The whitepaper discusses how audit management should be an integral part of risk management programs. It argues that review processes can help improve risk mitigation by allowing risk managers to identify specific issues and refine recommendations. The CAMMS Audit Manager product allows organizations to register, track, and report on review findings and recommendations. This provides a valuable risk management tool by helping to ensure mitigation efforts address the underlying causes of risks and that internal audit programs effectively assess risk controls.

1. CAMMS Whitepaper
WHY AUDIT MANAGEMENT SHOULD BE AN
INTEGRAL PART OF YOUR RISK MANAGEMENT PROGRAM
BY KEITH OLD,
MANAGING DIRECTOR OF RISKWIDE CONSULTING, CANADA
www.cammsgroup.com

2. CAMMS Whitepaper
A prime purpose of an Enterprise Risk Management program should be to improve the
mitigation of risk and thus to allow organisations to be more comfortable with the level of
risk taken. Described below are two ways that a review process can assist in improving the
mitigation of risk.
Often when a risk manager, risk owner or risk committee is defining improvements to
mitigation for a particular risk they may not be immediately certain of the specific additional
mitigation that they want to recommend until a review has taken place. An example of this
could be for project management risk; the risk manager may wish to make
recommendations to improve their project management but may not be aware of the exact
causes contributing to the risk.
By firstly initiating a review of recently completed projects and using the CAMMS Audit
Manager product to track and report back on the findings, the risk manager can refine the
recommended action plan in order to ensure the real causes behind the project
management risk are addressed.
For some risks, having a robust and permanent review process in place is a key mitigation
in its own right. There are two notable examples of this:
1. Management of the safety risks requires the ability to be able to review all areas of an
organisation's operation, identify specific safety hazards, put solutions in place and then
verify that these efforts were effective in reducing the safety risk to individuals. Also
important is the ability to be able to demonstrate to authorities that a thorough robust
program is in place.
2. A key mitigation for many risks is the presence of an internal audit review program. The
role of Internal Audit is to provide assurance that the mitigations relied upon by the
organisation to manage its key risks are effective and reliable. CAMMS Audit Manager
product provides a tool for the Internal Audit department to keep track of their audits and
recommendations and to be able to report results to senior management.
By making the review process more effective, CAMMS Audit Manager product becomes a
valuable risk management tool.
Why audit The CAMMS Audit Manager product allows for the registering and tracking of any type of
management review activity. It allows findings to be specified for each review and recommendations to
should be an be linked to each finding and tracked automatically by the database. Reports can then be
integral part of generated detailing progress as well as history.
your risk
management The CAMMS Audit Manager product allows for the registering and tracking of any type of
program review activity. It allows findings to be specified for each review and recommendations to
By Keith Old, be linked to each finding and tracked automatically by the database. Reports can then be
Managing Director generated detailing progress as well as history.
of Riskwide
Consulting, Canada
www.cammsgroup.com

3. CAMMS Whitepaper
RiskWide Consulting
Based in Vancouver (British Columbia, Canada) since 2004, Keith is
co-founder and Managing Director of Riskwide Consulting Services.
Riskwide provides a full range of Enterprise Risk Management consulting
services and is a CAMMS partner.
Keith has 20 years of consulting experience. He has consulted to
clients in Australia, Canada, the United Kingdom and the United
States. His first foray into North America was setting up the North
American branch of Bishop Phillips Consulting Canada. Prior to
his move to Vancouver, he was the head of Australian Risk
Management and Governance Services for Stanton Consulting
Partners and Bishop Phillips (Australia). Much of his early career
was with Telstra Australia and in particular with their Internal
Audit Department.
Why audit
management
should be an
integral part of
your risk
management
program
By Keith Old,
Managing Director
of Riskwide
Consulting, Canada
www.cammsgroup.com

4. Organise a demonstration and see the difference first hand by contacting:
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