With technology’s constant evolution—and countless high-profile data breach and security incidents—executive leadership and boards are under increased pressure to ensure that management is proactively evaluating and addressing IT risk. The internal audit function plays a large role in assuring proper audit plans are in place to address these IT risks.
However, internal audit departments do not have limitless resources, and are constantly working to direct attention to confirmed high-risk areas. Understanding the risk profile of your technology infrastructure and determining your highest areas of risk can help you design a thorough and more effective IT audit program.
An IT enterprise risk assessment allows management to do the following:
Enable business strategy - Develop a strategy that aligns first, second and third lines of defense to understand, validate and further determine the adequacy of global risk mitigation activities.
Educate the audit committee - Educate the audit committee on risk trends that affect your organization and other global organizations.
Gain a 360-degree view of the business - Develop an understanding of your organization’s IT environment, enabling IT audit to have constructive conversations with stakeholders prior to engagement planning and scoping.
Transform risk - Develop a robust risk assessment methodology that allows actions to be prioritized/targeted to address key risks to the business and reduce the burden of compliance activities (Sarbanes-Oxley [SOX]).
RSM’s IT enterprise risk assessment methodology leverages modern survey tools, data analytics and quantitative risk scoring to right-size our results and allow scaling based on the nature of your organization.
We have developed a proprietary methodology and risk framework based on an integrated testing approach that brings efficiency to the audit process. This proven methodology enables our team to provide a cost-effective solution designed to evaluate your IT controls environment in the most efficient and comprehensive manner possible.
As a part of the risk identification process, we leverage information from multiple industry frameworks, including:
These core capabilities indicate whether you are properly utilizing IT to achieve your business objectives while reducing existing enterprise risk and preventing new risks.
IT risk directly correlates to business consequences, and analysis is the first step toward understanding your specific risks and developing the right strategies to mitigate them. Using comprehensive surveys, interviews and reviews, RSM’s IT enterprise risk assessment provides several deliverables that indicate your most pressing risk issues and identify areas where you may need to direct more effort.