"Until recently, traditional risk management methodology was viewed as a series of benchmarks to be reviewed, checked off, and filed away for the following year. This laid-back system left many loopholes for corruption. Reckless trading, against the backdrop of the cutthroat competition of the 1990s into 2000 and beyond, forced regulators to get tough. The advent of enterprise risk management has brought about a dramatic change in the philosophy of risk management, making back office checking teams an important corporate resource, with a new focus on identifying and evaluating significant exposures to risk. This new approach encourages all employees to play a role in improving risk management and control systems." "Auditing the Risk Management Process brings together the latest thinking and guidance on internal control and how it pertains to the audit function to help readers implement effective enterprise risk management throughout all facets of their organizations. The first book in the new Practical Auditor Series - cobranded with the Institute of Internal Auditors - Auditing the Risk Management Process deftly illustrates how the growing trend in enterprise risk management affects the responsibilities of both internal and external auditors."--Jacket.