Risk
Based Audit
Azilon's Risk
based Audit product is designed as per the requirements
laid down by Basel committee which includes many regulatory
authorities globally. It identifies latent risks associated
with a typical Banking/Financial operation and tracks
corrective actions to resolve such threats. It has
industry best practice audit procedures embedded in
it, along with a relevant set of exhaustive questions
that forms the basis for the key questionnaire. It
integrates risk assessment to audit management and
helps manage risk, calibrate planning, execution of
audits and management of audit results.
| Features |
- Profiling of
significant business units, departments,
product lines, systems, and their associated
business risks.
- It can dimension
control features and effectiveness.
It supports documentation of the structure
of risk and controls throughout the
institution.
- The measurement
and scoring system allows the bank to
rank and evaluates business units against
control effectives and risks threat
in the context of departments, products
and processes.
- Board or Audit
committee approval of risk assessments
can be done and annual risk-based audit
plans established with ease. It has
audit schedule module, audit cycle management,
work program scope and resource allocation
system for each area audited.
- Implementation
of the audit plan through planning,
execution, reporting, and follow-up.
- Process that
regularly monitors the risk assessment
and updates it at least annually for
all significant business units, departments,
and products or systems. This makes
it a compliance accepted tool.
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| Benefits |
- Calibrates auditing to risk.
- Optimizes resource utilization.
- Reduces auditing overheads.
- Increases auditor’s efficiency.
- Provides on-line monitoring/built
in alerts.
- Compliments a solid loss reporting
program.
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