Risk-based Audit & ERP

shutterstock_39877537_ValueChain_optManage risks has become recognised as an essential part of good corporate governance practice. Every organisation is different, with a different attitude to risk, different structure, different processes and different language. Experienced internal auditors need to adapt these ideas to the structures, processes and language of their organisation in order to implement.

Our consultants work closely with the internal audit to assess the risk maturity and conclude:-

  • Management has identified, assessed and responded to risks above and below the risk appetite
  • The responses to risks are effective but not excessive in managing inherent risks within the risk appetite
  • Where residual risks are not in line with the risk appetite, action is being taken to remedy that
  • Risk management processes, including the effectiveness of responses and the completion of actions, are being monitored by management to ensure they continue to operate effectively
  • Risks, responses and actions are being properly classified and reported

As a result, our consultants and the internal audit is able to provide the board and senior executive teams with assurance in relation to the risk appetite that we need on three (3) key areas:-

  1. Risk management processes, both their design and how well they are working
  2. Management of those risks classified as ‘key’, including the effectiveness of the controls and other responses to them
  3. Complete, accurate and appropriate reporting and classification of risks


© 2014 Dainamic Consulting (part of iBTN). All Rights Reserved.                                            iBTN Group            Trading & Distribution