By: Mohammad Wahid Abdullah Khan
Summary: The risk assessments are designed to identify the areas considered to have the greatest potential risk to the bank. The assessments identify and prioritize key areas of potential risk and opportunity, in view of the current business environment, the regulatory environment, and the operational strengths and weaknesses of the bank.
These key areas become the focus as the bank develops its internal audit plan. It can help any establish an internal audit plan that provides for risk management and governance, and optimizes opportunities for improved effectiveness throughout the bank
Risk assessment is an important component of internal audit planning. The Office of the Privacy Commissioner's approach to risk management is based on the Treasury Board Policy on Risk Management requirement for risk identification, risk mitigation, and generally accepted risk assessment practices This Plan was developed using the most recent version of Risk Profile as an underpinning.
I have tried to present” Risk Assessment and Internal Audit Plan Development” in easy and short approached for basic understanding for each every learner/ investor / businessman / & entrepreneur
An effective internal audit department places heavy reliance on a sound risk assessment process. This helps determine the appropriate level of audit coverage for the company’s environment. The audit priorities were ranked based on their "audit worthiness" - using factors such as residual risk, previous concern, high materiality, visibility or significance and lack of previous coverage
Companies are looking to risk assessment as a way to identify and assess risks either across the organization as a whole or within specific aspects of the business. For internal audit departments, risk assessment is a key element in the development of the annual risk-based internal audit plan. The identification, prioritization and sourcing of key organizational risks is critical to ensuring that internal audit resources are allocated to the areas that matter most.
Clients risk-driven internal audit plans that are needed to reach specific objectives of management or boards of directors. This typically entails defining the audit universe, prioritizing audit activities and recommending a schedule of audits to be performed
The projects included in this Plan flow naturally from the risk assessment process. I have Included items that ranked as high risks in the ranking process and included the audits Plan development to easy understand for any kind investor /business owner, it is important that major systems run efficiently and effectively. Some of the ancillary activities that support those core functions have also been included in the Plan.
Although This document was developed by the Centre for Public Management Inc, working with senior management, and outlines a Risk-Based Internal Audit Plan (Plan) for the Office of the Privacy Commissioner (OPC). It describes a program of internal audits that support the expectations of the International Professional Practice Framework (IPPF) of the Institute of Internal Auditors (IIA)
The following information’s to be needed for risk Audi plan development
1. summarizes the current assessment of risk management, controls and governance processes;
2. Includes a list of organizational/activity units and core management controls that could be considered for audit;
3. Demonstrates of highest risk and significance are addressed by the internal audit plan;
4. Necessary to Provides, over a three-year period, assurance on important aspects of risk management, controls and governance processes;
5. 0Provides estimates of resources to meet the Plan
Conclusion: Management is provided with more beneficial information and enhanced value is derived from Internal Audit’s services. Essential to strong risk management and to the development of comprehensive internal control systems are well-planned, properly structured audit programs once the risks have been assessed, how they will be audited. Internal audit work programs incorporate audit objectives, scope of work, and audit techniques to be applied. The work to address operational, compliance and financial risks as applicable and in accordance with the overall plan
About the Author
Mohammad Wahid Abdullah Khan (MBA, CPFA, CPIA, CFC)
Home Page: http://wahidbd.page4.me
MOHAMMAD WAHID ABDULLAH KHAN Dhaka, Bangladesh, is a PhD Candidate in "Criminal Psychology" as well he is “freelance Author, online columnists, Human psychoanalyst, industrial psychotherapist, Certified Financial Consultant, & Certified Forensic Accountant, too dynamic entrepreneur, utilize creativity leadership and teamwork to design and execute solutions that creates customer value.
Moreover Mr. Khan is CEO & Certified Consultant of” Wahid & co, Wak Business Solutions, Wak Business Support, “Wam Associates” & leader of the” Wahid Consulting Group”; Prior to consultancy Mr. Wahid has fulfilled more than 14 (fourteen) years working in various fields of Business like - Accounts, Finance, Auditing (Internal & External Audit), Project budgeting and Project costing related positions in some of the largest group & join venture companies in Bangladesh. Which experience encouraged him to work as a “professional consultant” from a few years,
Mr. Khan is realistic and implements his assignment within the bounds, objectives and capabilities of the organization. His extraordinary quick understanding of strategic options helps find direction and supports management in decision making. He has a “doer” attitude and gets things done on the technical and functional side. As a “Consultant”
Mr. Wahid believe that his study & physiological motivation is very strong, as well my confident level is high & my quantitative skills are well-built also he is crystal clear about my every single goal which helped me to be a very tough contestant “Consultant” in the business consultant arena
Mr. Khan’s specializations and vast professional Expertise in • Investigations, both criminal and civil, • Giving oral evidence in court, •Disputes between partners, •Bankruptcy, •General
Commercial legal action, •Financial Risk Assessment, •Financial analysis, •Project Cost Analysis. •Auditing (Internal & External Audit), •Project budgeting and project costing of Financial •Accounts. Personnel management selections & Trainings Strategic planning
• Member – Institute of Management Consultants Bangladesh (IMCB)
• Member - Association of Proposal Management Professionals® (APMP®)
• Member - Next level Purchasing Association.
• Member- The Chartered Institute of Personnel and Development (CIPD)
• Member -The Professional Risk manager’s international Association (PRMIA)
• Member - The International Association of Risk and Compliance Professionals (IARCP)
• Individual Member: LicenseLogic LLC
• Affiliate Member- Global Association of Risk Professional (GARP)
• Lifetime Member - Dragon fire martial arts association “International” (DFMAA)
• Associate Membership - The American Psychological Association (APA)
• Member - The Global Community of Information Professionals
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