Data & Analytics, is the process by which insights are extracted from operational, financial and other forms of data internal or external to the organization. These insights can be historical, real-time, or predictive and risk-focused. Consider the traditional audit approach, which is based on manually assessing and testing controls and sampling only a small population to measure control effectiveness. Fast forward to repeatable and sustainable D&A and the approach becomes much more risk-based and comprehensive. With D&A, organizations have the ability to review every transaction—not just a sampling—which enables a more efficient analysis on a greater scale. Our clients are looking for their service providers to become more effective and efficient by leveraging D&A tools and techniques to identify risk, achieve audit objectives, with an expanded scope, at a lower cost.
We developed Continuous Risk Assessment (CRA) as an enhancement of traditional risk assessment processes through the inclusion of quantitative metrics (Key Risk Indicators (KRIs)) to better assess the risk universe. Our Data & Analytics-enabled Internal Audit (DAeIA) offering integrates the use of D&A into Internal Audit.
- How can my Risk & Internal Audit functions add more value to business?
- Can my Risk & Internal Audit functions be more efficient at a lower cost?
- How do I ensure my Risk & Assurance activities include a quantitative focus that is less subjective?
- How do I get a consistent view of assurance in my risk environment?
- How do I automate internal audits?
- How do I get value from the compliance agenda and shift beyond compliance?
- How do I achieve Continuous Risk Assessment through to Continuous Assurance of ERM?
- Maturity Assessment
- CRA framework and model
- DAeIA review.