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.