​​A Risk Assessment Tool for Auditors and Risk Officers

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​For many years, I used (and continued to develop) a tool that helped with risk discussions with board and top management. You can access a copy h​ere. (By the way, I have made a number of other files available from my LinkedIn profile).​

The tool is a vehicle for talking about risks to the business. It is somewhat similar to a risk register, but  it is easier for most executives to work with a visual representation.

First, I talk to the executives about the diagram and ask whether it includes the more significant risks.

​Then, we go though each area and assess the various risks.

The results are aggregated and I put together a summary (usually in the form of a heat map or hi:lo chart) to discuss with the board. The risk assessment is used to create the periodic audit plan.

Questions for you:

  • Is this useful?
  • How would you change it?
  • Can you share your approach and, especially, tools?​


 

 

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