Can you describe a time when you identified a significant risk in a company's operations and how you addressed it?
Behavioral
Risk Assessment
Analytical Thinking
Stakeholder Collaboration
This question is critical for understanding your risk assessment and management capabilities, which are essential for a Director of Internal Audit.
How to answer
- Use the STAR method to structure your response, focusing on the Situation, Task, Action, and Result.
- Clearly describe the context of the risk you identified and its potential impact on the organization.
- Explain the analysis you conducted to assess the risk and determine its significance.
- Detail the steps you took to mitigate the risk, including collaboration with other departments.
- Highlight the positive outcomes resulting from your actions, quantifying results where possible.
What not to say
- Failing to provide a specific example and speaking in generalities.
- Overemphasizing the risk without detailing your proactive measures.
- Neglecting to mention collaboration with other stakeholders.
- Not addressing the impact of your actions on the organization.
Sample answer
“At DBS Bank, I identified a significant risk in our fraud detection processes during a routine audit. Upon discovering that our system had a gap in monitoring transactions over a certain threshold, I collaborated with the IT department to enhance our monitoring systems. We implemented new algorithms that reduced false positives by 30% and improved detection rates by 40%. This not only safeguarded our assets but also increased stakeholder confidence in our controls.”