Can internal auditors make good risk managers?

Transitioning from internal auditing to risk management is a compelling journey, but it’s not without its challenges. While both fields intersect in several ways, there are inherent differences that can pose obstacles for auditors looking to become proficient risk managers.

Skill Set Variance: Auditors possess robust analytical skills, yet risk management demands a broader understanding of business strategies, risk tolerance, and scenario planning. Transitioning from a specialized auditing skill set to this multifaceted role might require additional training and exposure.

1. Communication and Collaboration Challenges: Risk management often involves close collaboration with various departments and stakeholders. Auditors might need to enhance their communication and collaboration skills to effectively engage with diverse teams across the organization.

Conclusion:

While the transition from internal auditing to risk management presents challenges, it’s not an insurmountable feat. Acknowledging these differences and actively developing the necessary skills and perspectives through training, mentorship, and hands-on experience in risk assessment and management can facilitate a smoother shift. Embracing a proactive mindset, enhancing communication skills, and broadening the understanding of organizational risks are key steps in bridging the gap between these roles.