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- Title
Internal Audit and Risk Management. ISO 31000 and ERM Approaches.
- Authors
FLOREA, Radu; FLOREA, Ramona
- Abstract
Risk management is an important part of the strategic management of any organization and it is the modality to identify positive and negative aspects of risks, representing the possibility of an event occurring that will have an impact on the achievement of objectives. In this context, an important role belongs to the internal audit to help an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. For this purpose, a lot of risk management standards have been issued, including the international standard ISO 31000 'Risk management - Principles and guidelines', which establishes a number of principles that need to be satisfied to make risk management effective. This International Standard recommends that organizations develop, implement and continuously improve a framework whose purpose is to integrate the process for managing risk into the organization's overall governance, strategy and planning, management, reporting processes, policies, values and culture. Enterprise-wide risk management (ERM) is a structured, consistent and continuous process across the whole organization for identifying, assessing, deciding on responses to and reporting on opportunities and threats that affect the achievement of its objectives. This paper wont to present an approach of Risk Management from ISO 31000 and ERM point of views.
- Subjects
INTERNAL auditing; RISK management in business; INTERNATIONAL Organization for Standardization; BUSINESS planning; INDUSTRIAL management
- Publication
Economy Transdisciplinarity Cognition, 2016, Vol 19, Issue 1, p72
- ISSN
2067-5046
- Publication type
Article