A fundamental prerequisite for success in managing risks is the ability to:

• Clearly understand the strategic and tactical objectives of an organization, as well as the strengths, weaknesses, opportunities and threats to the achievement of these objectives, and also the organization’s risk appetite and risk tolerances in relation to these objectives

• Objectively and independently evaluate the effectiveness of controls which ensure the avoidance of waste, fraud and inefficiency, the accuracy and reliability of financial and non- financial information, the protection of assets including information resources needed to achieve business objectives, and compliance with laws and regulations.

• Concisely and comprehensively report to appropriate levels of management on the results of these independent assessments