Integrating Internal Auditing and Legal Compliance: A Strategic Approach to Risk Management
Abstract
This article explores the strategic benefits of integrating internal auditing and legal compliance functions to enhance organizational risk management. Risk management has evolved into a proactive process of identifying and mitigating threats to business objectives. Internal auditing now aligns processes with ethical standards and goals, while legal compliance fosters a culture of integrity beyond mere regulatory adherence. Integrating these functions provides a holistic risk profile, leading to more efficient management and improved governance. Collaboration enhances transparency and accountability by sharing information on potential risks and regulatory changes. This synergy also strengthens fraud detection and prevention by identifying control weaknesses and ensuring adherence to anti-fraud policies. Strategies for effective integration include organizational alignment, clear communication channels, and joint risk assessments and audits. Leadership support is vital in fostering a collaborative culture. Technological tools like audit management software and data analytics systems facilitate real-time collaboration and improve risk detection. Adherence to compliance standards such as ISO 31000 and ISO 37301 offers a structured framework for integrating risk management and compliance processes. Hence, integrating internal auditing and legal compliance is a proactive approach to navigating complex regulations and evolving risks. This integrated strategy enhances the effectiveness of risk mitigation and contributes to an organization's long-term competitiveness and sustainability by building resilience and fostering growth in an increasingly complex business environment.
Citations
IRE Journals:
Khodani Netshifhefhe , Magalane Vivian Netshifhefhe , Munashe Naphtali Mupa , Kudakwashe Artwell Murapa
"Integrating Internal Auditing and Legal Compliance: A Strategic Approach to Risk Management" Iconic Research And Engineering Journals Volume 8 Issue 4 2024 Page 446-465
IEEE:
Khodani Netshifhefhe , Magalane Vivian Netshifhefhe , Munashe Naphtali Mupa , Kudakwashe Artwell Murapa
"Integrating Internal Auditing and Legal Compliance: A Strategic Approach to Risk Management" Iconic Research And Engineering Journals, 8(4)
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