CRISAM® makes it possible to establish risk management within the company and link it to corporate planning.
Revised audit standard IDW PS 340 (new version) published
- Expand your corporate planning capabilities by establishing a holistic risk management system to complement your controlling.
- Support business decisions and assess the future viability of your company with best practice risk management methods.
- Provide target-group-specific reports to the Executive Board, management and Supervisory Board at the touch of a button with our flexible reports and dashboards. Easily meet the requirements of the new version of IDW PS 340.
An increasingly complex and dynamic business environment makes decision-making a growing challenge and demands more and more flexibility from companies. In order to make the right decisions, it is essential not only to be aware of individual risks and opportunities, but also to have an overview of the overall scope of risk and risk-bearing capacity and to be able to assess these correctly as part of corporate management.
In addition to the practical benefits that a good risk management system contributes to corporate management and business continuity, if designed correctly it can also make an enormous contribution to meeting regulatory requirements in the sense of trustworthy corporate governance—referred to in English as Good Governance.
To reflect these important tasks, the Institute of Public Auditors in Germany (IDW) adopted and expanded IDW PS 340 (new version) for auditing the risk early warning system.
The new version takes the following key areas into account, among others:
- Specification of the basic elements of a risk early warning system based on the basic elements developed for the establishment and audit of risk management and compliance management systems (see IDW PS 980 and IDW PS 981).
- Highlighting a company’s need for risk-bearing capacity and risk aggregation.
- The derivation of “net risks” via measures and thus risk management as part of the basic elements of a risk early warning system to be audited.
- Clarification of the company’s documentation obligations, taking into account the case law that has been passed in the meantime.
With our methodology and risk management software CRISAM®, you can face this test with confidence and at the same time increase the value contribution of your risk management system and improve the informative value of your corporate planning.
Free webinar on this topic!
Feel free to get advice from our experts or join our webinar on Staying calm through the IDW PS 340 audit with CRISAM® with our CRISAM® experts and Managing Directors of CALPANA business consulting Deutschland GmbH, Tim-Benjamin Bohmfalk and Andreas Schmitz.
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