Introduction

In the era of turbulent change, businesses are exposed to more risks than ever before. The demand for well-trained, risk acumen professionals is ongoing, risk professionals played more and more important role in identifying, assessing and mitigating risks faced by businesses. Risk auditors, by its name, are those who specialize in auditing the risk management system in place, to ensure a rigorous, effective risk management systems. The Institute of Certified Risk Auditors, since its founding, aimed at providing risk professionals with the skills and tools necessary in maintaining an effective risk management system, to cope with the dynamic, constantly changing business environment. Our mission can be summarized as:

• Provide industrial best practice in risk management to our members
• Promote convergence of cross-industrial risk management standards and tools
• Provide continuous support and training for risk specialist by means of CPD, networking events

CRA Accreditation

Certified Risk Auditors, from its name, are risk professionals who have specialist knowledge in Risk & Audits. CRA encompasses skills and capabilities of external auditors, internal auditors, risk managers & specialists, internal control specialists. The founding members of ICRA realize that risk management must be an ongoing practice, to ensure effective risk management system, constant monitoring of system in place are of vital importance. There are many occasions of risk management failure, irregardless the size of the entity, the level of sophistication, such failures highlight the weakness of most risk management systems, “unmonitored risk management system will deteriorate over time”. Developing and maintaining effective risk management system can be demanding tasks for executives, on the other hand, compliance approach to risk management will indefinitely lead to a symbolic and rotten system. Qualities of competent risk management professionals demand not only accounting and quantitative skills, as not all risks can be quantified, even worse, not all risks can be captured by the accountant. Financial knowledge is essential quality while business sense, experience in business practice, understanding of auditing and investigative techniques are of equal importance. Summary of key competencies of Certified Risk Auditors:

• Understanding of the importance of risk management in the context of corporate governance
• The ability to foster risk management in an organization
• The ability to understand and apply the best practice risk management methodologies in the respective organizations
• Ability to establish risk management system from scratch
• Knowledge of risk management tools, risk mitigation techniques, internal control frameworks dealing with risks exposure
• Ability to apply audit techniques and investigative skills in identifying risk exposure, evaluating risk responses and recommending improvements