Proactively confronting change by regularly assessing the risks that face company operations is an essential component of a dynamic internal audit program.  Profitable businesses are well managed, well controlled and take a progressive approach to confronting the inevitable changes that are required to stay on top. If you know where you need help, we’ll jump right in.  In many cases, however, our clients want help in the development of a plan of actionable priorities.  Our approach is most often to perform a Risk Assessment in order to focus resources in the most efficient manner.

Risk Assessment Approach

  1. Discuss the objectives of the Risk Assessment with senior management.
  2. Create a priority review plan by identifying discreet organizational entities and systems.
  3. Gather relevant documentation consisting of board minutes, financial statements and corporate policies and procedures.
  4. Assemble a team of personnel with the right mix of skill sets.
  5. Interview multiple levels of management to solicit input.
  6. Organize/prioritize processes according to perceived risk.  Processes with both a high probability of occurrence and a high impact/consequence of failure are the highest priority.
  7. Communicate findings to management, including board presentations and senior management reports as appropriate.

Risk Assessment Output Matrix

Risk Assessment Matrix