IT risk is becoming a major concern for organizations globally. Performing regular IT risk assessments allows organizations to focus their risk management efforts, even as technologies and compliance requirements change over time. Businesses that develop risk-based IT audit plans can allocate budgets and resources to the technologies and processes that need the most oversight and respond to identified risks before they become costly mistakes.
Securance’s proprietary IT risk assessment uses an internally developed software tool, SCGRC, to:
– Quantify the risks associated with auditable technologies and processes.
– Generate an IT risk matrix.
– Develop a three-year IT audit plan to guide future risk management efforts.
For more than 20 years, Securance has helped hundreds of clients identify and manage IT risks so they can achieve their business objectives. Securance’s experts designed the SCGRC portal to help organizations prioritize and plan for IT audits and risk management activities across multiple years.
A simpler way of performing IT risk assessments
Securance’s risk assessments help internal audit departments focus their IT audit efforts on areas of high risk. Securance’s expert consultants start by working with each client’s internal audit director to select risk categories, define auditable technologies and processes, and determine interview participants.
For each technology, Securance interviews one or more IT, internal audit, and business staff members who are knowledgeable about how that technology is administered and managed. Their consultants inquire about the risks associated with each technology and enter the results into SCGRC for analysis. The application analyzes the results of the interviews and identifies risk values with substantial variance between participants. Where the risk rankings vary significantly, Securance conducts follow-up interviews to understand the variance and normalize the results.
“Conducting a risk-based IT assessment is the best way to gain a true picture of IT risk,” said Paul Ashe, president of Securance, “Our IT risk assessment targets severe risks directly, allowing decision makers to allocate appropriate resources per focus area. Channeled efforts result in streamlined audits and a more efficient use of auditors’ time.”
The application produces a multi-year IT audit plan that prioritizes risk management activities based on which technologies and processes represent the greatest risks to the client’s business and IT environment. The IT audit plan enables internal audit teams to make well-informed decisions regarding the implementation of risk management techniques and processes, including IT audits.
Conclusion
Securance’s proprietary IT risk assessment helps internal audit departments prioritize and plan IT audit activities based on risk. Using the SCGRC portal, Securance evaluates which technologies and processes are at risk, and how severe the risks are. The result is a multi-year IT audit plan that guides businesses toward deeper analyses– and mitigation– of the risks associated with critical technologies and processes.
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