Integrated Risk Assessments

Is your audit plan based on a formal risk assessment process that includes your IT systems and infrastructure? Does it focus on the organization's highest risk areas? Have you benchmarked your approach against leading practices?

Risk-based audit plans that consider operational, compliance and financial risks are an absolute necessity in today's high-risk, volatile business and regulatory environments. At the same time, the risk assessment process must also address the independence and interdependence of operational and information technology areas. 

The International Standards for the Professional Practice of Internal Auditing call for risk-based audit plans to determine Internal Audit's priorities, which must be consistent with the organization's goals and based on documented risk assessments, undertaken at least annually. Fortunately, the Standards allow for flexibility and customization so risk assessments can address the unique needs of each organization.

But flexibility can sometimes lead to ambiguity regarding the audit plan approach and audit process improvement. That’s why it’s so important to benchmark your risk assessment approach against the practices of industry leaders.   

When you need help with any aspect of your risk assessment process, call the risk advisory experts at Jefferson Wells.
 

Integrated Risk Assessment: Leveraging Best Practices in Your Approach Posted: October 8, 2009 You'll come away from this informative session with tips you can use to fine-tune your annual risk assessments, harness the optimal level of input from management, and fully communicate the process and its results to key stakeholders. Watch Now! | Download Windows Media Version | Download QuickTime Version