CC3.2 COSO principle 7: Identifies risks and analyzes to determine how managed
Identifies risks to the achievement of its objectives across the entity and analyzes risks as a basis for determining how the risks should be managed.
5
artefacts
0
held by a system
4
at each review
hard
to go live
Policy repository / GRC workspace
where the evidence lives
teal = a system already holds it · olive = produced at each review
system holds itEvidence a system already holds
none for this control
periodic reviewEvidence produced at each review
- The risk assessment covering the entity, its subsidiaries, divisions and operating units, and relevant external factors · Policy repository / GRC workspace
- Evidence of the involvement of appropriate levels of management in the assessment · Policy repository / GRC workspace
- Evidence of the frequency of assessment and of reassessment when conditions changed · Policy repository / GRC workspace
- Evidence risk responses were implemented, with owners and completion status · Policy repository / GRC workspace
governing documentDocuments that govern the control
- The risk register with likelihood, impact, analysis and the determined response for each risk · Policy repository / GRC workspace
First move
This control is evidenced by people and documents, not systems. Put the document under version control with an owner and review date, and log each review as a record with reviewer and date. Do not try to automate it.
Common gaps auditors find
- Risk register produced annually as a compliance artefact with no evidence it drove any decision
- Analysis reduced to a colour rating with no reasoning recorded behind likelihood or impact
- External factors, such as vendor concentration and regulatory change, absent from the assessment
- Responses recorded as accept for risks well outside any stated tolerance, with no approval at an appropriate level
Do this for your whole sheet
Paste the rows you run your controls from and get this mapping for every control at once, with the periodic-review ones flagged and a first move per row. No account for the first run.
Build my evidence sheetCC3.1 COSO principle 6: Specifies objectives to identify and assess risks · CC3.3 COSO principle 8: Considers potential for fraud