Risk Culture Guide

For risk management and internal controls to function when a crucial decision-making moment arises, directors and executive management must be committed to making it work. Aligning the governance process, risk management and internal controls toward striking the appropriate balance is crucial in this regard. The objective is to balance the entrepreneurial activities and control activities of the organization so that neither one is too disproportionately strong relative to the other.

This guide provides auditors with a comprehensive breakdown of the enterprise risk management (ERM) process and risk culture, including definitions, best practices, considerations, objectives and more.