Can you describe a time when you identified a significant risk within the organization, and how did you address it?
Behavioral
Risk Assessment
Problem-solving
Collaboration
This question is crucial for evaluating your risk assessment skills and your ability to implement effective controls, both of which are essential in the role of Director of Internal Audit.
How to answer
- Use the STAR method (Situation, Task, Action, Result) to structure your response
- Clearly outline the context of the risk you identified and its potential impact on the organization
- Detail the steps you took to assess the risk and the actions you implemented to mitigate it
- Mention any collaboration with other departments to ensure a comprehensive approach
- Quantify the results of your actions, such as cost savings or improved compliance
What not to say
- Focusing solely on the problem without discussing solutions
- Neglecting to mention collaboration or teamwork
- Providing vague examples that lack detail and metrics
- Avoiding responsibility for past risks identified
Sample answer
“At Deloitte, I identified a significant risk related to our vendor management practices that could have led to compliance issues. I initiated a comprehensive audit, collaborated with the procurement team to enhance our vendor evaluation processes, and implemented a new framework that included regular audits of vendor performance. As a result, we reduced compliance risks by 30% and improved vendor relationships, which saved us $100,000 annually.”