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Independent audit firm finds 631 governmental risks; council weighs shift to risk-based audit program
Summary
Consultants from Malden & Jenkins told Columbus city council an initial enterprise risk assessment identified 631 specific risks and 92 auditable entities, urging the city's internal audit function to shift from investigations toward a risk-based approach and annual plan; council members asked for more transparency, dashboards and staff alignment.
An independent risk assessment presented to Columbus’ city council on Oct. 14 concluded the city government faces hundreds of discrete operational, financial and legal risks and recommended a shift in internal audit focus from reactive investigations to annual, risk-based auditing.
Craig Carter, managing director of Malden & Jenkins, presented the firm’s initial enterprise risk assessment, which catalogued 631 specific risks across nine categories and grouped the city’s audit universe into 92 auditable entities. He told council the firm used 15 management interviews and documentation review to define the risk library and identify six “critical” and 32 “high” risk departments.
“This was the first risk assessment done for the government,” Carter told council. He described the deliverable as a “tool” — a risk taxonomy and library the city’s internal audit…
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