MAGENTA KEYLINE IS A CUTTER GUIDE, DO NOT PRINT. PLEASE SET TRAPPING THROUGHOUT

Transcription

1 Risk & Assurance Integrated software solution

2 Managing risks and providing assurance that the process is working is a key requirement for any organisation, as is having an effective and efficient software solution to facilitate and manage the process. With Magique you can run the risk management process efficiently and ensure stakeholders are able to participate fully in the process. The intuitive web-based interface enables users to update and review their risk and control position and take immediate action. Your solution to effective risk based auditing, providing objective assurance that risks are being effectively managed. Magique is configured to match the exact needs of each organisation to help them meet their legal, regulatory and business requirements, while at the same time setting a framework in which to meet business objectives. A systematic approach to risk recording, evaluation and ownership means that current and potential issues are identified and prioritised at the earliest opportunity. Appropriate mitigating actions can then be initiated to address the immediate issue as well as reducing the likelihood of recurrence of similar issues. The integrated Galileo audit management system provides comprehensive risk-based auditing functionality. This ensures audit work is planned to cover both high risk areas and areas where the business requires assurance that controls are working effectively. This risk-based approach optimises the effectiveness of the audit department, confirms or rejects assumptions and provides feedback on the accuracy of risk assessment and management procedures. An efficient, consistent and risk-based approach to internal assurance with effective & timely delivery of service to customers. Department for Work and Pensions Our experience gained from working with over 250 major organisations means that we can provide advice on strategies, frameworks, approach and best practice to help you implement a practical and effective solution to your risk and assurance requirements. With the right strategy, people and system in place, you will be able to manage risks effectively, optimise the benefits and achieve your business objectives.

3 Integrated A comprehensive and fully integrated single system which is both flexible & modular Individual Configured and customised to meet your exact methodology and needs by experienced consultants Intuitive An easy to use system which evolves and grows with you

4 We were attracted to Magique since it has the flexibility through its configurability and customisation to support the continuous development of our risk management and assurance framework. Brit Insurance Magique is a feature-rich Risk Management System with an extensive range of functionality and the flexibility to grow and evolve with your users and requirements. In addition to the Risk Register, the software includes an incident recording/loss register, a questionnaire system for Control Self Assessment and an Action Tracking system for recording and tracking additional remedial actions.

5 Magique s functionality includes: Risk Register The Risk Register is the main component of the Magique Risk Management software and is used to record, analyse and manage risks by business units, legal entities and other organisational units. Risks can be further categorised and analysed to meet the reporting classifications of regulated industries and optionally can be linked to business objectives and key processes, depending on your risk methodology. Your precise risk model and scoring system is configured within the system and is used to prioritise the management of risks within your defined appetite. Risk mitigation activities including controls and routine assurance are recorded, updated, monitored and tested within the system. The electronic review and approval process ensures risks are revisited at appropriate frequencies. The subsequent history of risk evaluations can be used to track trends in activity and together with Key Risk Indicators can help to provide early warnings of potential issues and flag risks which are likely to crystallise. The Magique library facility used to record common risks, controls, objectives and processes aids the setup of risk registers by organisational units and provides consolidation of risks and identification of common issues across the organisation. Questionnaires The system includes an online Control Self Assessment system for generating questionnaires, collating responses and performing self-assessment and certification from the business units. The integral control sign-off and tracking system facilitates a cyclical review process over defined periods per business area. Operation Loss Events/Incident Reporting System Risk Management involves effectively managing, not completely eliminating risks. Incidents and losses will occur, even in the most highly controlled areas. Such incidents, near misses and even knowledge of issues in other organisations can be recorded and analysed within the system. Events can be recorded and subsequently allocated against the relevant risks to improve their future management. An extensive range of functionality is provided to meet the needs of your organisation and its regulatory authorities. Action Tracking The Action Tracking system is shared by both Magique and Galileo users and includes all further actions for the business to address weaknesses in their control activities. Comprehensive security is provided to enable online response and tracking by action owners including alerting of overdue items. Reporting The system supports a wide range of standard and custom reporting options to ensure your exact reporting requirements are met. Heat Maps by Business Unit, Category, Objective, Process and other key areas help manage risks within your appetite and provide drill-down functionality to investigate areas of concern. Exports to MS Word and MS Excel are available throughout the system. The powerful and easy-to-use Magique/Galileo Flex-Reporting tool is also available for end-user reporting.

6 Galileo gives us the flexibility to readily restructure the data when the company reorganises or makes sales or acquisitions, and enables a framework that helps to ensure that all auditors follow the defined audit process which is key as the demand for quality assurance increases. BAE Systems plc Galileo is a comprehensive system of fully integrated modules which can be tailored to meet the precise needs of Internal Audit departments. Galileo is fully integrated with Magique to support a risk-based audit methodology which improves the effectiveness of the audit work. It covers strategic and annual planning, resource management, assignment tracking, working papers, audit report production, issue tracking and production of extensive management information.

7 Galileo s functionality includes: Activity Planning & Tracking Galileo provides functionality for strategic planning of activities over multiple periods and the generation of the annual plan of work supporting a risk-based audit methodology. Audit work can be prioritised either using management s assessment of risk, or where the process is less than fully mature, by means of an Audit Needs Risk Assessment model configured to your methodology. Galileo also provides detailed tracking and reporting of all activities, including planned (or unplanned) audit, project and investigation work, as well as non-audit activities such as training and holidays. It provides the ability to actively monitor progress against the annual plan in real-time and to address resource and timing issues at their earliest opportunity. Resource Management The resource management functionality facilitates optimisation of resources as well as developing the skills and experiences of staff. Gantt charts show work allocation, staff availability and time conflicts. The weekly timesheet system is used to record, review and analyse time spent on activities by person, team, task and period. Working Papers System with optional Offline Galileo Galileo provides a versatile working papers system with the ability to generate activity correspondence and audit programs using a wide range of working paper types. An in-built library is also available to store selected audit programs and reference material which promotes efficient working using a standardised approach. The integration with the Magique Risk Register provides a seamless, efficient and effective method for automatically generating working papers for the validation of risks and controls. Completed working papers can be reviewed online as the audit progresses using the review point system thus providing more effective control and speedier identification of potential issues. The Galileo Offline working papers module supports mobile and remote working to provide additional flexibility and access when away from the office. Action Tracking and Audit Report production Where weaknesses are identified as a result of audit work, issues or required further actions may be generated from any working paper, and tracked through to closure within the action tracking system. Selected actions are then used to automatically generate the audit report using the customer s own report template. As with Magique actions, comprehensive security is provided to enable online response and tracking by action owners. Post Activity Questionnaire Post Activity Questionnaire to gain feedback from the business on the benefits of the audit/activity and to identify where improvements could be made through training or further discussions with the business. Reporting, KPIs and MI The system supports a wide range of standard and custom reporting options to ensure your exact reporting requirements are met. As the data is held in a single relational database multi-dimensional reporting is available through a range of reporting tools.

8 Key benefits Creates value ensures compliance with legislation and regulation sets a framework in which to achieve business objectives promotes more systematic decision making reduces the overall cost of risk in your organisation. Improves visibility provides closer liaison with stakeholders timely customer-focused reporting offers proactive advice. Magique Risk Management Risk Categorisation Business Objectives Process Mapping Risk Identification Control Assessment Risk Evaluation Key Risk Indicators Loss Events System Library Functionality Embeds Risk Management allows users to manage their own risks alerts management of issues to address at the earliest opportunity injects a risk culture into the business. Ris Bas Audi Risk Actions Validation of Risk & Controls Reference Material Working Paper Library Completion of Working Papers Activity Actions Audit Reports Magique offers unparalleled analysis and consolidation of risks to give a complete picture and profile of risks across the organisation. This enables the correct focus to be applied to maximise the benefits from mitigating actions and assurance procedures. Working Papers & Reporting Reporting, KPIs & Management Information

9 Reporting, KPIs & Management Information Business Units Galileo has given us the structure in which to provide an audit process that is flexible enough to cope with regional differences in audit methodologies, whilst also allowing for globally centralised reporting functionality. Hanson plc k ed ting Activity Universe Strategic Planning Annual Plan & Tracking Resource Planning Scheduling Time Recording Satisfaction Surveys Audit Management Galileo Adopt the best auditing practices prioritisation of audit work based on risk profiles generation of working papers based on the risks and controls providing assurance on the risk framework. High quality audits control processes for management of activities continuous review cycles for all documents benefit from knowledge sharing standardisation of methodologies, working papers and reporting, where required. Operate more efficiently work on the highest priority issues optimise the use of resources based on availability and skills re-use working papers from previous activities and library information automatic creation of reports, key performance indicators and statistics. Key benefits

10 Meeting your exact needs Supporting our users The Magique/Galileo software is comprehensive, flexible and has been designed to be easily configured to meet each organisation s requirements. If there are specific requirements which cannot be met though configuration, our team of skilled developers can customise the software to meet your needs. A full range of training, consultancy and support services are also available to ensure you maximise the benefits of using the system. We work with you to agree an implementation plan that fully meets your needs and includes: developing and agreeing a project plan to identify appropriate resources and key milestones workshops with key stakeholders to ensure everyone s needs are addressed configuring the system to meet your requirements defining and implementing your access security requirements for different groups of users additional customisation and reporting where exact needs cannot be met through configuration liaison with your IT department to deploy the system administrator and user training courses a post-implementation support programme. Related Specialist Consulting Services Our team of Risk Management and Internal Audit consultants are available to help with specialist reviews and times of peak loading. Please see our additional information sheets for details of related specialist services. A range of support services are provided to help potential, new and experienced users including: Hotline support & Knowledgebase Telephone and support is provided to all customers and all calls are responded to promptly by experienced consultants. Local and Global support for the software is available through our network of distributors and consultants. Customers are provided access to the online Knowledgebase which is regularly updated with Frequently Asked Questions, Tips & Hints and a series of Technical Bulletins. Training courses A range of training courses is available to suit the specific needs of each user and administrator. Courses are run using the customer s tailored system and are led by consultants with specific knowledge of the implementation. User group meetings Join our regular and active user groups held in various locations to learn about new functionality planned or being released, influence the development of the software, learn best practices and new methodologies from other organisations and to enjoy being part of a rapidly expanding group of specialists.

11 Contact details For more information about Magique and Galileo, please contact: Risk & Assurance Horwath Clark Whitehill LLP Tel +44 (0)

12 Integrated software solution Risk & Assurance Horwath Clark Whitehill LLP St Bride s House 10 Salisbury Square London EC4Y 8EH