Setting up a Risk-Based Audit Program: What to Consider and Why?

Course Overview

Setting up an audit program for internal and external audits is a basic process for almost any business. It simply includes identifying the areas that need to be audited, how often each area needs to be assessed, and, importantly, the standards they each need to be audited.

However, problems can often arise when setting up an audit program that is truly fit for purpose – which means setting up an audit program based on risk. For this approach to be successful, the whole audit process needs to be viewed from a different angle that ultimately reduces or eliminates the risk for all stakeholders – whether it is a financial risk, business credibility or reputational risk, or, most importantly, a health risk!

The problems are often due to the lack of good insights and true understandings that a company has about the extra tangible benefits a risk-based approach can make to the business. Having this insight and deeper understanding of risk can not only save you the time (i.e., money) that is often lost due to having inadequate audit results or insufficient audit data resulting from a lack of audit depth (both of which may result in a re-audit being required) – but it can save lives too! As a bonus, it shows your peers and clients that best practice is part of your business’s quality culture.

Therefore, the solution to a weak audit program is to strengthen it by employing a robust and detailed risk-based approach. This means having access to expertise in the field of risk analysis and risk management principles. It also means having access to experts with a deeper understanding of what big and small businesses are looking for when making these best practices a substantial part of your business’ DNA. Good insight and knowledge and an understanding of ‘why’ you should employ a risk-based approach will make all the difference. It is a win-win scenario for all involved and helps push boundaries and ensure a culture of continual improvement is organically interwoven throughout your business.

This webinar will help you gain in-depth knowledge of what to consider when setting up an audit program (internal and external) within a GDP or GMP environment, specifically about factoring in risk analysis methodologies. In addition to understanding ‘what’ is important, you will understand precisely ‘why’ this is important, why we must consider the wider risk element, and why reducing its overall impact is critical to its success.