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Internal Audit and Risk Management: A Critical Function for India’s Business Resilience

In a bid to combat the escalating threat of financial frauds and economic crimes, ASSOCHAM has emphasized the need for robust internal audit and risk management practices in India. The evolving nature of financial scams necessitates a proactive approach to detect and prevent such incidents, which have resulted in significant deadweight losses for individuals, organizations, and the country as a whole.

Building Business Resilience through Internal Audit and Risk Management

To build business resilience and stay ahead in a highly competitive environment, companies must conduct thorough and unbiased examinations of their systems and processes. Internal audit and risk management play a vital role in providing senior leaders and governing bodies with critical information to make informed decisions.

Key Benefits of Internal Audit and Risk Management

• Conduct thorough and unbiased examinations of systems and processes
• Provide senior leaders and governing bodies with critical information for informed decision-making
• Build business resilience and stay ahead in a competitive environment

The Role of the National Council on Internal Audit and Risk Management

The National Council on Internal Audit and Risk Management has been established to empower corporate stakeholders to tackle the challenges posed by internal and external forces that impact organizational resources and credibility. The council works closely with sectoral regulators to develop policy measures to control fraud risks in India.

Key Initiatives of the Council

• Conduct capacity-building programs for senior management
• Enable better risk management, improve operational effectiveness, and stay compliant with applicable standards, laws, and regulations
• Submit suggestions and recommendations on related policy matters based on global regulatory changes

Conclusion

The importance of internal audit and risk management cannot be overstated in today’s complex business environment. By prioritizing this function, organizations can ensure their survival and growth, while contributing to the overall economic well-being of India.