1. Introduction

The overall governance structure of an organisation, practicing good corporate governance, includes at least an internal audit function, a risk management function and a compliance function. In our opinion, the starting point for setting a corporate governance culture in an organisation is an overall Enterprise Risk Management (ERM) framework. Such a framework facilitates the determination of the risk appetite and risk tolerance of the organisation. Where ERM is practised, the compliance risk framework should be a sub-framework of the ERM framework. One of the key elements of the relationship between ERM and internal audit is that the ERM process assists with focusing both ...

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