Risk assessment and risk management are becoming both more complex and more
critical to organizations. External market forces, volatility, and regulatory expectations
have prompted executive management and audit committees to be more concerned
than ever about identifying and managing risks that could undermine strategic
and operational objectives. Risk activities, therefore, are now integrated across
organizations, leading to multiple risk assessments performed by multiple functions –
such as compliance, legal, and finance – with varying agendas. This fragmentation
makes it difficult for leadership and other stakeholders to obtain the comprehensive
view of assurance they need to have when forming and pursuing strategic plans.