The internal audit department plays a dual role in risk management by:

1. Monitoring the overall risk management policy of the organization to ensure it operates effectively.
2. Monitoring the strategies implemented to manage risks and ensuring that they continue to operate effectively.
   Internal audit also has a significant role in assessing and testing internal controls, which are critical for mitigating risks. Additionally, the internal audit department ensures that systems developed to manage risks are functioning as intended and provides assurance that they meet organizational objectives. However, to retain objectivity, the internal audit team should not be directly involved in designing the systems or assessing the risks but should focus on monitoring and evaluating their effectiveness.