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Risk Factor Maintenance

Module: Audit & Compliance

Purpose: To set up risk factors for strategic audit planning.

To Access: Audit & Compliance - Strategic Audit Plan - Risk Factor Maintenance.

Risk factors are things that would affect the risk of a risk area (auditable unit) from an audit perspective.  Common risk factors may include materiality, complexity of operation, level of regulatory control, strategic importance of the risk area in relation to the whole organisation.

To create a risk factor, click the Add Factor button:

Enter a name for the risk factor and click Save.

You can modify a risk factor by selecting it or delete a risk factor by clicking the Delete Factor button.