The first and simplest way to use the self-assessment process is to use it in determining your own internal audit function strategy and priorities. This is an excellent starting point, for numerous reasons:
One of my favorite lists to review each year in January is KnowledgeLeader’s list of the top 25 pages from the previous year. I am always curious what will end up on this list as it is different each year. In 2016, our subscribers frequented the Process Classification Scheme (PCS) more than any other page. This tool was originally published on our site in 2007 and is a staple framework to our Risk and Control Matices (RCM) library.
System development lifecycle (SDLC) methodology promotes and provides a controlled business environment where an orderly process takes place to minimize risk for implementing major new applications or changes to existing applications that have an urgent priority for an organization.
Cash and treasury management refers to a broad area of finance involving the collection, handling, and usage of cash and assessing market liquidity, cash flow, and investments. This process has the ultimate goal of managing the firm’s liquidity and mitigating a large variety of risks.
The company payroll process has the attention of all employees and impacts everyone. Because it is such a critical business process, it is important to regularly review the associated risks and controls.
We are extremely proud to announce a new tool area: Risk and Control Matrices (RCM). Members have been asking for these samples, and we have managed to put together a tool like no other on our site.
Each sample RCM contains a compilation of risks by business process and a vast array of possible controls to choose from. Unlike any of our other tools and resources on KnowledgeLeader, each of our RCMs will be periodically refreshed with new content after its initial publish–making it its own expanding resource. So you’ll have to keep an eye out for updated RCMs that will indicate we’ve added new risks sand controls!
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