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Informative Article | Science and Technology | India | Volume 10 Issue 3, March 2021 | Popularity: 5.1 / 10

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Role of Audit Teams and 3rd Party Assessors in Maintaining the Risk Posture of the Organization

Pranith Shetty

Abstract: Risk posture of the organizations are a culmination of a lot of factors, risks identified over the course of various assessments internally, vulnerabilities & incidents, financial appetite, risk appetite, tolerance and many more. Internal security teams are very diligent in maintaining the risk posture and protecting the firm from external and internal threats. Risk reports from these teams are also communicated to leadership and management. However, teams like Internal audit and third party assessors bring in an unbiased perspective onto the findings. Because of the industry exposure, these teams have a unique and learned inputs into their projects. Third party teams reduce the compliance overhead and significantly fast track the certification roadmap, consumers have trust and faith on external attestors since they have a pre - conceived notion that internal assessment teams might be biased and might not serve external interests. Internal Audit teams on the other hand provide in depth and identify critical risks which in some cases might not have been selected due to macro factors pitching in and affecting the risk assessment teams.

Keywords: Internal Audit, Risk Posture, 3rd party, third party attestation, Cybersecurity, Risk management

Edition: Volume 10 Issue 3, March 2021

Pages: 1956 - 1959

DOI: https://www.doi.org/10.21275/SR24213024354

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