The pandemic has impacted every industry, every region, and nearly every profession. Safety regulations and requirements implemented by governments worldwide, and organizations’ desire to protect their staff, suppliers, distributors, and customers, have forced many businesses to update, if not, transform their risk assessment model and embrace emerging technology to stay in business. All these changes are closely followed by IT and third-party risks that cannot be ignored.
Touchstone Insights for Internal Audit indicates that audit leaders from around the globe seek to reconfigure their risk assessment and audit planning activities to better address the dynamic nature of their rapidly changing environments. Some of their key initiatives involve implementing processes to move away from yearly risk assessments in favor of a more continuous approach.
Those who have started their journey toward continuous risk assessment quickly realize the need to connect systems and data across the organization to ensure that risk professionals can access and assess information that may create risk vulnerabilities. Many organizations rely on an expert risk management solution that provides an API framework to connect to their ecosystem.
How can TeamMate+ help internal audit teams move to a more dynamic risk assessment?
Today, thousands of internal audit teams across the globe are using Wolters Kluwer’s fully configurable, web-based audit and assurance management expert solution, TeamMate+, to put them in a position to address immediate-term needs and reach their long-term goals.
Some of the features available within our expert solution include:
Data Exchange API
Organizations of all sizes and across all industries take advantage of the TeamMate+ data exchange API framework to enhance their risk scores with the data obtained from their organization’s enterprise risk management (ERM) function. Leveraging real-time data from other risk functions would be impossible using a tool like Excel.
Risk Score Historical Insights
TeamMate+ provides internal audit teams with actionable reports that show risk, controls, and fraud potential over time. TeamMate+ tracks how risks are trending and allows your team to focus on risk areas.
Another powerful proprietary feature within TeamMate+ is dimensions. This feature provides internal audit teams with a multi-dimensional view of their organization. By configuring dimensions within TeamMate+, internal audit teams can slice any piece of information, such as a risk, and look at it from the lens of a stakeholder or different business unit. TeamMate+ supports the ability to configure up to 30 different dimensions, allowing Internal Audit to focus on what is important to their organization.
- Audit departments are configuring dimensions to align with popular IT governance and control frameworks, such as COSO.
- Others create dimensions to view risks or issues by region to understand their coverage or vulnerabilities across their global hierarchy and generate executive reports based on this data to help drive organizational initiatives.
Configurable Risk Scoring
Every organization scores risk differently. TeamMate+ has the framework in place to allow you to configure the scoring settings for strategic risks, risks, and entities for each assessment so that they match your current scoring methodology. These scores are available for both primary and secondary dimensions.
TeamMate+ offers multiple risk assessment reports and dashboards, enabling you to provide key insights to executive management regarding your organization’s current risk landscape.
- Risk Control Matrix
- Strategic Heatmaps
- Risk Dashboards
- Entity Heatmaps
TeamMate+ has a fully integrated risk self-assessment feature to help you engage your business contacts in the audit process early. This feature allows business contacts to rate risks in their areas to give the internal audit team a complete view of the risks currently being assessed.
Sending a risk self-assessment to your business contacts enables them to:
- Score inherent and/or residual risks
- Edit the strategic risk objects
- Respond to survey questions
- Add workpapers and issues
According to Touchstone Insights for Internal Audit, 64 percent of internal audit departments still rely on spreadsheets and similar tools to identify and assess risks. The organizations that these internal audit teams support would be better served using a purpose-built expert solution, like TeamMate+, that provides the features and framework to move your team toward implementing a more dynamic risk assessment.