internal audit should avoid assuming management responsibilities. It must not set the risk appetite, own risk responses, or make risk management decisions, as doing so would compromise objectivity and blur the three lines model. Finally, the CAE should document the limitations this creates for assurance coverage and periodically reassess maturity, encouraging progressive adoption of a sustainable risk management process that management ultimately owns.
Internal Audit's Role When No Risk Process Exists: A Complete CRMA Study Guide
Why This Topic Matters
The Certification in Risk Management Assurance (CRMA) tests your ability to understand where internal audit's responsibilities begin and end in relation to risk management. One of the most frequently examined scenarios is the organization that has no formal risk management process at all. This situation is common in smaller entities, newly formed organizations, public-sector bodies, not-for-profits and immature subsidiaries of larger groups. The exam uses this scenario because it forces you to demonstrate three things at once: (1) that you know management and the board, not internal audit, own risk management; (2) that you know what the chief audit executive (CAE) is required to do under the IIA Standards when the process is absent; and (3) that you can distinguish legitimate facilitation and consulting roles from activities that would destroy internal audit's independence and objectivity.
Getting this wrong in practice is serious. If internal audit steps in and effectively becomes the risk manager, it can no longer provide objective assurance on risk management, the board loses an independent voice, and the organization ends up with a false sense of security. Getting it wrong on the exam means missing a cluster of related questions, because this concept connects to the Three Lines Model, the IIA Position Paper on the role of internal auditing in enterprise-wide risk management, the risk-based audit plan, and the independence and objectivity requirements.
What the Concept Is
Internal audit's primary role in risk management is to provide assurance that risk management processes are present, adequately designed and operating effectively. Both the legacy IPPF (Standard 2120, Risk Management, and Standard 2010.A1 on planning) and the 2024 Global Internal Audit Standards (Standard 9.1, Understanding Governance, Risk Management, and Control Processes; Standard 9.4, Internal Audit Plan; and Domain IV on managing the function) assume that a risk management process exists for internal audit to evaluate. The obvious problem arises when it does not.
The IIA's position is consistent across guidance:
1. Management is responsible for establishing and maintaining risk management. The board is responsible for oversight of that process. Internal audit is responsible for neither.
2. The absence of a risk management process is itself a significant governance deficiency that the CAE must bring to the attention of senior management and the board. In the Standards, the CAE is expected to communicate the fact that no formal process exists, explain the implications, and describe management's and the board's obligation to establish one.
3. Internal audit may help, but with safeguards. Internal audit may provide advice, challenge, facilitation and recommendations on how risk management could be developed. It may even, as a consulting engagement, help facilitate the identification and assessment of risks or coach management on building a framework. It must not take ownership, make decisions on risk responses, set the risk appetite or become accountable for the outcome.
4. Internal audit must still plan its own work on a risk basis. Where no risk framework exists, the Standards direct the CAE to use his or her own judgment of risks, after consulting senior management and the board, to develop the internal audit plan. Internal audit does not wait for management to build a process before it audits; it performs its own risk assessment.
The Fan Diagram: Core, Legitimate and Prohibited Roles
The IIA Position Paper The Role of Internal Auditing in Enterprise-wide Risk Management is the single most important reference for this topic. It describes a continuum of roles that is frequently drawn as a fan:
Core internal audit roles in regard to ERM (assurance, always appropriate):
- Giving assurance on risk management processes.
- Giving assurance that risks are correctly evaluated.
- Evaluating risk management processes.
- Evaluating the reporting of key risks.
- Reviewing the management of key risks.
Legitimate internal audit roles with safeguards (consulting, appropriate if safeguards are in place):
- Facilitating identification and evaluation of risks.
- Coaching management in responding to risks.
- Coordinating ERM activities.
- Consolidating the reporting on risks.
- Maintaining and developing the ERM framework.
- Championing establishment of ERM.
- Developing a risk management strategy for board approval.
Roles internal audit should NOT undertake (management responsibilities that compromise independence):
- Setting the risk appetite.
- Imposing risk management processes.
- Providing management assurance on risks (i.e., acting as the first or second line's assurance in place of them).
- Taking decisions on risk responses.
- Implementing risk responses on management's behalf.
- Accountability for risk management.
When no risk process exists, the organization is at the far left of the maturity scale. This is precisely where the legitimate roles with safeguards become most relevant and most tempting. The exam wants you to know that internal audit can champion, facilitate and advise, but as the organization matures internal audit must step back toward the core assurance roles.
Safeguards That Make Facilitation Acceptable
The Position Paper and the Standards on independence and objectivity (legacy 1100 series and 1130.A1/A2; Global Standards Principle 7 and Standards 7.1 and 7.2) identify safeguards that must accompany any expanded role:
- It should be clear that management remains responsible for risk management and for the decisions taken.
- The nature of internal audit's responsibilities should be documented in the internal audit charter and approved by the board.
- Internal audit should not manage any risks on behalf of management.
- Internal audit should provide advice, challenge and support to management's decision making, as opposed to taking the decisions itself.
- Internal audit cannot give objective assurance on any part of the ERM framework for which it is responsible; such assurance should be obtained from other suitably qualified parties.
- Any work beyond assurance should be recognized as a consulting engagement, with the implementation standards for consulting applied.
- The CAE should disclose any impairment, and where internal audit has helped design the process it should generally not audit that process for a reasonable period (the one-year guideline used for prior operational responsibility is the commonly applied benchmark).
How It Works in Practice: A Step-by-Step View
Step 1 - Identify and confirm the absence. The CAE confirms, through inquiry and observation, that there is no formal, documented, organization-wide process for identifying, assessing, responding to and monitoring risk. Informal risk-taking by managers in the course of running the business is not the same as a risk management process.
Step 2 - Communicate to senior management and the board. This is the mandatory action. The CAE reports the absence as a significant governance issue, explains the exposure it creates, and highlights that establishing a process is management's responsibility with board oversight. On the exam, when asked for the first or most appropriate action of the CAE, this communication is almost always the correct answer.
Step 3 - Offer recommendations. Internal audit may suggest how a framework (for example COSO ERM or ISO 31000) could be adopted, what governance structures are needed, and how the risk appetite might be articulated by the board.
Step 4 - Perform internal audit's own risk assessment for the audit plan. The CAE does not postpone planning. Using judgment, consultation with management and the board, knowledge of the business, industry and strategy, and sources such as external audit findings, regulatory requirements and past incidents, the CAE builds a risk-based audit plan. The plan should be reviewed and adjusted as the organization's risk picture changes.
Step 5 - Consider a consulting or facilitation role with safeguards. If management and the board request assistance, the CAE may agree to facilitate risk workshops, provide training, help design the framework or champion the initiative. The role is documented in the charter or in an engagement agreement, the consulting standards apply, and the CAE plans for how objective assurance will later be obtained.
Step 6 - Transition back to assurance. Once management owns a functioning process, internal audit withdraws from facilitation and resumes core assurance roles, evaluating whether the process is adequate and effective.
Common Misconceptions the Exam Targets
- Misconception: Internal audit should establish the risk management process because no one else has. Correct view: Internal audit may champion and facilitate, but establishing and owning the process is management's job.
- Misconception: Internal audit cannot develop an audit plan until management has a risk register. Correct view: The CAE must use his or her own judgment of risk, informed by management and board input, to develop the plan.
- Misconception: If internal audit helps design the framework, it can still audit it immediately because the auditors are objective professionals. Correct view: Objectivity is presumed impaired; assurance on that work must come from another party or be deferred.
- Misconception: Internal audit should set the risk appetite because it has the best view of risks. Correct view: Risk appetite is set by the board and senior management; internal audit may provide input but never decides.
- Misconception: Simply noting the absence in a report satisfies the CAE's obligation. Correct view: The CAE should actively bring the matter to the attention of senior management and the board, discuss implications and obligations, and follow up.
Connection to the Three Lines Model
Under the IIA's Three Lines Model, first-line roles (operational management) own and manage risk, second-line roles (risk, compliance and similar functions) provide expertise, support, monitoring and challenge on risk, and the third line (internal audit) provides independent and objective assurance and advice. When no risk process exists, the first and second lines are not performing their risk management roles. Internal audit's response is to highlight the gap and advise, not to become a de facto second line. The model does allow for blended roles in smaller organizations, but only with safeguards and board awareness, which is exactly the Position Paper's message.
Exam Tips: Answering Questions on Internal Audit's Role When No Risk Process Exists
1. Look for the ownership verb. Eliminate any answer in which internal audit establishes, owns, implements, approves, decides, sets (especially risk appetite), is accountable for or manages risk or the risk process. These are management roles and are nearly always distractors.
2. Favor communicate, recommend, facilitate, advise. Correct answers typically have internal audit bringing the matter to the attention of senior management and the board, recommending that a process be established, offering to facilitate or coach with appropriate safeguards, or providing input.
3. When asked for the first or most appropriate action, choose board and senior management communication. The CAE's immediate obligation is to inform those responsible for governance that no process exists and that they have an obligation to establish one.
4. Audit plan questions have a specific answer. If the question asks how the CAE should develop the audit plan when there is no risk framework, the answer is that the CAE uses his or her own judgment of risks after considering input from senior management and the board. Do not pick answers that say the plan should be based on a cyclical rotation, on management's preferences alone, or deferred until a risk register exists.
5. Recognize the Position Paper fan. Be able to classify any listed activity as core, legitimate with safeguards, or prohibited. Questions often present a list and ask which item internal audit should not undertake; the answer will be one of the six prohibited roles.
6. Know the safeguards verbatim in substance. Management remains responsible; role documented in the charter; no managing of risks; advice not decisions; recognized as consulting; no assurance on own work. A question asking which safeguard is least relevant or which action would impair objectivity is testing this list.
7. Watch for the subsequent assurance trap. If internal audit facilitated or designed the framework, it cannot immediately provide objective assurance on it. Correct answers involve obtaining assurance from another party, disclosing the impairment, or waiting an appropriate period and using different staff.
8. Distinguish small-organization pragmatism from abandonment of principle. The IIA accepts that in small or immature organizations internal audit may legitimately take a stronger facilitating role. The exam will reward answers that allow this with safeguards and board approval, and penalize answers that either refuse all involvement or accept full ownership.
9. Read the question stem for who is asking. If the board requests internal audit to lead ERM implementation, the best answer is usually to agree to facilitate or champion while making clear that management must own the outcome, documenting the arrangement and the independence implications in the charter. If the CEO asks internal audit to take accountability for risk management, the answer is to decline that specific element and explain why.
10. Remember the governance framing. The absence of a risk management process is a governance weakness. Questions may be framed around governance (legacy Standard 2110, Global Standard 9.1) rather than risk management, but the correct action is the same: report it to the board and senior management and recommend corrective action.
Quick Recap
- Management owns risk management; the board oversees it; internal audit provides assurance and advice.
- When no process exists, the CAE must bring this to the attention of senior management and the board and explain their obligation to act.
- Internal audit may champion, facilitate, coach and recommend, provided safeguards are in place and the role is documented in the charter.
- Internal audit must never set risk appetite, impose processes, decide or implement risk responses, or accept accountability for risk management.
- The CAE develops the audit plan using his or her own judgment of risk, informed by management and board input, rather than waiting for a framework to exist.
- Any area internal audit helped design cannot be the subject of its own objective assurance without a cooling-off period or alternative assurance provider.
Master these points and the related exam questions become predictable: identify who owns what, choose the answer that keeps internal audit in an assurance or advisory role, and ensure the board is informed.
The Certification in Risk Management Assurance (CRMA) tests your ability to understand where internal audit's responsibilities begin and end in relation to risk management. One of the most frequently examined scenarios is the organization that has no formal risk management process at all. This situation is common in smaller entities, newly formed organizations, public-sector bodies, not-for-profits and immature subsidiaries of larger groups. The exam uses this scenario because it forces you to demonstrate three things at once: (1) that you know management and the board, not internal audit, own risk management; (2) that you know what the chief audit executive (CAE) is required to do under the IIA Standards when the process is absent; and (3) that you can distinguish legitimate facilitation and consulting roles from activities that would destroy internal audit's independence and objectivity.
Getting this wrong in practice is serious. If internal audit steps in and effectively becomes the risk manager, it can no longer provide objective assurance on risk management, the board loses an independent voice, and the organization ends up with a false sense of security. Getting it wrong on the exam means missing a cluster of related questions, because this concept connects to the Three Lines Model, the IIA Position Paper on the role of internal auditing in enterprise-wide risk management, the risk-based audit plan, and the independence and objectivity requirements.
What the Concept Is
Internal audit's primary role in risk management is to provide assurance that risk management processes are present, adequately designed and operating effectively. Both the legacy IPPF (Standard 2120, Risk Management, and Standard 2010.A1 on planning) and the 2024 Global Internal Audit Standards (Standard 9.1, Understanding Governance, Risk Management, and Control Processes; Standard 9.4, Internal Audit Plan; and Domain IV on managing the function) assume that a risk management process exists for internal audit to evaluate. The obvious problem arises when it does not.
The IIA's position is consistent across guidance:
1. Management is responsible for establishing and maintaining risk management. The board is responsible for oversight of that process. Internal audit is responsible for neither.
2. The absence of a risk management process is itself a significant governance deficiency that the CAE must bring to the attention of senior management and the board. In the Standards, the CAE is expected to communicate the fact that no formal process exists, explain the implications, and describe management's and the board's obligation to establish one.
3. Internal audit may help, but with safeguards. Internal audit may provide advice, challenge, facilitation and recommendations on how risk management could be developed. It may even, as a consulting engagement, help facilitate the identification and assessment of risks or coach management on building a framework. It must not take ownership, make decisions on risk responses, set the risk appetite or become accountable for the outcome.
4. Internal audit must still plan its own work on a risk basis. Where no risk framework exists, the Standards direct the CAE to use his or her own judgment of risks, after consulting senior management and the board, to develop the internal audit plan. Internal audit does not wait for management to build a process before it audits; it performs its own risk assessment.
The Fan Diagram: Core, Legitimate and Prohibited Roles
The IIA Position Paper The Role of Internal Auditing in Enterprise-wide Risk Management is the single most important reference for this topic. It describes a continuum of roles that is frequently drawn as a fan:
Core internal audit roles in regard to ERM (assurance, always appropriate):
- Giving assurance on risk management processes.
- Giving assurance that risks are correctly evaluated.
- Evaluating risk management processes.
- Evaluating the reporting of key risks.
- Reviewing the management of key risks.
Legitimate internal audit roles with safeguards (consulting, appropriate if safeguards are in place):
- Facilitating identification and evaluation of risks.
- Coaching management in responding to risks.
- Coordinating ERM activities.
- Consolidating the reporting on risks.
- Maintaining and developing the ERM framework.
- Championing establishment of ERM.
- Developing a risk management strategy for board approval.
Roles internal audit should NOT undertake (management responsibilities that compromise independence):
- Setting the risk appetite.
- Imposing risk management processes.
- Providing management assurance on risks (i.e., acting as the first or second line's assurance in place of them).
- Taking decisions on risk responses.
- Implementing risk responses on management's behalf.
- Accountability for risk management.
When no risk process exists, the organization is at the far left of the maturity scale. This is precisely where the legitimate roles with safeguards become most relevant and most tempting. The exam wants you to know that internal audit can champion, facilitate and advise, but as the organization matures internal audit must step back toward the core assurance roles.
Safeguards That Make Facilitation Acceptable
The Position Paper and the Standards on independence and objectivity (legacy 1100 series and 1130.A1/A2; Global Standards Principle 7 and Standards 7.1 and 7.2) identify safeguards that must accompany any expanded role:
- It should be clear that management remains responsible for risk management and for the decisions taken.
- The nature of internal audit's responsibilities should be documented in the internal audit charter and approved by the board.
- Internal audit should not manage any risks on behalf of management.
- Internal audit should provide advice, challenge and support to management's decision making, as opposed to taking the decisions itself.
- Internal audit cannot give objective assurance on any part of the ERM framework for which it is responsible; such assurance should be obtained from other suitably qualified parties.
- Any work beyond assurance should be recognized as a consulting engagement, with the implementation standards for consulting applied.
- The CAE should disclose any impairment, and where internal audit has helped design the process it should generally not audit that process for a reasonable period (the one-year guideline used for prior operational responsibility is the commonly applied benchmark).
How It Works in Practice: A Step-by-Step View
Step 1 - Identify and confirm the absence. The CAE confirms, through inquiry and observation, that there is no formal, documented, organization-wide process for identifying, assessing, responding to and monitoring risk. Informal risk-taking by managers in the course of running the business is not the same as a risk management process.
Step 2 - Communicate to senior management and the board. This is the mandatory action. The CAE reports the absence as a significant governance issue, explains the exposure it creates, and highlights that establishing a process is management's responsibility with board oversight. On the exam, when asked for the first or most appropriate action of the CAE, this communication is almost always the correct answer.
Step 3 - Offer recommendations. Internal audit may suggest how a framework (for example COSO ERM or ISO 31000) could be adopted, what governance structures are needed, and how the risk appetite might be articulated by the board.
Step 4 - Perform internal audit's own risk assessment for the audit plan. The CAE does not postpone planning. Using judgment, consultation with management and the board, knowledge of the business, industry and strategy, and sources such as external audit findings, regulatory requirements and past incidents, the CAE builds a risk-based audit plan. The plan should be reviewed and adjusted as the organization's risk picture changes.
Step 5 - Consider a consulting or facilitation role with safeguards. If management and the board request assistance, the CAE may agree to facilitate risk workshops, provide training, help design the framework or champion the initiative. The role is documented in the charter or in an engagement agreement, the consulting standards apply, and the CAE plans for how objective assurance will later be obtained.
Step 6 - Transition back to assurance. Once management owns a functioning process, internal audit withdraws from facilitation and resumes core assurance roles, evaluating whether the process is adequate and effective.
Common Misconceptions the Exam Targets
- Misconception: Internal audit should establish the risk management process because no one else has. Correct view: Internal audit may champion and facilitate, but establishing and owning the process is management's job.
- Misconception: Internal audit cannot develop an audit plan until management has a risk register. Correct view: The CAE must use his or her own judgment of risk, informed by management and board input, to develop the plan.
- Misconception: If internal audit helps design the framework, it can still audit it immediately because the auditors are objective professionals. Correct view: Objectivity is presumed impaired; assurance on that work must come from another party or be deferred.
- Misconception: Internal audit should set the risk appetite because it has the best view of risks. Correct view: Risk appetite is set by the board and senior management; internal audit may provide input but never decides.
- Misconception: Simply noting the absence in a report satisfies the CAE's obligation. Correct view: The CAE should actively bring the matter to the attention of senior management and the board, discuss implications and obligations, and follow up.
Connection to the Three Lines Model
Under the IIA's Three Lines Model, first-line roles (operational management) own and manage risk, second-line roles (risk, compliance and similar functions) provide expertise, support, monitoring and challenge on risk, and the third line (internal audit) provides independent and objective assurance and advice. When no risk process exists, the first and second lines are not performing their risk management roles. Internal audit's response is to highlight the gap and advise, not to become a de facto second line. The model does allow for blended roles in smaller organizations, but only with safeguards and board awareness, which is exactly the Position Paper's message.
Exam Tips: Answering Questions on Internal Audit's Role When No Risk Process Exists
1. Look for the ownership verb. Eliminate any answer in which internal audit establishes, owns, implements, approves, decides, sets (especially risk appetite), is accountable for or manages risk or the risk process. These are management roles and are nearly always distractors.
2. Favor communicate, recommend, facilitate, advise. Correct answers typically have internal audit bringing the matter to the attention of senior management and the board, recommending that a process be established, offering to facilitate or coach with appropriate safeguards, or providing input.
3. When asked for the first or most appropriate action, choose board and senior management communication. The CAE's immediate obligation is to inform those responsible for governance that no process exists and that they have an obligation to establish one.
4. Audit plan questions have a specific answer. If the question asks how the CAE should develop the audit plan when there is no risk framework, the answer is that the CAE uses his or her own judgment of risks after considering input from senior management and the board. Do not pick answers that say the plan should be based on a cyclical rotation, on management's preferences alone, or deferred until a risk register exists.
5. Recognize the Position Paper fan. Be able to classify any listed activity as core, legitimate with safeguards, or prohibited. Questions often present a list and ask which item internal audit should not undertake; the answer will be one of the six prohibited roles.
6. Know the safeguards verbatim in substance. Management remains responsible; role documented in the charter; no managing of risks; advice not decisions; recognized as consulting; no assurance on own work. A question asking which safeguard is least relevant or which action would impair objectivity is testing this list.
7. Watch for the subsequent assurance trap. If internal audit facilitated or designed the framework, it cannot immediately provide objective assurance on it. Correct answers involve obtaining assurance from another party, disclosing the impairment, or waiting an appropriate period and using different staff.
8. Distinguish small-organization pragmatism from abandonment of principle. The IIA accepts that in small or immature organizations internal audit may legitimately take a stronger facilitating role. The exam will reward answers that allow this with safeguards and board approval, and penalize answers that either refuse all involvement or accept full ownership.
9. Read the question stem for who is asking. If the board requests internal audit to lead ERM implementation, the best answer is usually to agree to facilitate or champion while making clear that management must own the outcome, documenting the arrangement and the independence implications in the charter. If the CEO asks internal audit to take accountability for risk management, the answer is to decline that specific element and explain why.
10. Remember the governance framing. The absence of a risk management process is a governance weakness. Questions may be framed around governance (legacy Standard 2110, Global Standard 9.1) rather than risk management, but the correct action is the same: report it to the board and senior management and recommend corrective action.
Quick Recap
- Management owns risk management; the board oversees it; internal audit provides assurance and advice.
- When no process exists, the CAE must bring this to the attention of senior management and the board and explain their obligation to act.
- Internal audit may champion, facilitate, coach and recommend, provided safeguards are in place and the role is documented in the charter.
- Internal audit must never set risk appetite, impose processes, decide or implement risk responses, or accept accountability for risk management.
- The CAE develops the audit plan using his or her own judgment of risk, informed by management and board input, rather than waiting for a framework to exist.
- Any area internal audit helped design cannot be the subject of its own objective assurance without a cooling-off period or alternative assurance provider.
Master these points and the related exam questions become predictable: identify who owns what, choose the answer that keeps internal audit in an assurance or advisory role, and ensure the board is informed.
Test mode:
CRMA - Internal Audit's Role When No Risk Process Exists Example Questions
Test your knowledge of Internal Audit's Role When No Risk Process Exists
Question 1
An organization has no formal risk management process, and the board asks the chief audit executive to help. The chief audit executive proposes three steps. First, recommend that senior management establish a process. Second, facilitate risk identification workshops with business units. Third, approve the final risk ratings and select the response for each significant risk. Which evaluation of this proposal is MOST appropriate?
Question 2
An organization has no formal risk management process. To build the risk-based internal audit plan, the chief audit executive performed an independent risk assessment linked to the organization's objectives. The assessment drew on interviews with senior management and the board. The resulting plan covers strategic, operational and compliance areas. In the audit committee package, a footnote states that the plan relies on internal audit's own assessment because no risk process exists. The committee chair asks for an analysis of the approach. Which weakness is MOST significant?
Question 3
A newly appointed chief audit executive finds that the organization has no formal process for identifying, assessing or responding to risks. Senior management, citing internal audit's risk expertise, asks the internal audit function to build the enterprise risk management program and maintain the risk register on an ongoing basis. Which response by the chief audit executive is MOST appropriate?
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More Internal Audit's Role When No Risk Process Exists questions
17 questions (total)
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 AssuranceCompetencies for Risk Management 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 SafeguardsMaintaining 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