For all businesses there are risks that exist and need to be identified and addressed in order to prevent or minimize losses. As part of their Sarbanes-Oxley compliance efforts or enterprise risk management programs, many internal auditors are involved in training process owners to assess risks and take responsibility for managing internal controls.
In this effort, it is important to acknowledge the process owner’s responsibility for the design, implementation and maintenance of the control structure within assigned business processes. Process owners are also expected to: contribute direction to identify, prioritize and review risks and controls; remove obstacles for compliance; and remedy control deficiencies; continue or begin a program of self-assessment and testing to monitor the controls within your processes.
This guide was developed to help with this training activity.