(ACCT-Internal Auditing)

In some organizations, risk assessment workshops are set for key teams as a response to the trend toward control risk self assessment programs, often on the back of recommendations from the auditors or an external consultant. Teams will get together to discuss risk, risk management, and relevant actions. In this way, it helps address the auditor concern, build up risk registers, and prepare summary reports for top management and the board. The board then reports that it has reviewed internal controls, partially through the use the risk management process as described. Please discuss the shortcomings of such a typical arrangement.