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Align Audit strategy with Enterprise Risk

Enterprise Risk Management (ERM) is a specific framework for identifying, prioritizing and then managing risks across an organization. An internal audit is used to review and assess the internal controls that are utilized in this process.

Conducting an audit that aligns with ERM standards should include leveraging the data from the ERM process as a more streamlined way to find which areas to audit. Ensure that the ERM and internal audit teams understand the findings of each other. Conduct joint assessments of risks and coordinate your reporting strategies. The goal is to create a cohesive process where the audit provides assurance that ERM procedures to manage risk remain effective.

Benefits of Risk Management

Effective risk management practices make an organization more secure against internal and external threats, build trust among stakeholders, and help in making more informed decisions around your goals and strategies.

Having the proper structure in place to manage risk allows an organization to make smarter financial plays, avoid losses, and develop new opportunities. Knowing just where to allocate security resources for the most impact. The right risk management policies assist in compliance with important regulations and standards.

It also demonstrates to both personnel and outside stakeholders that you’re committed to protecting data. This is a valued reputational asset.

Our Process

Continuum GRC offers internal audit solutions that help implement the most effective risk management strategies for your organization. Our professional services include practical assessments of any risks to your objectives and operations. During the internal audit process, we review the current security policies and procedures, and uncover threats and vulnerabilities.

Our advisory services help strengthen your security posture with recommendations, reporting, and compliance documentation. We’re familiar with established security frameworks like Enterprise Risk and can guide your organization and all key personnel through it so that the process is seamless and effective.

FAQ

How does audit and risk management work together?

Both practices work together to ensure that risks to your organization are identified and addressed

effectively. Risk management is the foundation of this process, proactively seeking out potential threats that can upend your organization or its assets, and mitigating them. The internal audit is an independent assessment of how effective these practices are.

Key components of an IT & Risk Management Audit?

An internal audit for IT and Risk Management includes pinpointing vulnerabilities and analyzing their potential impact. Appropriate security controls (like firewalls or intruder detection) are implemented, then tested. Compliance with regulations is checked, and regular reports and documents are reviewed. Finally, a review of personnel and accountability is conducted.

How often should an IT & Risk Management audit be conducted?

An internal audit around risk management practices should be conducted annually at the very least. However, changing conditions and regulatory requirements may require extra ones. This can be applied to the risk profile of your organization as well. In those cases an internal audit may be needed quarterly or monthly.

What is the difference between IT audits and risk management audits?

Both processes are designed to be proactive in protecting against security threats, data breaches, and the like. However, they take slightly different routes. The IT audit reviews the security and compliance standards around IT controls, infrastructure, and devices. The risk management audit takes a broader look at the organization’s polices and strategies for identifying threats.

How does an IT audit help ensure compliance with regulations?

To maintain compliance with certain industry or federal regulations, an organization’s IT framework, devices, servers, and the like must meet specific standards for security. An IT audit reviews these essential components, ensuring that they’re hardened against threats and have policies in place to respond and recover.

How does an audit help mitigate risks?

An audit is proactive, identifying and assessing potential threats to an organization and addressing them before they become a problem. Whether its in cybersecurity, data controls, or other assets, knowing what security measures to put in place early on, significantly reduces the risk of data breaches, fines, legal exposure, or reputational damage.

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