Introducing RiskSmart's new module for Internal Audit

We’re thrilled to announce that RiskSmart’s new module is officially launched!

The Internal Audit module streamlines and revolutionises the Internal Audit process with a powerful view of the business that makes data collection effortless, guarantees that audits fulfil regulatory standards and helps you track improvement and recommendations.  

It’s the Internal Audit tool you’ve always dreamt of, and here’s everything you need to know about it.  

About the module  

The Internal Audit module works harmoniously with the rest of the RiskSmart platform, allowing Internal auditors a complete view of everything they need to work more efficiently. It will help professionals save time on data gathering, prioritise which audits to conduct, and seamlessly follow up on recommendations and improvements.

RiskSmart allows you to build off the centralised and streamlined data that your first and second line of defence already know and use.  

A more holistic view of risk 

On the flip side, your risk and management teams will also be able to see the ratings made by Internal Audit, and this will appear in the platform’s ratings tabs for each object (risks, controls, obligations, and documents).

This gives the entire organisation a much more holistic view of all risks & ratings. It also helps highlight potential misalignments or areas in need of more attention.  

Instead of estimating and guessing metrics, an audit function can use RiskSmart’s Internal Audit module to make informed decisions, building on the information already available in the platform and metrics used by the wider business.  

 

Get in touch for more information. 

Other highlights of the module  

Link risks to the audit entities or areas: As described above, Internal Audit isn’t a standalone module but an interconnected function that builds off the expertise and work of other teams. This also allows you to link the company risks to the audit entities and automatically gives you a view of the effectiveness of the controls in place.  

Audit universe: this useful function gives auditors the ability to set out their view of the organisation, plan reports and submit actions against the entities they plan to audit. 

Reporting: audit has a dedicated reporting function that can be explicitly configured for auditors, allowing them to define their methodology. As with all RiskSmart reporting, the tool is easy to use and intuitive, and it’s estimated that our customers will reduce their reporting time by up to 70% after implementing RiskSmart.  

Audit actions: auditors can set and view action updates for other platform users, allowing them to keep on top of their Internal Audit action plans. 

Automated Workflow Management: this makes it easy to track the progress of audit findings, recommendations, and follow-ups.  

Giving Internal Audit the spotlight it deserves 

In conjunction with this much-anticipated release, RiskSmart is also starting to see an increased, positive focus on the Internal Audit function and the importance of these professionals' expertise.  

It’s no secret that historically, risk, compliance and internal audit experts often face an uphill battle when combining risk management efforts across the three lines of defence, not to mention with their external assurance providers.  

That’s why RiskSmart gathered its council of experts to shed some light on new challenges these teams are facing and developed a guide to help navigate three challenges we’re seeing on the horizon.  

Access the guide for free here.

• Using Internal Audit to lead - and create more leaders. Award-winning business writer and C-Suite executive across multiple industries and roles (from COO to Managing Director), Jennifer Geary, talks about how Internal Audit leaders can ensure their teams are in shape and fit to tackle challenges, as well as how to make sure your team’s efforts are respected and recognised across the business.  
  
  
• Focusing on diversity and Inclusion (for the right reasons). Andrew Varty, Recruitment Director of Finance and Audit at MERJE talks more about how diversity, equity and inclusion are topics on the rise for Internal Audit teams and how audit professionals are applying their skills to this area.  
  
  
• Becoming a master of coordination with integrated assurance. Ryan Swann, co-founder of RiskSmart and an accomplished Fintech lawyer and chief risk officer, talks more about how teams can become master coordinators and organise activities across the three lines of defence.