To achieve timely, collaborative and efficient risk management, audit leaders will need to build digital solutions at the same time as constructing a full dynamic risk governance (DRG) framework 📝 Learn more from Gartner_Legal: Audit Risk
Bringing in data from multiple functions and external sources to create shared, constantly updated dashboardsLearn more:Kraft Heinz Shared Continuous Risk Analytics From Centrally Stored Data
Timing was critical; the information had to be available when action was required. The tool conducts continuous analysis of data stored in a central ERP system and creates Tableau dashboards that illustrate risk drivers, red flags, control gaps or process inconsistencies.Overall governance of the risk analytics processOn the operational side, the center familiarized the business with the tool.
The internal audit team at Royal Bank of Canada set off on a mission similar to the one at Kraft Heinz: Produce a continuous monitoring tool that provides the entire organization with up-to-date risk information for critical business processes. Once permission was secured, the bank sent more than 38 automatic feeds from capital markets and commercial banking to the portion of the company’sthat serves only the internal audit team. Data continuously flows to the internal audit portion of the lake, meaning the monitoring is always up to date.
Risk and assurance leaders save time spent manually collecting and assessing information for the annual risk assessment.
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