With the V.U.C.A. (Volatile. Uncertain. Complex. Ambiguous.) business landscape, it is essential for the Board and management are assured that business risks that threaten the achievement of the organization's strategic objectives or undermine future outcomes are identified, assessed, and managed or mitigated.

And with the important role that internal auditors play in ensuring an effective risk management process is in place (both in assurance and consulting engagement), it is important that the internal audit activity develop/establish an effective risk-based audit plan consistent with the organization's strategic objectives.