I just ran across an insightful piece at EzineMark that merits attention from every audit or risk manager.
Risks change constantly. Risks you are aware of escalate or diminish. New ones appear on the horizon. All of this happens with speed, so you cannot think of risk management as "something you do on Friday."
The author of this article talks about combining the forces of an organization's market intelligence and risk management units. Now, I have never worked for a company with a market intelligence unit, but have to think that every company has somebody monitoring competitors' activities and other external threats. I agree with the proposition in the article that the risk management function should seek out those monitoring the external environment and partner for risk monitoring.
Internal audit may also want to seek these monitoring functions out as they may provide valuable input into the risks to be addressed in the audit plan.
I welcome your views. Do you see this partnership happening?