Risk Management Tools
An excellent source for risk management tools is the Basel Committee on Banking Supervision; this organization provides direction and guidance to bank regulators and banks around the world. The risk management group of that committee is responsible for some of the most useful risk management solutions, and has issued leading edge policy and discussion papers related to internal control, risk management and assurance.

Risk management tools must follow global best practices, as they relate to Basel operational risk, very closely. A risk management tool must assist financial service organizations to meet the new Basel operational risk expectations as they apply to audit risk management.

Risk management solutions should allow for the full integration and utilization of the efforts of all assurance providers and risk managers. Risk management tools should also include senior management, all work units, internal and external audit, as well as safety, environment, risk and insurance, and others. Paisley offers several effective risk management tools.

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Risk Navigator® was designed to help companies comply with Sarbanes-Oxley and establish long-term operational risk management solutions. It’s an immediate solution with the capacity for full control and integrated audit risk management- software for the future.

CARD®map software was designed to help organizations meet risk and control governance responsibilities including risk assessment analysis for Sarbanes-Oxley and emerging Basel operational risk requirements resulting from the Basel Accord; an excellent risk management tool.

Risk Management Solutions
There must be several different types of Risk Management Solutions available to meet the many types of risks in an organization. Risk management solutions should allow for fully integrated and utilized efforts of all assurance providers, work units, internal and external audit, and managers, including senior management, specialty groups such as environment, safety, risk and insurance, and many others.

A specific set of risk management tools may be focused on the Sarbanes Oxley Act, for example. You can use this for the collection, storage and analysis of risk, control and performance data, organizations can achieve full realization of the business benefits of integrated assurance and audit risk management.

There is yet another type of risk management solutions classification; a database to manage risk and control governance throughout your organization. Risk management solutions that have been designed to specifically assist an organization to meet new emerging requirements related to operational risk management defined by the Basel Committee, stock exchanges and public sector oversight groups.

Audit Risk Management
Audit risk management solutions are a must with the rising scrutiny for both the auditee and the auditing firm. It simply makes more sense then ever to have a solid, replicable audit process. All organizations need to continue managing costs and shortening timelines. There is a premium on conducting audits with great efficiency. If your organization faces these challenges then an audit risk management solution is the answer.

An excellent audit risk management solution is Issue Track for Lotus Notes®. This software can be used as a stand-alone tool or as a companion with AutoAudit®. This specific audit risk management tool is the only tool that automates the communication flow between auditors, audit managers and issue coordinators, making it much easier to track, post and monitor problems that occur during audits.

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Issue Track is a system that is web-enabled allowing auditors to post issues to the Issue Track website. These posted issues can be a result of an internal or external audit, or any other type of external review such as compliance or regulatory reviews. Audit Risk Management tools are essential to any organization as they allow for timely and organized methods of communications between departments in the organization. Issue coordinators for the auditee can be assigned to each issue. These coordinators have the ability to access the website and update their progress on the specific issue. Once the issue is resolved, the issue coordinators pass the issue to the responsible auditor for review and closure. Audit risk management tools are definitely essential to any organization.

AutoAudit software takes the paperwork out of work papers. It’s a comprehensive, fully integrated audit automation system that lets audit departments complete all of their work in a single database. With modules for audit risk management, planning, scheduling, work papers, reporting, issue tracking, time and expenses, quality assurance and personnel records, AutoAudit is the most complete way to update an audit department and is a must for chief risk officers or others involved in developing risk management solutions.