This week

radicalcompliance.com · Jul 13, 2026 · Curated yesterday

IIA Guidance: Internal Audit's Evolving Role in ERM and the Future of Assurance

The IIA has released new guidance exploring how internal audit can take a more direct and integrated role in Enterprise Risk Management (ERM). This shift is crucial for audit professionals to demonstrate continued value in an era where AI and automation are transforming traditional audit functions, pushing towards continuous assurance and potentially blurring the lines between audit and risk management. Understanding these evolving expectations and the safeguards required is essential for internal audit leaders looking to strategically position their teams for the future.

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youtube.com · Curated yesterday

How AI Agents Are Transforming Internal Audit

This video explores the transformative potential of AI agents within the internal audit function. It delves into how these intelligent systems can enhance efficiency, accuracy, and the overall scope of audit activities, offering a glimpse into the future of the profession.

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riskacademy.blog · Jul 17, 2026 · Curated yesterday

IIA's New ERM Paper: A Critical Look at Internal Audit's Role and the Flaws in Current ERM Frameworks

This article critically examines the IIA's latest Statement of Position on internal audit's role in Enterprise Risk Management (ERM), arguing that while it addresses independence, it sidesteps fundamental questions about ERM's effectiveness. For internal audit and assurance professionals, this piece highlights the crucial need to scrutinize the underlying methodologies of ERM, rather than merely auditing its governance, to ensure that risk management genuinely contributes to organizational decision-making and value creation.

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riskacademy.blog · May 10, 2026 · Curated yesterday

COSO ERM Guidance 2026: A Step Forward for Decision-Led Risk Management

The new COSO ERM Guidance 2026 marks a significant improvement, emphasizing a decision-led approach over documentation-heavy processes. Internal audit and assurance professionals should note its focus on integrating risk analysis with strategic choices and value creation, moving away from abstract risk appetite concepts and compliance-driven ERM. This guidance encourages a more actionable and embedded risk management function, challenging traditional methodologies like heat maps and standalone risk reporting.

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riskacademy.blog · Apr 1, 2026 · Curated yesterday

Maslow's Pyramid for Risk Management: A Hierarchical Approach to Professional Mastery

This article reinterprets Maslow's Hierarchy of Needs for risk management professionals, arguing that true mastery and effectiveness are built upon a foundational understanding of probability theory, decision science, behavioral economics, and ethics. It challenges the common practice of expecting risk managers to immediately influence strategy without first establishing these critical competencies and deep business knowledge. For audit and assurance professionals, this framework highlights the importance of assessing the underlying capabilities of an organization's risk function, moving beyond superficial compliance to evaluate whether risk analysis genuinely informs decision-making and creates value.

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riskacademy.blog · Dec 27, 2025 · Curated yesterday

Quantifying Uncertainty: How Risk Management Drives Immediate Economic Value

This article argues that effective risk management, by quantifying uncertainty in operational and financial decisions, directly translates into significant economic value. It moves beyond traditional compliance-focused ERM to demonstrate how probabilistic thinking can reduce losses, free up capital, and enhance decision-making across various business functions, offering a compelling case for internal audit and assurance professionals to champion this approach within their organizations.

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riskacademy.blog · Oct 20, 2025 · Curated yesterday

Beyond ERM: Transforming Risk Management from Cost Center to Profit Engine

This article challenges traditional Enterprise Risk Management (ERM) approaches, arguing they often fail to deliver tangible value. It proposes a shift towards a decision-centric, quantitative risk management framework that can significantly reduce costs, optimize insurance, and drive cash flow growth, urging internal audit and assurance professionals to consider how their organizations can move beyond compliance-driven ERM to a more strategic, value-generating model.

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riskacademy.blog · Oct 13, 2025 · Curated yesterday

The $221 Billion Paradox: Why Companies Are Overpaying and Underinsured in a Dysfunctional Insurance Market

This article exposes a critical paradox in commercial insurance: corporations are simultaneously overpaying for coverage and suffering from significant underinsurance, leading to a staggering $221 billion annual global property protection gap. Audit and assurance professionals should be acutely aware of these systemic market failures, including information asymmetry, broker conflicts of interest, and pricing inefficiencies, as they directly impact financial resilience, risk exposure, and the effective allocation of capital within their organizations. Understanding these dynamics is crucial for evaluating insurance programs, assessing true risk exposure, and advising on strategic risk financing decisions.

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riskacademy.blog · Oct 13, 2025 · Curated yesterday

Why Generic AI Fails at Risk Management: A Call for Specialized Tools

This article argues that general-purpose AI, like ChatGPT, provides misleading and often harmful advice for risk management due to its reliance on prevalent, yet flawed, online information. For audit and assurance professionals, this highlights the critical need to distinguish between superficial compliance-driven risk management (RM1) and quantitative, decision-integrated risk management (RM2). Relying on generic AI for risk assessments can lead to misallocated capital and flawed strategic decisions, underscoring the importance of specialized, scientifically grounded AI tools and a deeper understanding of risk principles.

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riskacademy.blog · Oct 10, 2025 · Curated yesterday

Risk Awareness Week 2025: A Virtual Hub for Practical Risk Management Insights

Risk Awareness Week (RAW) 2025 is set to be a significant virtual event for risk and assurance professionals, offering a platform focused on practical, evidence-based risk management. Unlike traditional conferences, RAW emphasizes decision science, probability, and measurable results, providing a valuable resource for internal auditors seeking to move beyond conventional frameworks and enhance their organization's risk intelligence.

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