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Chapter 11

Risk monitoring

4.1 Risk auditing

 risk audit is a systematic way of understanding the risks that an organisation
faces

 risk audit is not a mandatory requirement for all organisations

 in some highly regulated industries, a form of ongoing risk assessment and
audit is compulsory in most governance jurisdictions

NB Some organisations employ internal specialists to carry out risk auditing, others
utilise external consultants to perform the work

4.2 Stages of a risk audit

Process for
carrying out
internal risk audit

Identify risks and Assess risk by applying
construct risk the probability/impact
register assessment

Report on Review controls over
inadequately risk which involves
controlled risks TARA

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