How to Pass a Compliance Audit
Audits can be daunting for financial institutions, but with the right approach and preparation, they can become easy tasks that can also act as a way...
By nature, an audit is an independent activity by a person or team that can present objective findings and make recommendations for corrective measures. According to Small Business Chronicle, “An internal audit helps a company ensure it has the proper controls, governance and risk management processes in place.”
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Bearing in mind the positive impacts an internal audit will have on your company, and the fact that regular internal audits can help you pass a security audit should one be necessary, you may feel compelled to implement one in your business. However, before diving in, you need to have a proper internal audit checklist in place to ensure that your company is fully prepared to execute it. Here are the seven steps to pass a security audit:
The initial stage is planning. The auditing team needs to understand what they want to accomplish - what they are assessing if you will. Some things to consider in this stage of your audit checklist are:
One of the main reasons to conduct IT assessments is to ensure that the organization’s systems conform to the various policies put in place. The problem is the global business environment is fast-paced and is constantly rushing to adopt current trends. As a result, internal auditors may not always be up to date on the latest risks to new systems, and whether they are effective and/or beneficial to a company.
Due to the ever-changing business landscape it may be a good idea to employ a subject matter expert (SME) for assistance with your internal audit. It’s also wise to keep your ear to the ground with the latest business journals, blogs, and relevant publications related to your specific industry. They generally report the most important news about security breaches, new risks to processes, and other pertinent information you may need to be aware of to maintain compliance.
Whether you choose to use something like the Cybersecurity Assessment Tool (CAT) for banks, or the Automated Cybersecurity Examination Tool (ACET) for credit unions, having some kind of foundation from which to build your own audit checklist for your company may be beneficial.
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This is a critical step in the audit checklist because it will give your audit team instant access to things like:
Who in the company is responsible for ensuring processes are being carried out correctly? Those are the individuals your internal audit team needs to meet with to discuss the goals of and plans for the audit. If the company has key shareholders or a board of directors that need to be included in this meeting, it may be a good idea to pull them in as well to let them know what is about to take place.
Before the meeting, create a gameplan of what you will be testing, what you will be looking for, and any questions you have for these higher ups. It may be helpful to bring narrations, flowcharts, and all of the documentation you collected in step four. The more information you can gather ahead of time, and the more well-versed you are in this information prior to this meeting, the better. It may also be beneficial to bring in your SME should you have one to address any other questions or concerns that arise in the meeting.
You’ve gathered your materials. You’ve gotten clear on what you’re assessing. Now is the point in our audit checklist where you need to write out the action items of your audit program so that you can execute it. A good audit program should at a minimum include the following:
You’ve finally made it to the final step of the audit checklist - executing the audit. Auditing processes, especially those not previously reviewed in the past, should be examined extensively to ensure nothing was missed. The review of the audit can be completed by:
Accurately measure risk & automate compliance with Rivial Security.
Passing an IT audit and any other type of internal audit that your company may wish to undertake is a great way to ensure that you are in compliance with your company’s policies and procedures
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