What is the role of the internal audit in the governance process?

What is the role of the internal audit in the governance process?
A . Perform quality assurance testing of transaction monitoring.
B . Monitor the risks of noncompliance with applicable laws and regulations.
C . Periodically evaluate the effectiveness of processes and controls.
D . Execute the corrective action plan.

Answer: C

Explanation:

Role of Internal Audit:

Internal audit is tasked with evaluating and improving the effectiveness of governance, risk management, and control processes within the organization.

Periodic evaluations ensure that AML/CFT processes remain robust and effective against emerging risks.

Alignment with CAMS-Audit Guidance:

Advanced CAMS-Audit training highlights the need for internal audit to focus on process effectiveness rather than operational responsibilities, such as quality assurance or corrective actions.