Which of the following strategies can be used to mitigate risks in internal controls?

Employing regular training and robust monitoring processes is a critical strategy for mitigating risks in internal controls. This approach ensures that staff are well-informed about the internal control systems and procedures, enabling them to execute their responsibilities effectively. Regular training helps to keep team members updated on any changes to policies or regulations, which is crucial in evolving business environments. It also aids in developing a culture of compliance and accountability.

Robust monitoring processes involve ongoing evaluations of the effectiveness of internal controls, allowing organizations to identify any weaknesses or irregularities in a timely manner. This proactive oversight can prevent potential issues before they escalate into significant risks, thereby strengthening the overall control environment.

In contrast, the other strategies do not provide a comprehensive risk mitigation approach. Ignoring minor issues can lead to larger problems over time, as small weaknesses can accumulate. Solely relying on external audits does not ensure continuous oversight and improvement of internal controls. Finally, while outsourcing can be a part of a control strategy, depending entirely on third parties may result in a loss of control and oversight, which can introduce additional risks.