The Institute of Internal Auditors (IIA) has launched a new Risk Management Glossary to provide internal auditors with consistent definitions for key concepts related to enterprise risk management, compliance, and fraud oversight.
More than 70% of chief audit executives (CAEs) now have responsibilities beyond core internal audit activities. These expanding responsibilities highlight the importance of a common terminology and clear principles for defining roles and responsibilities.
The new glossary is grounded in the IIA’s Three Lines Model, which helps clarify governance, risk management, and control responsibilities within organizations. The model also supports the preservation of internal audit’s objectivity and independence when auditors take on additional responsibilities.
The glossary is part of the IIA’s broader initiative to support internal auditors in their risk management roles. Further resources, including a Competency Framework and additional guidance, are expected to follow.
Explore the IIA’s risk management resources:
Risk Management – The IIA