How can risk management and internal audit collaborate without losing independence?

author: AcadiFi Team

Answer:

They can collaborate by sharing risk information, aligning risk terminology, coordinating timing, and building an assurance map. Internal audit can use ERM information as one input to risk-based planning, while risk management can use audit themes to update the risk register and risk reporting.

The independence boundary is that internal audit should not own management's risk register, set risk appetite, approve risk responses, or let risk management control audit conclusions. Internal audit can advise and coordinate, but it remains responsible for its own evidence, scope, findings, and reporting.

The best CIA answer is not separation for its own sake. It is structured coordination with clear role boundaries.