Our Enterprise Risk Assessment Process Questionnaire can be used to evaluate and enhance their risk management processes. This document is designed to facilitate discussions among board members, management and internal auditors regarding the identification, assessment and prioritization of risks that could impact the organization's strategic objectives. It includes a series of structured questions aimed at assessing the board's involvement in risk evaluation, the effectiveness of current risk management practices, and the alignment of these practices with the organization's overall strategy.

By systematically addressing these questions, stakeholders can gain insights into critical business risks, ensure that management is adequately apprising the board of significant changes in the risk landscape, and foster a culture of proactive risk management. Additionally, the questionnaire encourages ongoing dialogue about the organization's risk appetite and the adequacy of controls in place to mitigate identified risks. Ultimately, this document aids organizations in refining their risk assessment processes and ensuring that they remain resilient and responsive in an ever-changing business environment.

Sample questions include:

• Is the board satisfied that management is periodically evaluating changes in the operating environment to identify the risks inherent in the corporate strategy?
• Does management apprise the board in a timely manner of significant risks or significant changes in the enterprise's risk profile?
• Does it result in the consideration of response plans on a timely basis?
• Is the board aware of the most critical risks facing the company?