Treasury Internal Audit Framework Revised ... - National Treasury

The analysis:
• Assesses the effect of each risk on the
objectives;
• Considers the relevant risk management
activities applied to the risk;
• Assesses the effectiveness of such
activities; and
• Identifies any action needed to improve
the risk management activities.
In considering the effectiveness of risk
management activities’ actual or perceived
control, measures are identified and their
effectiveness assessed with regard to the
identified risk.
3.4.4 Consolidated Risk Reporting (Step 4)
The results provide detailed reports of the
processes reviewed that allow for risk rating,
evaluation of control effectiveness, detailed
action plans and audit strategy determination.
Summary reports that set out the risk and risk
management response per business process
model or control criteria can be extracted (for
example – severity of risk of external factors,
how well these risks are managed using what
control criteria for instance, commitment or
measurement).
National Treasury
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