The internal audit activity of an investment company received a request to provide assurance on the risk management process. Preliminary discussion with senior management revealed that separate functions within the organization perform some form of risk management activities. Which of the following is the most effective tool for ensuring that risk management activities are coordinated among these functions?
An assurance map is the most effective tool for ensuring that risk management activities are coordinated among different functions within an organization. An assurance map provides a visual representation of what areas are being covered by various assurance providers, allowing for identification of gaps and overlaps in risk management activities. This ensures that all aspects of risk management are being addressed without unnecessary redundancy, promoting better coordination among functions.
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Assurance Map provides information about responsiblities covered by different groups. Facilitated workshop related to Control Self Assessment program to assess either business objectives, risks to achive certain objectives, controls to know what controls are in place and process to understand what elements exist as a chain of processes.