What role does compliance play in the audit of the EWRA?

In the context of auditing the EWRA (Enterprise-Wide Risk Assessment), compliance plays a crucial role in the independent validation of the assessment process. Validating the EWRA entails ensuring that the assessments of risks and controls are accurate, adhering to relevant laws, regulations, and internal policies.

Compliance professionals analyze the methodologies and procedures used in the EWRA to ensure that they align with best practices and regulatory requirements. This independent validation is vital as it helps to assure stakeholders that the risk assessment reflects the organization's true risk profile and that adequate controls are in place to mitigate those risks.

While conducting preliminary assessments, collaborating with marketing teams, and establishing financial goals might be relevant to various aspects of risk management, they do not directly address the specific function of compliance in verifying and validating the integrity and accuracy of the EWRA. The focus of compliance is fundamentally about ensuring adherence to legal and regulatory frameworks, which is critical for the validity and effectiveness of the risk assessment process.