This webinar will focus on two Risk Cloud applications: Risk Management and Internal Audit.
Speaker: Sam Pranckus, Solutions Engineer at LogicGate
In this webinar, we will focus on two of our applications - Risk Management and Internal Audit - and demonstrate how teams can share information to streamline their annual planning and ongoing assessment processes. We will discuss the benefits of collaboration between Audit and Risk teams, and the rationale behind integrating various aspects of each program.
The objective of this course is to highlight areas where Audit and Risk teams can share information, which will eliminate redundancies and harmonize the 3 Lines of Defense. We will start with the fundamental building blocks of an Enterprise Risk Management (ERM) and Internal Audit programs. We will then focus on potential “connection points” to provide Internal Audit insight into ERM assessment scores and vice versa. Audit and Risk teams can leverage the relationships between various data points to make informed decisions, and influence the strategic outlook for the organization.
We will also demonstrate:
- Risk Cloud’s Application marketplace which consists of “best practice” templates for a wide range of use cases
- Risk Owners ability to leverage Internal Audit testing results to mitigate Inherent Risk levels to an acceptable Residual Risk. The rationale behind this feature is that, as the Audit team conducts potentially hundreds of tests over a period of time, the results from audit fieldwork can help the Risk owner understand how well the Control environment is actually operating and factor this into their evaluations
- Internal Audit teams can utilize Risk assessment scores to prioritize upcoming audit activity and build a Risk-based Annual Plan
- Connection points between various data objects such as processes, risks, controls, policies, and Strategic Objectives - so that Internal audit coverage is aligned to critical risks that potentially prevent your organization from meeting Strategic Objectives
- Flexible Risk Assessment methodology to accommodate your team’s preferred methodology whether it is a standard Impact X Likelihood or more complex methodologies that factor in Velocity, Speed to Mitigate, Controls Effectiveness, etc.
- Prioritization of upcoming Audit Activity from an Audit Manager standpoint, the Risk Cloud’s scoring methodology dictates the audit frequency and gives management a holistic view of all auditable entities, including date of last audit and date of next planned audit