True or False questions:

The key role of internal audit is to measure the quality and integrity of the risk identification and assessment process.

The purpose of an internal audit is to demonstrate that the organization complies with regulatory requirements related to risk management. Audits are effective because they provide an objective and unbiased view of the risks to be addressed.

In the text "The Value of ERM", it is noted that there are positive effects resulting from the ERM approach, even if not all services/departments adhere to the ERM approach. On the other hand, it will be more difficult to break down the silos already present within the organization.

The two essential elements when creating a risk management system are: 1) aligning IRM objectives with the overall goals of the organization and 2) redesigning existing processes to optimize them.