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Enterprise Risk Assessment Process Questionnaire Template

This document contains a questionnaire for assessing enterprise risk. It includes questions for boards of directors, management, and internal audit/process owners. The questions focus on identifying risks, evaluating risk management processes, understanding risk appetite, and ensuring risks are adequately considered in strategy and business planning.

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Peterpaul Silacan
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461 views3 pages

Enterprise Risk Assessment Process Questionnaire Template

This document contains a questionnaire for assessing enterprise risk. It includes questions for boards of directors, management, and internal audit/process owners. The questions focus on identifying risks, evaluating risk management processes, understanding risk appetite, and ensuring risks are adequately considered in strategy and business planning.

Uploaded by

Peterpaul Silacan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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ENTERPRISE RISK ASSESSMENT PROCESS

QUESTIONNAIRE

ERA PROCESS

No. Assessment Question Yes No Na Comment

Questions For Board Of Directors

Is the board satisfied that management is periodically


1 evaluating changes in the operating environment to
identify the risks inherent in the corporate strategy?

Is the board sufficiently involved in the process,


particularly when such changes involve acquisition of
2 new business, entry into new markets, introduction of
new products, or alteration to key assumptions
underlying the strategy?

Does management apprise the board in a timely


manner of significant risks or significant changes in
3
the enterprise's risk profile? Is there a process for
identifying emerging risks?

Does it result in consideration of response plans on a


3.a
timely basis?

Is the board aware of the most critical risks facing the


4
company?

Does the board agree on why these risks are


4.a
significant?

Do directors understand the organization's responses


4.b
to these risks?

Is there an enterprise-wide process in place that


5
directors can point to that answers these questions?

Is there a periodic board-level dialogue regarding


6 management's appetite for risk and whether the
organization's risk profile is consistent with it?

Does the strategy-setting process appropriately


7 consider a substantive assessment of the risks the
enterprise is taking on as it executes its strategy?

Do the results of management's risk assessment lead


8 to specific impacts on the business plan and control
environment?

1 Source: www.knowledgeleader.com
As directors, do you know the priority business risks
9
facing the company?

Does the board agree on why these risks are


9.a
significant?

Are the organization's responses to these risks


9.b
understood?

Is there a periodic, substantive board-level dialogue


regarding management's appetite for risk and whether
10
the organization's risk profile is consistent with that
risk appetite?

Is the board satisfied that management's strategy-


11 setting process appropriately considers, in a robust
manner, the risk inherent in the business strategy?

Is the organization's risk profile discussed periodically


in the context of strategy-setting so that the board has
12
full knowledge of the significant risks the company is
assuming?

QUESTIONS FOR MANAGEMENT

Is there an enterprise-wide process in place to identify


1 and prioritize risk in the context of your business
strategy?

How confident are you that all potentially significant


2 business risks have been identified and are being
managed by your organization?

Do you involve the board in the assessment of


strategic business risks, including the decisions as to
3
which ones to accept or to reject, before finalizing or
updating your business strategy?

Do you periodically revisit your risk assessment to


4 determine whether circumstances and conditions
have changed or whether there are new risks?

Do you understand the significant uncertainties, or


5 "soft spots," inherent in your organization’s business
objectives and performance goals?

Have you communicated these uncertainties to the


5.a
board?

Using the priority risks identified in the context of your


business strategy, have you identified gaps in risk
6 management capabilities that must be improved to
provide reasonable assurance that the objectives
driving strategy can be achieved?

QUESTIONS FOR INTERNAL AUDIT AND PROCESS OWNERS

2 Source: www.knowledgeleader.com
Do we really understand the process as it currently
1
exists?

Is the process performing according to what the


2 customer and company stakeholders want and
expect?

If not, how can we improve the process to satisfy


2.a wants and meet/exceed expectations? If yes, how do
we know?

3 Are our process objectives the right ones?

3.a Are they consistent with the organization's strategy?

3.b Are they competitive? How do we know?

What are the significant external and internal risks that


4
threaten our ability to achieve process objectives?

Where are these risks created outside the company


4.a
and within the process?

5 How are we doing relative to our objectives?

How do the measures of actual process performance


5.a
stack up against our targets?

Is the current complement of business controls


adequate to provide reasonable assurance that (1)
6
significant risks are reduced to acceptable levels and
(2) business objectives are achieved?

If not, can cost-effective business controls be


6.a
designed to provide that assurance?

Are there controls in place that are not serving a


7
useful purpose and therefore should be eliminated?

Are there excesses, redundancies and variations in


8 the processes that warrant further investigation and
fact gathering?

9 How can the process be improved?

3 Source: www.knowledgeleader.com

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