Risk management in organization – role of internal auditing

Abstract

Over the last few years the importance to the strong corporate governance of managing risk has been increasingly acknowledged. There is more opportunity and risk in today's complex, dynamic and fast changing environment The new reality is that risks are swift, sudden and relentless; the sources of risks being less predictable, which not only adds to the challenge of managing, but forces businesses to review their approach to risk management and control. Organizations are under pressure to identify all the business risks they face; social, ethical and environmental as well as financial and operational, and to explain how they manage them to an acceptable level.