Chapter 5. Risk Assessment and Control Verification

In the previous chapters, we have discussed the governance program at InFission. We have provided information about the governance approach, processes, and systems that the board of directors and management can use to set strategy and establish governance guidelines. Once the management, with the approval of the board of directors, has established the strategic objective, and corporate governance policies, the Chief Audit Executive prepares the annual internal audit risk assessment plan to assure that the enterprise can meet its strategic objectives. Control verification activities follow risk assessment to obtain management verification of internal controls design and operating effectiveness. Risk Assessment and Control Verification enable organizations to maintain good governance, monitor operational effectiveness, and comply with applicable laws and regulations.

Risk assessment is typically conducted based on a framework that applies...