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An organization employs ongoing monitoring and is considering implementing periodic evaluations to assess the continuing effectiveness of its risk management process. Which of the following statements Is true with regard to such periodic evaluations?
Correct Answer: C
Periodic evaluations are complementary to ongoing monitoring in an organization's risk management process. The frequency and extent of these evaluations often depend on findings from ongoing monitoring, which may highlight areas needing more in-depth review or indicate that existing controls are functioning effectively. This dependency ensures that periodic evaluations are targeted and efficient.References: Institute of Internal Auditors (IIA) - Guidance on Risk Management and Monitoring Top of Form