Performance of an annual risk assessment allows the organization to identify their most critical processes and the areas of highest risk. Using the strategic plan as the basis for assessing risks, the organization can focus on the issues that may pose the most significant threat to the organization’s overall goals and objectives. The organization will be able to appropriately allocate resources to address all strategic risks in the most efficient and effective manner.
GRF works with clients to perform a baseline risk assessment and develop customized, right-sized Internal Audit solutions.
A typical Risk Assessment and Internal Audit Plan Development engagement is 4-6 weeks.
Risk Assessment and Strategic Risk Identification
Identify the organization’s risk universe and aggregate risk information across all departments/divisions/regions/etc. through the use of interviews, surveys, and workshops. Risks are assessed for likelihood and impact for the purpose of prioritizing and developing Internal Audit solutions.
Budget and Timing Projections
GRF develops Internal Audit solutions that fit the client’s budget and address time-sensitive issues. Through proper planning and risk-based audit procedures, GRF performs our engagements efficiently to satisfy all objectives at the convenience of our clients.
Development of Internal Audit Plan
Using the Strategic Plan and Risk Assessment, we develop a comprehensive Internal Audit plan to properly mitigate strategic risks and identify process enhancements across all operations. Internal Audit initiatives/objectives are prioritized and budgeted based on their assessed level of risk to the organization’s strategic objectives.
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