What are risks?
Risks are events or conditions that may occur, which would have a harmful or negative effect on the organisation. A risk can also be that opportunities are not taken or are lost.
Internal Audit is concerned with identifying and advising on how to manage those risks. All Council departments have associated risks. Examples of risks include major fraud or irregularity, lack of resources to meet budget commitments, and vulnerable clients not being adequately safeguarded which puts their welfare at risk.