Close-Out of Memo: Audit of Enterprise Risk Management Process
November 22, 2017 | Other Audit Correspondence
On October 5, 2017, we initiated an audit of the company’s Enterprise Risk Management (ERM) process. Our objectives were to assess (1) the extent to which the company has implemented an ERM process and (2) how the company is using ERM to strategically manage risk across the organization.
Since our initiation, we have had several interviews with company executives involved in the ERM process describing efforts to substantially revamp the current process.
Given the fluid nature of these ongoing efforts and the likelihood of additional future changes, we have decided to terminate the subject audit at this time. However, we will continue to monitor the company’s ERM process and, if appropriate, conduct future audit work on this issue.