LogicManager’s MAR Risk Control Assessment Solution
Here’s what you can expect with LogicManager’s MAR Risk Control Assessment solution package:
- LogicManager’s Centralized Risk Library works as the foundation for both ERM and Audit. By leveraging the same standardized set of risks and risk rating criteria, auditors can easily provide information that is beneficial to stakeholders, external auditors or department heads.
- By performing audits within LogicManager, easily engage risk owners and communicate crucial information to ensure your organization is both compliant and effective at mitigating risk.
- LogicManager provides a number of prepackaged risk assessment templates which can be easily implemented to satisfy both internal and external audit requirements. These templates range from department-based to granular assessments.
- LogicManager allows you to create an automated, recurring task for updating the risk assessments at each of your branches. This “set it and forget it” cadence allows you to ensure that you have the most up to date information about each of your auditable entities.
- The ability to create many-to-many relationships between risks and controls or controls and tests allows risk managers to neatly track all relevant relationships between the controls in the system in order to stay organized.
- Inputting controls in LogicManager eliminates duplication of efforts, as the audit group can leverage the work of another team to set up the testing cycle and include information in those reports.
- LogicManager helps you automatically identify what controls may be in scope based on our Suggested Mitigation feature that automatically suggests new controls based on the risks that you are mitigating.
- Using our robust reporting engine, generate custom reports to get concise information on the control environment or gain a summary in visual format. Reports commonly used for the MAR risk control assessment include:
- Mitigation table report (allows you to see the full inventory of controls in one place)
- Mitigation Dashboard (see what your most critical controls are to know where you should be testing)
- Risk Control Matrix (view all of the risks that your controls are related back)
Complete your MAR Risk Control Assessment with LogicManager
Streamline your processes
LogicManager includes a variety of ways to automate your tasks, such as workflows, notification scheduling and AI suggestions.
Gain the advantage of GRC
While this package is a point solution, it lives within LogicManager’s fully integrated GRC platform. This means you’ll break down departmental silos and be able to draw key connections across your enterprise.
Maintain a centralized repository
Keep all of your processes and documents in one place. This makes it easier to engage with other employees at your organization and find important information quickly.
Satisfy auditors
With LogicManager, your work is time stamped and performed on a foundation of risk management best practices. This helps you stay prepared for a surprise audit.
What is a MAR Risk Control Assessment?
As an auditor, performing a risk control assessment enables you to provide immense value to your organization. The information discovered in a risk assessment will show not only how risk was previously assessed, but also how an audit has confirmed or updated that assessment. This knowledge helps your organization take the proper steps to ensure compliance and preparedness to the board, external auditors and stakeholders.
