As an internal auditor, it is necessary to identify, assess, and properly respond to the risks associated with the above challenges. There are three challenges below and identify the risks associated and identify the controls, processes, and procedures that need to be in place to mitigate the risks involved.

Example: (This is a compressed example and explanation only.)

1. Increased Outsourcing

Risks:

a.) various regulations especially for offshore outsourcing (other countries)

b.) currency exchange exposure

c.) supply chain disruption (if goods are sourced globally)

d.) cultural differences

e.) poor quality of goods/services

Controls/Processes/Procedures:

a.) A process to measure, monitor and correct any deficiencies of outsourced suppliers should be in place. An example would be an accreditation of suppliers' process where suppliers go through the accreditation process of the organization and the organization will only procure from the accredited suppliers.

Important:!

*Explain comprehensively and give examples of controls/processes and reasons of how the controls/ processes will mitigate the risks involved.)

A. Global sourcing

B. Technology

C.Improved customer analytics