The policyIQ Team has discussed the benefits of bringing automation to the full cycle of work and documentation associated with your Sarbanes Oxley Compliance program in previous posts. You might recall training sessions or posts that introduced the application of policyIQ for your Risk Assessment process. If you haven’t had time to play around with your content and tying everything together in your policyIQ site, we want to help you with an example of a Risk Assessment Page Template that could provide you with a good starting place.
Of course, your template could include different fields, different risk factors that are weighted differently and you might have different thresholds for your risk ratings. I hope that you already know that virtually everything in your policyIQ Page Templates is customizable.
With that disclaimer, I would also like to highlight some things in our example. We have captured a template that would be used to rate the risk for a single Financial Statement Line Item. The six risk factors included here are simply Whole Number fields for entering a rating. Most of the text in this template is content that we captured in a policyIQ “Static Text” field—really, just to provide guidance and clarification to those performing and reviewing the assessment. The critical field in the Risk Assessment Financial Statement Line Item Page Template is the Calculated numeric field used to take all of the Risk Factor ratings and weights of each factor into account. When adding this type of field to your Page Templates, you are prompted to enter the formula for the calculation. Math formulas are not your thing? Feel free to reach out to one of us on the policyIQ team and we’ll help you to pull it together.
Okay, you’re really close now! Build the template (or ask us to build it with you) and then we’ll help you to see how you can import your latest Risk Assessment results into policyIQ and link them to the relevant Assertions and related Controls. Most of this initial setup can be performed in bulk via the policyIQ Import utility. Really, it could be in policyIQ within the next week. Really. What are you waiting for?
Get in touch with us: 1-866-753-1231, support@policyIQ.com.