Good risk management is good business
Risk management is integral to any organization and, ultimately, every person in an organization should be considering risks. It’s about an intelligent approach to assessing risks related to the organization.
In the wake of the financial crisis, there is increasing pressure on management to gain greater insights into business risks. And, that means more pressure on internal audit departments to provide heightened levels of insight into how well the business is managing risk.
Your organization may or may not have formalized processes around risk management – or maybe you’re looking to initiate a more formalized approach to assessing risks and controls.
Working together, management and the internal audit departments are using technology to test, monitor and assess risks and controls in a range of business areas.
The use of analytics applied on a timely basis can give both audit and the business insight into risk indicators in:
- common areas such as purchase-to-pay, procurement cards, travel & entertainment and general ledger
- other areas like claims monitoring or key operational risks that carry financial and reputational risks (such as fraud, or bribery and corruption issues like FCPA and the UK Bribery Act)
- industry-specific risks – such as in healthcare, banking and insurance.
Contact us for advice on how to provide assurance around risk management using ACL technology.
- Video: Steve Biskie on Risk and Analytics
- eBook: Don’t navigate risky waters without internal auditors
- White Paper: The New CAE: Leadership in the risk intelligent organization
- Podcast: An interview with Laura Flandrick, Managing Director, National Association of Purchasing Card Professionals on mitigating P-card risks
- Webinar: An Ideal Alliance: Audit Partnering with the Business to Identify Risk
- Case Study: Canada Post
- Case Study: Mercy Health
- Case Study: Fidelity National Financial
- Case Study: AngloGold Ashanti
“The value of ACL goes far beyond Internal Audit. It’s a sophisticated solution that provides a considerable ROI.”
– Jill Hatfield, Vice President, Business Risk, Mercy Health
“AuditExchange has transformed how we assess risk in our organization. ACL is here to stay and will continue to make substantial contributions to our improved performance in the months and years ahead.”
– David Riddell, ACDA, Automated Solutions Manager, Fidelity National Financial
“With ACL technology, we can now choose stores based on weighted risk factors, which results in more effective scheduling and timely audit planning. The application runs within seconds and provides stores with a level of detail that had never been seen before in one report. It’s as simple as one mouse click.”
– Danielle Kragnes, Internal Audit Supervisor, Food Lion LLC – Delhaize Group
“By independently comparing and analyzing data from Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), Supply Chain Management (SCM), or other enterprise applications, ACL technology enables audit, financial, and controls professionals to gain immediate insight into the transactional data underlying their business processes and financial reporting.”
– Katharine Janisch, General Manager, Risk & Internal Audit, AngloGold Ashanti
“ACL technology helps our customers perform reliable and secure data analysis, remain compliant with regulations, and better manage their tax risks.”
– Gwenaelle Bernier, Associate Partner, VAT, Customs and Indirect Taxes, Fidal Direction Internationale
“ACL enables us to conduct more efficient audits with 100% data coverage, giving our company a strong competitive edge. We’re delivering unprecedented risk assessment and best-in-class results to our clients.”
– James Bean, Principal and Co-Founder, Advertising Audit & Risk Management, Advertising Audit & Risk Management
“ACL has improved the image and reputation of Internal Audit and introduced a powerful analytical tool to Canada Post. The return on our initial investment has been substantial. ACL has allowed us to perform both engagement-level and enterprise-level risk-based audit planning.”
– Jean-Claude Larochelle, Auditor, Canada Post Corporation