Managements want to know what risks stop them from reaching their corporate goals and visions. Identification of risks shall help them to build adequate control systems in the organization to manage them. The management of risks may be total elimination, risk reduction, risk acceptance or risk transfer.
Identification of the risks is the most important feature of any business risk assessment exercise because; non-identification of a risk may not enable management to build a complete control framework.
B’Risk, has designed a special tool named B’Risk Profiler (Business Risk Profiler) to help them identify the risks. The profiler profiles a portfolio of risks basis the industry segment the organization belongs. This helps a complete mapping of all possible risks an industry segment may be exposed to, subsequently specific risks for the organization are mapped.
Risks are also profiled on a matrix of importance. Sometimes, risk assessment is the activity of measuring the risk existing in various functions/activities of the company for a rational allocation of available resources of the Internal Audit Department (IAD). It assists the IAD in getting a better understanding of the existing control environment and facilitates developing an audit strategy.
The Indian Corporate governance also prescribes certain expectations of internal audit departments. The regulations are applicable to all the quoted companies and public limited companies in India. The expectations of audit committee can be listed as under:

 Risk management of every process in the company
 Assured working of internal controls
 General audit reporting on a timely basis
 Report on white collar frauds
 Participation in disclosure requirements compliance

The primary expectation of audit committee from internal audit department is to conduct a risk assessment of the all the processes of the company and prescribe a methodology for risk management.

Value add:
 Identification of high risk areas for audit
 Risk based internal audit plan
 Enterprise Risk Assessment
 Enterprise Risk Management