Independent Validation for Robust Risk Management
Risk Audit
Ensure the effectiveness and compliance of your risk management through professional risk audits. Our independent assessments provide you with objective insights into the quality of your risk processes, identify optimization potential, and strengthen confidence in your risk management among stakeholders and regulators.
- ✓Independent assessment of the effectiveness of your risk management
- ✓Identification of gaps and optimization potential in risk processes
- ✓Verification of compliance with regulatory requirements and internal guidelines
- ✓Actionable recommendations for improving your risk management
Your strategic success starts here
Our clients trust our expertise in digital transformation, compliance, and risk management
30 Minutes • Non-binding • Immediately available
For optimal preparation of your strategy session:
- Your strategic goals and objectives
- Desired business outcomes and ROI
- Steps already taken
Or contact us directly:
Certifications, Partners and more...
Professional Risk Audits for Your Organization
Our Strengths
- Experienced auditors with deep risk management and regulatory expertise
- Independent and objective assessment without conflicts of interest
- Practical, implementable recommendations based on best practices
- Constructive approach focused on continuous improvement
⚠
Expert Tip
A successful risk audit is not a one-time event but part of a continuous improvement process. Use audit findings not only to close gaps but also to systematically develop your risk management further. Particularly valuable are audits that not only identify weaknesses but also highlight best practices and provide concrete implementation recommendations. Ensure that audit results are communicated transparently and that resulting measures are consistently implemented and monitored.
ADVISORI in Numbers
11+
Years of Experience
120+
Employees
520+
Projects
Our risk audit approach is based on recognized audit standards and best practices. We combine systematic methodology with the flexibility to address the specific characteristics of your organization. Our goal is not only to identify weaknesses but also to provide you with concrete paths for improvement.
Our Approach:
Phase 1: Planning - Definition of audit objectives, scope, and methodology, identification of key risk areas and stakeholders
Phase 2: Documentation Review - Analysis of risk management framework, policies, and procedures, review of risk reports and documentation
Phase 3: Process Assessment - Interviews with risk owners and process managers, observation of risk processes in practice, testing of risk controls
Phase 4: Analysis & Evaluation - Assessment of findings against audit criteria, identification of gaps and improvement opportunities, development of recommendations
Phase 5: Reporting & Follow-up - Preparation of comprehensive audit report, presentation of findings to management, support in developing action plans
"The risk audit by ADVISORI provided us with valuable insights into the effectiveness of our risk management. The recommendations were practical and helped us systematically improve our processes. Particularly impressive was the constructive approach and deep understanding of our business."
Andreas Krekel
Head of Risk Management, Regulatory Reporting
Expertise & Experience:
10+ years of experience, SQL, R-Studio, BAIS-MSG, ABACUS, SAPBA, HPQC, JIRA, MS Office, SAS, Business Process Manager, IBM Operational Decision Management
Our Services
We offer you tailored solutions for your digital transformation
Risk Management Maturity Assessment
Assessment of the maturity level of your risk management based on established maturity models and industry-specific benchmarks. We evaluate how systematically and effectively your organization manages risks and identify concrete development opportunities.
- Comprehensive maturity analysis according to established models such as CMMI or RIMS RMM
- Benchmarking against industry standards and best practices
- Identification of strengths and development areas in all dimensions
- Development of a roadmap to increase risk management maturity
Compliance-Oriented Risk Audit
Review of compliance with regulatory requirements for risk management. We evaluate the fulfillment of relevant standards and regulations and identify potential compliance gaps.
- Gap analysis regarding regulatory requirements and standards (e.g., IDW PS 981, ISO 31000)
- Review of documentation and evidence in risk management
- Assessment of the quality and completeness of risk reporting
- Development of measures to close identified compliance gaps
Process-Oriented Risk Audit
Detailed analysis and assessment of your risk management processes. We examine the effectiveness and efficiency of your processes and identify optimization potential.
- Process analysis and assessment along the entire risk management cycle
- Identification of process inefficiencies and interface problems
- Evaluation of methods and tools used in risk management
- Development of process optimizations for more efficient risk management
Culture-Oriented Risk Audit
Assessment of risk culture and risk awareness in your organization. We examine how risk aspects are integrated into decision-making processes and how risk-conscious behavior is promoted.
- Analysis of risk culture through surveys, workshops, and observations
- Assessment of risk communication and risk awareness at all levels
- Investigation of the integration of risk aspects into decision-making processes
- Development of measures to strengthen a positive risk culture
Looking for a complete overview of all our services?
View Complete Service OverviewOur Areas of Expertise in Risk Management
Discover our specialized areas of risk management
Strategic Enterprise Risk Management
Develop a comprehensive risk management framework that supports and secures your business objectives.
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Operational Risk Management & Internal Control System (ICS)
Implement effective operational risk management processes and internal controls.
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Financial Risk
Comprehensive consulting for the identification, assessment, and management of market, credit, and liquidity risks in your company.
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Non-Financial Risk
Comprehensive consulting for the identification, assessment, and management of non-financial risks in your company.
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Data-Driven Risk Management & AI Solutions
Leverage modern technologies for data-driven risk management.
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Frequently Asked Questions about Risk Audit
What exactly is a risk audit and what benefits does it offer?
A risk audit is a systematic, independent, and documented review of risk management to assess its effectiveness, efficiency, and compliance with requirements. It examines whether risks are adequately identified, assessed, managed, and monitored. The benefits are manifold: It provides objective insights into the quality of risk management, identifies gaps and optimization potential, strengthens confidence among stakeholders and regulators, supports compliance with regulatory requirements, and contributes to continuous improvement of risk management. A professional risk audit goes beyond pure compliance verification and evaluates the practical effectiveness of risk management in daily operations.
How does a typical risk audit proceed and what phases does it include?
A professional risk audit follows a structured, systematic approach that typically includes five main phases: 1) Planning Phase
•
Definition of audit objectives, scope, and methodology, identification of key risk areas and stakeholders. 2) Documentation Review
•
Analysis of risk management framework, policies, procedures, and risk reports. 3) Process Assessment
•
Interviews with risk owners and process managers, observation of risk processes in practice, testing of risk controls. 4) Analysis & Evaluation
•
Assessment of findings against audit criteria, identification of gaps and improvement opportunities, development of recommendations. 5) Reporting & Follow-up
•
Preparation of comprehensive audit report, presentation of findings to management, support in developing action plans. The duration and intensity of each phase depend on the scope of the audit and the complexity of the organization.
What methods and tools are used in a risk audit?
An effective risk audit uses a combination of various methods and tools to gain a comprehensive picture: Document analysis for reviewing risk management documentation, policies, and reports. Interviews and workshops with risk owners, process managers, and management to understand processes and culture. Process observations to assess the practical application of risk management. Control testing to verify the effectiveness of risk controls. Data analysis to evaluate risk data quality and plausibility. Benchmarking against industry standards and best practices. Maturity assessments using established models like CMMI or RIMS RMM. Gap analyses to identify deviations from requirements. The selection of appropriate methods depends on audit objectives, available resources, and organizational characteristics.
How does a risk audit differ from other audit types such as internal audits or compliance audits?
Risk audits have specific characteristics that distinguish them from other audit types, although there are overlaps: Focus
•
Risk audits specifically focus on risk management effectiveness, while internal audits have a broader scope and compliance audits focus on regulatory adherence. Perspective
•
Risk audits take a holistic view of risk management, while other audits often focus on specific areas or requirements. Methodology
•
Risk audits use specialized methods for assessing risk processes and culture. Objectives
•
The primary goal is to improve risk management effectiveness, not just identify compliance violations. Expertise
•
Risk auditors require deep risk management expertise in addition to audit skills. However, in practice, these audit types often complement each other, and many organizations integrate risk aspects into their internal audit programs.
What is a Risk Management Maturity Assessment and how does it support organizations?
A Risk Management Maturity Assessment (RMMA) is a structured evaluation of the maturity level and development stage of an organization's risk management. It assesses how systematically, comprehensively, and effectively an organization manages risks. The assessment is typically based on established maturity models such as CMMI (Capability Maturity Model Integration) or RIMS RMM (Risk Maturity Model) and evaluates various dimensions: governance and strategy, risk identification and assessment, risk response and mitigation, monitoring and reporting, culture and communication, technology and data. The benefits are: Objective assessment of current maturity level, identification of strengths and development areas, benchmarking against industry standards, development of a targeted improvement roadmap, prioritization of investments in risk management, demonstration of progress to stakeholders. An RMMA provides a clear picture of where the organization stands and what steps are needed to reach the next maturity level.
What regulatory requirements exist for risk management and how does a risk audit verify their compliance?
Regulatory requirements for risk management vary by industry, jurisdiction, and organization type. Key frameworks include: For financial institutions
•
MaRisk, BAIT, Basel III/IV, Solvency II, DORA. For all organizations
•
Corporate governance codes, stock corporation law requirements. Industry-specific
•
Sector-specific regulations and standards. International standards
•
ISO 31000, COSO ERM. A risk audit verifies compliance through: Gap analysis
•
Systematic comparison of actual state with regulatory requirements. Documentation review
•
Verification of required policies, procedures, and reports. Process assessment
•
Evaluation of practical implementation of requirements. Evidence verification
•
Review of documentation and audit trails. Reporting assessment
•
Evaluation of risk reporting quality and completeness. The audit identifies not only formal compliance gaps but also areas where practical implementation could be improved.
How does a risk audit assess an organization's risk culture?
Risk culture is a crucial but often elusive aspect of risk management. A comprehensive risk audit assesses culture through: Surveys and questionnaires
•
Anonymous surveys to capture risk awareness and attitudes at all levels. Interviews and focus groups
•
In-depth discussions with employees from various areas and hierarchy levels. Behavioral observations
•
Observation of how risk aspects are considered in daily decisions and processes. Analysis of communication patterns
•
Review of how risk information is shared and discussed. Evaluation of incentive systems
•
Assessment of whether incentive structures promote or hinder risk-conscious behavior. Review of escalation processes
•
Analysis of how risk issues are escalated and addressed. Assessment of tone from the top
•
Evaluation of management's commitment to risk management. The audit examines whether a positive risk culture exists that promotes open communication about risks, encourages proactive risk identification, and supports appropriate risk-taking within defined boundaries.
What exactly is a risk audit and what benefits does it offer?
A risk audit is a systematic, independent, and documented review of risk management to assess its effectiveness, efficiency, and compliance with requirements. It examines whether risks are adequately identified, assessed, managed, and monitored. The benefits are manifold: It provides objective insights into the quality of risk management, identifies gaps and optimization potential, strengthens confidence among stakeholders and regulators, supports compliance with regulatory requirements, and contributes to continuous improvement of risk management. A professional risk audit goes beyond pure compliance verification and evaluates the practical effectiveness of risk management in daily operations.
How does a typical risk audit proceed and what phases does it include?
A professional risk audit follows a structured, systematic approach that typically includes five main phases: 1) Planning Phase
•
Definition of audit objectives, scope, and methodology, identification of key risk areas and stakeholders. 2) Documentation Review
•
Analysis of risk management framework, policies, procedures, and risk reports. 3) Process Assessment
•
Interviews with risk owners and process managers, observation of risk processes in practice, testing of risk controls. 4) Analysis & Evaluation
•
Assessment of findings against audit criteria, identification of gaps and improvement opportunities, development of recommendations. 5) Reporting & Follow-up
•
Preparation of comprehensive audit report, presentation of findings to management, support in developing action plans. The duration and intensity of each phase depend on the scope of the audit and the complexity of the organization.
What methods and tools are used in a risk audit?
An effective risk audit uses a combination of various methods and tools to gain a comprehensive picture: Document analysis for reviewing risk management documentation, policies, and reports. Interviews and workshops with risk owners, process managers, and management to understand processes and culture. Process observations to assess the practical application of risk management. Control testing to verify the effectiveness of risk controls. Data analysis to evaluate risk data quality and plausibility. Benchmarking against industry standards and best practices. Maturity assessments using established models like CMMI or RIMS RMM. Gap analyses to identify deviations from requirements. The selection of appropriate methods depends on audit objectives, available resources, and organizational characteristics.
How does a risk audit differ from other audit types such as internal audits or compliance audits?
Risk audits have specific characteristics that distinguish them from other audit types, although there are overlaps: Focus
•
Risk audits specifically focus on risk management effectiveness, while internal audits have a broader scope and compliance audits focus on regulatory adherence. Perspective
•
Risk audits take a holistic view of risk management, while other audits often focus on specific areas or requirements. Methodology
•
Risk audits use specialized methods for assessing risk processes and culture. Objectives
•
The primary goal is to improve risk management effectiveness, not just identify compliance violations. Expertise
•
Risk auditors require deep risk management expertise in addition to audit skills. However, in practice, these audit types often complement each other, and many organizations integrate risk aspects into their internal audit programs.
What is a Risk Management Maturity Assessment and how does it support organizations?
A Risk Management Maturity Assessment (RMMA) is a structured evaluation of the maturity level and development stage of an organization's risk management. It assesses how systematically, comprehensively, and effectively an organization manages risks. The assessment is typically based on established maturity models such as CMMI (Capability Maturity Model Integration) or RIMS RMM (Risk Maturity Model) and evaluates various dimensions: governance and strategy, risk identification and assessment, risk response and mitigation, monitoring and reporting, culture and communication, technology and data. The benefits are: Objective assessment of current maturity level, identification of strengths and development areas, benchmarking against industry standards, development of a targeted improvement roadmap, prioritization of investments in risk management, demonstration of progress to stakeholders. An RMMA provides a clear picture of where the organization stands and what steps are needed to reach the next maturity level.
What regulatory requirements exist for risk management and how does a risk audit verify their compliance?
Regulatory requirements for risk management vary by industry, jurisdiction, and organization type. Key frameworks include: For financial institutions
•
MaRisk, BAIT, Basel III/IV, Solvency II, DORA. For all organizations
•
Corporate governance codes, stock corporation law requirements. Industry-specific
•
Sector-specific regulations and standards. International standards
•
ISO 31000, COSO ERM. A risk audit verifies compliance through: Gap analysis
•
Systematic comparison of actual state with regulatory requirements. Documentation review
•
Verification of required policies, procedures, and reports. Process assessment
•
Evaluation of practical implementation of requirements. Evidence verification
•
Review of documentation and audit trails. Reporting assessment
•
Evaluation of risk reporting quality and completeness. The audit identifies not only formal compliance gaps but also areas where practical implementation could be improved.
How does a risk audit assess an organization's risk culture?
Risk culture is a crucial but often elusive aspect of risk management. A comprehensive risk audit assesses culture through: Surveys and questionnaires
•
Anonymous surveys to capture risk awareness and attitudes at all levels. Interviews and focus groups
•
In-depth discussions with employees from various areas and hierarchy levels. Behavioral observations
•
Observation of how risk aspects are considered in daily decisions and processes. Analysis of communication patterns
•
Review of how risk information is shared and discussed. Evaluation of incentive systems
•
Assessment of whether incentive structures promote or hinder risk-conscious behavior. Review of escalation processes
•
Analysis of how risk issues are escalated and addressed. Assessment of tone from the top
•
Evaluation of management's commitment to risk management. The audit examines whether a positive risk culture exists that promotes open communication about risks, encourages proactive risk identification, and supports appropriate risk-taking within defined boundaries.
What qualifications and competencies should a risk audit team have?
An effective risk audit requires a qualified team with a balanced mix of professional, methodological, and personal competencies: Professional expertise
•
Deep knowledge of risk management principles, methods, and best practices. Industry knowledge
•
Understanding of industry-specific risks, business models, and regulatory requirements. Audit expertise
•
Experience in conducting audits and applying audit standards. Regulatory knowledge
•
Familiarity with relevant regulations and compliance requirements. Technical competence
•
Understanding of risk management systems, data analytics, and relevant technologies. Methodological skills
•
Ability to apply various audit methods and analytical techniques. Communication skills
•
Ability to conduct effective interviews and present findings clearly. Analytical thinking
•
Capability to identify patterns, connections, and root causes. Independence and objectivity
•
Ability to make unbiased assessments. Ideally, the team combines experienced auditors with risk management specialists and, depending on focus, industry experts or technical specialists.
How can a risk audit be optimally integrated into corporate governance?
A risk audit provides valuable insights that only achieve their full impact through systematic integration into corporate governance: Regular audit cycles
•
Establishment of a multi-year audit plan covering all relevant risk areas. Integration into governance structure
•
Clear assignment of responsibilities for audit follow-up and implementation of recommendations. Reporting to supervisory bodies
•
Regular reporting of audit results to management board and supervisory board. Connection to other assurance functions
•
Coordination with internal audit, compliance, and other control functions. Follow-up processes
•
Systematic tracking of recommendation implementation and verification of effectiveness. Continuous improvement
•
Use of audit findings for ongoing development of risk management. Risk-based prioritization
•
Focus of audit activities on areas with highest risk or greatest improvement potential. Culture of learning
•
Promotion of an organizational culture that views audits as opportunities for improvement rather than criticism.
What challenges can arise in risk audits and how can they be overcome?
Risk audits are complex undertakings that can be associated with various challenges: Limited resources
•
Challenge: Insufficient time, budget, or personnel for comprehensive audit. Solution: Risk-based prioritization, use of efficient audit methods, involvement of external experts. Resistance from audited areas
•
Challenge: Defensive attitudes or lack of cooperation. Solution: Clear communication of audit objectives, constructive approach, involvement of stakeholders. Data quality issues
•
Challenge: Incomplete, inconsistent, or unreliable risk data. Solution: Early identification of data issues, use of alternative information sources, recommendations for data quality improvement. Complexity of risk management
•
Challenge: Highly complex or decentralized risk structures. Solution: Phased approach, focus on key risks, use of specialized expertise. Lack of benchmarks
•
Challenge: Difficulty in assessing adequacy of risk management. Solution: Use of industry standards, best practices, and maturity models. Balancing depth and breadth
•
Challenge: Trade-off between comprehensive coverage and detailed analysis. Solution: Risk-based scoping, combination of overview and deep-dive analyses.
How are audit results effectively communicated and transformed into actions?
Effective communication of audit results and their transformation into concrete improvements are crucial for audit success: Structured reporting
•
Clear, well-structured audit report with executive summary, detailed findings, and concrete recommendations. Stakeholder-appropriate communication
•
Adaptation of communication to needs and knowledge level of different audiences (management, supervisory board, process owners). Prioritization of findings
•
Clear classification of findings by severity and urgency. Actionable recommendations
•
Concrete, implementable recommendations with clear responsibilities and timelines. Interactive presentation
•
Personal presentation of results with opportunity for questions and discussion. Action planning
•
Joint development of action plans with clear responsibilities, milestones, and success criteria. Follow-up process
•
Regular monitoring of implementation progress and verification of effectiveness. Learning and knowledge transfer
•
Sharing of insights and best practices across the organization. The goal is not just to identify problems but to initiate sustainable improvements.
How is risk audit evolving in light of new risks and technologies?
Risk audit is continuously evolving to keep pace with new risk types, technologies, and business models: Digital and cyber risks
•
Increasing focus on IT risks, cybersecurity, and data protection. ESG risks
•
Integration of environmental, social, and governance aspects into risk assessment. Emerging risks
•
Systematic consideration of new and emerging risks (e.g., AI risks, climate risks). Data analytics
•
Use of advanced analytics, machine learning, and AI for audit execution. Continuous auditing
•
Shift from periodic to continuous monitoring and auditing. Remote auditing
•
Development of methods for effective remote audits. Agile approaches
•
Adaptation of audit methods to agile organizations and processes. Integrated assurance
•
Stronger integration with other assurance functions for holistic view. Technology-enabled auditing
•
Use of audit software, automation, and digital tools. Future risk audits will be more data-driven, technology-enabled, and focused on forward-looking risk assessment while maintaining the fundamental principles of independence and objectivity.
How does a process-oriented risk audit differ from other audit approaches?
A process-oriented risk audit focuses on systematic analysis and assessment of risk management processes rather than just reviewing documentation or compliance: Process focus
•
Detailed examination of how risk processes actually work in practice, not just how they are documented. End-to-end perspective
•
Analysis of the entire risk management cycle from identification through monitoring. Interface analysis
•
Particular attention to handoffs and interfaces between different process steps and organizational units. Efficiency assessment
•
Evaluation of process efficiency, identification of redundancies and bottlenecks. Effectiveness testing
•
Verification that processes achieve their intended objectives. Stakeholder involvement
•
Intensive engagement with process owners and users. Practical orientation
•
Focus on practical applicability and value creation of processes. Improvement recommendations
•
Development of concrete process optimizations. This approach is particularly valuable when the focus is on improving operational effectiveness of risk management rather than just verifying compliance.
Success Stories
Discover how we support companies in their digital transformation
Generative KI in der Fertigung
Bosch
KI-Prozessoptimierung für bessere Produktionseffizienz
Fallstudie
Ergebnisse
Reduzierung der Implementierungszeit von AI-Anwendungen auf wenige Wochen
Verbesserung der Produktqualität durch frühzeitige Fehlererkennung
Steigerung der Effizienz in der Fertigung durch reduzierte Downtime
AI Automatisierung in der Produktion
Festo
Intelligente Vernetzung für zukunftsfähige Produktionssysteme
Fallstudie
Ergebnisse
Verbesserung der Produktionsgeschwindigkeit und Flexibilität
Reduzierung der Herstellungskosten durch effizientere Ressourcennutzung
Erhöhung der Kundenzufriedenheit durch personalisierte Produkte
KI-gestützte Fertigungsoptimierung
Siemens
Smarte Fertigungslösungen für maximale Wertschöpfung
Fallstudie
Ergebnisse
Erhebliche Steigerung der Produktionsleistung
Reduzierung von Downtime und Produktionskosten
Verbesserung der Nachhaltigkeit durch effizientere Ressourcennutzung
Digitalisierung im Stahlhandel
Klöckner & Co
Digitalisierung im Stahlhandel
Fallstudie
Ergebnisse
Über 2 Milliarden Euro Umsatz jährlich über digitale Kanäle
Ziel, bis 2022 60% des Umsatzes online zu erzielen
Verbesserung der Kundenzufriedenheit durch automatisierte Prozesse
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Your strategic success starts here
Our clients trust our expertise in digital transformation, compliance, and risk management
Ready for the next step?
Schedule a strategic consultation with our experts now
30 Minutes • Non-binding • Immediately available
For optimal preparation of your strategy session:
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