What is one likely purpose an internal auditor would use a Risk Control Matrix (RCM) for?

A Risk Control Matrix (RCM) serves primarily as a tool that helps internal auditors visualize and understand the key relationships between identified risks and the corresponding controls put in place to mitigate those risks. By mapping out risks alongside their respective controls, an RCM allows auditors to clearly see how effectively controls are aligned with the risks they are meant to address. This relationship is crucial for assessing whether existing controls are adequate in managing the risks faced by the organization.

While assessing compliance and evaluating internal controls are also important functions of internal audits, the primary purpose of the RCM is to establish and analyze the connections between risks and controls. This understanding aids in prioritizing areas of focus within the audit process, thus enhancing the effectiveness of the audit. Calculating risk exposure, although related, is typically a more quantitative analysis that might not be directly addressed through the RCM framework. The core strength of the RCM lies in its ability to illustrate risk-control dynamics clearly.