By Phil Griffiths

ISBN-10: 0566086522

ISBN-13: 9780566086526

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A mechanism therefore is needed to track movements in those risks. To this end a set of Key Risk Indicators (KRI) will be identified. For each KRI a standard level of performance will also be agreed, through discussion, against which actual performance can be measured. Wherever possible this data will be drawn from existing management information. The analysis of this data, together with other risk information that might be identified, will enable regular reports to be designed to show how the risks are changing.

STAGE 1 PLANNING • • • • • • • finalisation of assignment brief with relevant Director, with input from and agreement of Risk Management Steering Group; preparation of timetable in consultation with key personnel; meetings with Chief Executive, Deputy Chief Executive, Director of Finance and Chairman of the Risk Management Steering Committee to get their perspectives and outline the process; establishment of specific milestone dates; agreement of contacts, specific format of workshops and attendees; establishment of workshop dates and so on; determination of reporting mechanisms.

The definition in this standard is: The chance of something happening that will have an effect on business objectives. In addition to the benefit of being a simple and readily understood definition, the word ‘chance’ is a very good one as chance can be positive or negative. This is a very good way of being able to define risk. Another good explanation particularly looking from an Internal Audit point of view is that risk can be seen as the pulse of the organisation. This is a very good analogy, and auditors, to continue the analogy, are there to take the pulse.

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Risk-Based Auditing by Phil Griffiths

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