Built on Trust: Risk, Assurance, and the Norwegian Perspective

In this episode of Risk Is Our Business, Captain Michael Rasmussen sits down with leaders from Norway’s Institute of Internal Auditors for a conversation about how culture shapes governance, risk, compliance, and assurance. The discussion begins with Norwegian business culture and one of its defining characteristics: trust. They explore how trust influences decision-making, accountability, and assurance practices, and how that foundation differs from more rules-driven environments. The conversation also examines the maturity of risk management and assurance in Norway, where strong practices coexist with significant opportunities for growth as organizations confront increasingly complex and fast-moving risks. The group discusses the challenges facing assurance professionals today, including the accelerating pace of change, emerging risks, and the need for organizations to adapt without losing sight of business value. They compare Nordic and U.S. approaches to risk management, highlighting the more pragmatic, business-oriented perspective often found across Scandinavia. A particularly interesting part of the conversation focuses on the evolution of Norway’s IIA chapter itself. Unlike many national chapters, the Norwegian organization has expanded beyond a traditional audit focus to serve a broader community of GRC professionals. They share how that transformation occurred, what it has meant for members, and how they see the organization evolving toward 2030. The episode closes with practical advice for organizations seeking to strengthen assurance and risk management capabilities in an environment where trust remains essential, but trust alone is no longer enough.