The internal audit activity can promote continuous improvement of organizational controls by facilitating control self-assessment (CSA) sessions. These sessions involve managers and staff in evaluating the effectiveness of controls within their areas of responsibility. This approach not only promotes ownership of controls among process owners but also helps identify areas for improvement and fosters a culture of continuous improvement. By engaging managers in these assessments, internal auditors can help ensure that controls are understood, effective, and continually refined based on feedback and changes in the risk environment.
References:
* IIA Practice Guide: Control Self-Assessment
* IIA Standard 2130: Control

Effective third-party risk management involves conducting thorough due diligence before entering into a contract to ensure that the third party meets the organization's standards and requirements. Conducting due diligence only after contract signing is a significant red flag, as it indicates that the organization might be engaging with third parties without fully understanding the associated risks. This can lead to inadequate risk management and potential issues with compliance, performance, and security. References: The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), specifically Standard
2210 - Engagement Objectives, and COSO's Enterprise Risk Management - Integrating with Strategy and Performance.