Holistic Risk Management: An Expanded Role for Internal Auditors

Internal auditors have always been engaged in elements of risk management by testing controls and examining their organizations' compliance with internal policies and externally imposed laws and regulations. In recent years, companies have undertaken initiatives that integrate governance, risk assessment, risk control, and compliance activities into unified efforts directed at achieving an optimal risk exposure level. This paper outlines the internal auditor's holistic role in these integrated efforts to achieve specific business risk objectives.