Internal controls over financial reporting have taken the majority of internal audit resources in recent years. LogicERM provides the infrastructure to return to operational audits keeping financial reporting as just one of many types of risks to be managed. With LogicERM all risks can be addressed with standard evaluation criteria to provide common score ranking of priorities to address in an audit plan.
- Shift risk assessment and control activities to the business
- Increase coverage over business areas
- Use ERM framework to prioritize the audit plan
Reduce the burden to business
Using a proven ERM framework reduces your workload and consolidates assessments done by the business. Multiple single purpose assessments can be consolidated into one assessment for a business process. For example, a single risk assessment can address risks and controls needs related to financial reporting, business continuity, fraud, and IT.
With dynamic collaboration between internal auditors and business owners, the time-lag between risk assessment and audit plan execution can be reduced by 60 percent.
Testimonials
"LogicERM library management enabled us to consolidate our control objectives from 1200 to under 300. Although LogicERM has all the functionality an internal audit team needs, the most important value is the ease of use that provides us a bridge to the business process owners."
Jay Alligood, Head of Internal Audit, Blue Cross and Blue Shield of Florida
Knowledge Center