This risk assessment guide helps to identify and document critical business processes and the internal controls within each process. Combined with facilitated management meetings, this approach can help gain company-wide consensus by including key process owners in risk and controls analysis.
The document includes instructions, a sample risk universe from which management can select the 15 most critical business processes (this can be customized for each business and industry), a sample risk map explaining the concept of plotting risks according to importance to business/financial performance and likelihood of process/control weakness, and a blank risk map to be used for ranking actual risks.
This document should be used as a general guide. Subscribers are encouraged to customize the report so that it reflects specific company practices and business operations.