Risk and risk management can sometimes be misunderstood. There is a view that the prudent approach is to avoid risk by simply maintaining the status quo. Linked to this is the idea that audit is a barrier to risk taking and innovation. Also, spending time developing risk management strategies can sometimes be perceived as mere pointless bureaucracy. Failure to take opportunities can be a huge risk in itself. By not looking at new ways of doing things organizations can miss out on real opportunities to manage better their business, improve servi…