Deloitte - Integrated risk assurance

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Deloitte Director of Risk Advisory writes in his paper "Integrated risk assurance"

Knowledgebase article : Deloitte - Integrated risk assurance

The main barriers to creating a comprehensive risk picture are neither technological nor financial but rather organizational, particularly when it comes to risk assurance. The traditional ways in which assurance activities and reporting are organized limit an organization’s visibility into risks and into the effectiveness of its risk management, while creating unnecessary costs and exposures

 

The TMR Takeaway

Across industries, Risk assurance is executed on a sample basis due to the impacts of human time and cost. Applying lean and 6-sigma to risk we see one of the biggest un-nessicary costs and root cause of exposure is simply the wait in information throughput. By digitising Assurance and applying automated control testing in QC3, organisations are able to both increase coverage from sample based assurance to population based assurance AND decrease the un-nessicary wait in information throughput which directly reduces cost and inherent risk exposures.

 

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