Audit Risk Assessment

As an audit professional, you’re always looking for ways to gain control over your most critical efforts. Start by taking a risk-based approach to your audit risk assessment with LogicManager’s out of the box solution package.

What is an Audit Risk Assessment?

As an auditor, it’s your job to make sure that the myriad of risks posed to your organization are properly controlled. In other words, you’re a superhero. As the planner and executor of audits that provide assurance and reduce the threat of fraud and ineffective operations, you keep the business thriving. 

But audits aren’t easy when technology is holding you back. Manually performing risk assessments and subsequently assigning and evaluating them can be a lengthy, tiresome and often subjective process. On top of that, reporting on the status and outcome of your audits is nearly impossible when you have to hunt down the information you need.

Read on to learn how LogicManager’s Audit Risk Assessment solution package can erase all your pain points in one fell swoop.

Risks When Completing Audit Risk Assessments

Failure in the last line of defense puts everything in your business at risk. Oftentimes, audit functions increase your exposure, are under-resourced or require multiple full time employees to manage. Implementing LogicManager’s comprehensive Audit Risk Assessment solution will help you avoid missing important information and duplicating work. 

It’s important to remember that it is your fiduciary responsibility to report all risks to the board; if you are unable to provide evidence that you are remediating risks, you can be found guilty of negligence, exposing you and your organization to fines and penalties. LogicManager equips you with the tools to display a history or your work at any point in time.

Achieve your Audit Risk Assessments with LogicManager

Take a risk-based approach

At LogicManager, we believe success is a result of effective risk management. Taking a risk-based approach to your audit program allows your organization to prioritize time and resources appropriately, determine functional areas that pose the greatest threats and identify the most critical controls.

Gain a holistic perspective

With LogicManager’s out of the box risk library, you’ll perform audits with a holistic view of your organization’s business functions, departments and risk topics. The risk library is intertwined with our ERM functionality, making it easy for you to compare your results with other risk assessments.

Demonstrate your work

By performing your own risk assessments or auditing existing risk assessments from other solution areas, you’ll provide value to your organization by demonstrating improvements. Easily show how a risk was previously assessed, how an audit has confirmed or updated that assessment and how you’re taking the proper steps to ensure its compliance and preparedness to the board, external auditors and stakeholders.

Detect key trends

Performing recurring audits within LogicManager’s Audit Risk Assessment solution enables you to track ongoing trends, improvements or shortcomings for different departments and business areas. Documenting your organization’s continued progress and plans for improvement allows you to understand how your efforts are impacting performance over time.

Engage risk owners

Because LogicManager is a comprehensive GRC platform, it’s designed to break down silos within your organization so that your efforts are as effective as possible. Performing audits within LogicManager allows you to engage with key risk owners and communicate crucial information that ultimately powers your entire risk program.

LogicManager’s Audit Risk Assessment Solution

Here’s what you can expect with LogicManager’s Audit Risk Assessment solution package: 

  • LogicManager’s Centralized Risk Library works as the foundation for both ERM and Audit, meaning you can leverage a standardized set of risks and rating criteria. This allows you to provide valuable information to stakeholders, external auditors and department heads. 
  • Our prepackaged risk assessment templates can be easily implemented to satisfy both internal and external audit requirements. These templates range from department-based risk assessments to more granular ones targeting business functions or general risk topics. Select which assessments are most relevant and quickly publish them in LogicManager to streamline your audit process.
  • Create an automated, recurring task to update your risk assessments using a “set it and forget it” cadence. This way, you know you always have the most up to date information on each of your auditable entities. 
  • Quickly generate reports to demonstrate your performed risk assessments, which areas of your organization are the “riskiest” and which are the most well-structured. Some of our most common reporting capabilities include our Risk Control Matrix and Plan Report.

Request a Free Demo Of LogicManager’s
Audit Risk Assessment Tools

Want to see these reports or any other functionalities of the Audit Risk Assessment solution in action? Request a free demonstration of our software and witness just how they would look at your organization.