Finance Risk and Materiality Assessment Software

A financial risk and materiality assessment is crucial in establishing long term success for any business. Learn how LogicManager can help you get started today.
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What is a Finance Risk and Materiality Assessment?

A finance risk assessment is the process of analyzing the specifics of different risks faced by your financial organization. There are a variety of reasons why a risk assessment may be conducted; in the finance industry, one of the most important types of risk assessments is a finance risk and materiality assessment. A thorough risk and materiality assessment will not only help to reveal gaps in financial planning or financial controls, but it will also provide confidence to the board, stakeholders and other third parties that your company’s financial planning and due diligence is adequate.

Through a finance risk and materiality assessment, your organization can identify crucial risks that may have been overlooked in the past. This proactivity can ensure the proper resources are allocated to address these risks and avoid financial shortcomings or disasters before they occur.

Risks

A financial risk and materiality assessment can help organizations to assess the possibility of a variety of risks from manifesting. For example:

  • Profits being lower than anticipated
  • Experiencing loss events (e.g. a natural disaster, branch robbery, or lender liability)
  • Economic downturn
  • Problems within financial operations processes
  • Cross-functional risks and processes that may impact other departments (e.g. data entry error, over or under-forecasting, or a lack of communication altogether).

Through LogicManager, your organization can assess these risks, document controls and perform testing and metric collection to ensure that the controls are operating effectively.

Achieve your Finance Risk and Materiality Assessment with LogicManager

Stay organized

Easily identify risk themes across your departments and branches, and remediate gaps in controls and processes. Keeping everything in one centralized repository enables you to gain insight into location-specific risk factors (like susceptibility to natural disaster, number of employees or departments, etc.) to truly understand your risks on an enterprise level.

Track key reporting metrics

Through LogicManager, easily perform testing and collect metrics that will ensure your organization is on track with its strategic performance goals. Our metrics functionality enables you to track financial performance against expectations, identify positive and negative trends and ultimately ensure that you’re continually addressing problem areas before negative outcomes arise.

Protect your organization from liability

Risks are everywhere, and staying protected from liability issues can save you the high price of fines and penalties down the line. LogicManger is a GRC software that facilitates cross-departmental communication, timely task completion and industry best practices so that nothing important can slip through the cracks.

LogicManager’s Finance Risk and Materiality Assessment Solution

Here’s how you’ll be set up for success with LogicManager’s Finance Risk and Materiality Assessment solution package: 

  • LogicManager’s centralized risk library provides out-of-the-box best practices to serve as a foundation for all your risk assessments. This library includes a comprehensive template for your financial risk and materiality assessment.
  • Leverage any of our numerous frameworks and industry standards to guide the development of your controls and monitoring efforts.
  • Beyond the content you’ll gain access to, as a LogicManager client, you’ll be assigned a dedicated pair of Advisory Analysts who will help migrate any existing data you have and can prescribe best practices as observed from other successful client implementations. 
  • Through our Financials Taxonomy, reference all standard financial assertions. Tag controls with corresponding assertions and associate them with relevant financial elements. You’ll also be able to document financial goals and plans and tie this information back to the risk and materiality assessment.
  • Our reporting tools can be used for any aspect of your risk management program. There are two that are widely used by our clients to complete their finance risk and materiality assessment:
    • Plan Report: Offers a full picture of your risk assessments, including the details of any particular assessment and its mitigations and monitoring activities. It’s an efficient way to see the level of risk any new project may have.
    • Enterprise Heat Map: Compare each risk assessments against each other to see how a similar project matched up against a project you just assessed. This helps you gain a more holistic view of your risks.

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Finance Risk and Materiality Assessment Tools

Want to learn how LogicManager’s LogicManager’s Finance Risk and Materiality Assessment solution package can help transform your financial risk management program? Start by requesting a free demo today.

REQUEST FREE DEMO