Internal Assessments

Maintaining control of internal risk is a dynamic process. Regulations, audits, corporate restructuring, technology, governance practices, and other factors require ongoing assessment to identify processes, determine where risk is present, design controls to mitigate risk, and implement change to prevent reoccurrence.

Organizations that take a proactive approach to managing risk by streamlining internal assessments and remediation processes will increase organizational efficiency, improve regulatory compliance, lower costs, and reduce risk.

TrackWise for Internal Assessments

TrackWise software is an enterprise process management system, which enables organizations to manage internal assessment and audit processes according to their own SOPs and compliance policies. TrackWise consolidates disconnected systems and improves control by automating risk assessments, internal audits, control assessments, and remediation tasks.

TrackWise provides enterprise reporting and management dashboards, which ensure identification and evaluation of all risk areas, and enables employees to create, prioritize, track corrective and preventive actions to eliminate risks before problems occur.

TrackWise's flexible architecture allows administrators to establish rules-based relationships between tracking applications, which in turn allows results from assessments, audit results, or control and remediation procedures to be linked to the activity from which they originated. All related information can be accessed via reporting or querying capabilities.

Benefits

• Reduce risk by managing, tracking and associating all assessment and operational control processes in a centralized system.
• Increase compliance by creating and documenting closed-loop compliance process workflows (COSO, ISO, and COBIT standards).
• Create transparency between internal assessments and related actions and associate controls with multiple risks.
• Enable site level, process level, and role-based security to ensure privileged information is disclosed only to authorized individuals.
• Reduce risk by escalating significant issues before they become past due or become urgent.
• Increase traceability and visibility to common problem areas by trending assessment data against performance metrics.
• Generate assessment reports that identify problem areas and required actions.
• Make informed decisions by leveraging powerful status reports and metrics.
• Define and apply consistent controls through workflows.
• Improve management of audits and resources.
• Increase transparency of internal audit evaluations, findings and resources.
• Improve reporting of results to senior management, board, project teams, and external auditors