Introduction
Internal Audit Management (IAM) is a module that provides internal auditors with a uniquely configured view into organizational governance, risk, and compliance (GRC), affording audit the chance to supplement and coexist with broader risk and compliance management activities. IAM is completely integrated with financial controls management, IT governance, policy and compliance efforts, and operational risk management programs. The internal audit team has the capability to work as a fully integrated partner to business stakeholders, completely independently, or anywhere in between, as determined by the specific needs of the audit department or a particular audit being undertaken.
Key features of IAM include the capability to risk rank the audit universe, powerful support for your risk assessment methodology, full reporting across the entire audit universe, the ability to define, plan, execute and report on audits across your business, track and manage audits, audit sections, workpapers, and audit resource requirements and allocations, automate operations through fully configurable reporting and workflow, the ability to provide independent assurance to the business or work as an integrated part of GRC efforts, and control access to confidential audits, fields, and audit-only views.
Key features include:
- The capability to risk rank the audit universe, configured according to your audit methodology
- Powerful support for your risk assessment methodology
- Full reporting across the entire audit universe
- The ability to define, plan, execute, and report on audits across your business
- Track and manage audits, audit sections, workpapers, and audit resource requirements and allocations
- Automate operations through fully configurable reporting
- The ability to provide independent assurance to the business or work as an integrated part of GRC efforts
- Opine on management’s GRC efforts independently
- Control access to confidential audits, fields, and audit-only views
Importance of Internal Audit Management(IAM)
Internal Audit Management (IAM) plays a crucial role in maintaining order, integrity, and continuous improvement. Here are a few reasons why IAM is so important:
- Risk Mitigation: IAM helps identify and assess risks within the organization. By regularly auditing internal processes, it allows businesses to proactively address potential issues before they escalate, reducing the likelihood of financial losses or operational disruptions.
- Compliance Assurance: Businesses operate within a web of regulations and standards. IAM ensures that companies adhere to these rules, providing a structured approach to compliance. This not only safeguards the organization from legal consequences but also builds trust with stakeholders.
- Operational Efficiency: By examining and optimizing internal processes, IAM contributes to increased efficiency and effectiveness. It helps organizations identify bottlenecks, streamline workflows, and enhance overall performance.
- Financial Integrity: IAM plays a vital role in ensuring the accuracy and reliability of financial reporting. By scrutinizing financial processes and transactions, it helps prevent fraud, errors, and financial mismanagement.
- Fraud Prevention: Internal audits are a powerful tool for detecting and preventing fraud. IAM helps establish controls that reduce the opportunities for fraudulent activities and ensures early detection if irregularities occur.
use case scenario
Scenario: A tech company handling sensitive customer data wants to ensure the security of its IT infrastructure and prevent cybersecurity threats.
IAM Strategy: The internal audit team, with a focus on IT security, conducts a comprehensive risk assessment. Using IAM tools for data analytics, they examine access controls, data encryption, and incident response protocols. The audit plan includes penetration testing and vulnerability assessments.
Outcome: IAM uncovers vulnerabilities in the IT infrastructure and identifies potential security threats. Recommendations are made to strengthen cybersecurity measures, and the organization implements enhanced security protocols. Continuous monitoring through IAM tools ensures ongoing resilience against emerging cyber threats.
About us:
We are Timus Consulting Services, a fast-growing, premium Governance, Risk, and compliance (GRC) consulting firm, with a specialization in the GRC implementation, customization, and support.
Our team has consolidated experience of more than 15 years working with financial majors across the globe. Our team is comprised of experienced GRC and technology professionals that have an average of 10 years of experience. Our services include:
- GRC implementation, enhancement, customization, Development / Delivery
- GRC Training
- GRC maintenance, and Support
- GRC staff augmentation
Our team:
Our team (consultants in their previous roles) have worked on some of the major OpenPages projects for fortune 500 clients across the globe. Over the past year, we have experienced rapid growth and as of now we have a team of 15+ experienced and fully certified OpenPages consultants, OpenPages QA and OpenPages lead/architects at all experience levels.
Our key strengths:
Our expertise lies in covering the length and breadth of the IBM OpenPages GRC platform. We specialize in:
- Expert business consulting in GRC domain including use cases like Operational Risk Management, Internal Audit Management, Third party risk management, IT Governance amongst others
- OpenPages GRC platform customization and third-party integration
- Building custom business solutions on OpenPages GRC platform
