services > governance > linking RM with internal audit

linking RM with internal audit

In the housing sector it is often found that the risk management activity is undertaken by internal auditors, but in many other sectors the functions of risk management and internal audit are carefully separated from one another.  

The pros and cons of the two possible approaches can be summarised as follows:

We can help assess whether the separation or integration of the two functions is best in individual cases. 

Hargreaves Risk and Strategy can help internal auditors who have responsibility for risk management in the following ways

. The analysis of risk maps to check for strategic risk blind spots and differences in emphasis
. Advice on the development and management of risks which are outside their normal remit
. The implementation of a system to separate key strategic risks from minor operational ones - risk committees will get very bored otherwise!  (Our database system demist allows several ways of doing this.)