Key Features of ORMAF
Risk-Based Audit Planning & Monitoring
Audit and Evaluation Planning
Comprehensive tool to create detailed, risk-based audit plans tailored to organizational needs, plans that focus on high-risk areas to ensure comprehensive coverage, optimize resource allocation by prioritizing audits and evaluations based on risk levels.
Risk Factor Analysis
Risk Scoring System to quantify and prioritize risks based on their severity and likelihood, automated Risk Ranking to help managers focus on the most critical areas and measure the potential impact of different risk levels on audit and evaluation plans.
Mitigation and Action Plans
Tools to develop and implement action plans and mitigation strategies based on an understanding of key risks which could influence the project outcomes and strategies to track the effectiveness of risk mitigation strategies.
Responsibilities & Accountabilities
Assign responsibilities for action plan tasks to specific team members, ensuring accountability. Assign timelines to assess the progress and effectiveness of mitigation strategies and action plans.
Real-Time Monitoring and Tracking
Continuously monitor the progress of audit and evaluation activities within the department and track the progress of audit and evaluation plans, ensuring all activities are on schedule.
Governance, Standards & Compliance
Standardized processes based on best practices to ensure audit and evaluation practices comply with relevant regulations and standards. Maintain comprehensive audit trails for all risk management, audit, and evaluation activities.
“Evaluations critically examine a program to make judgments to improve effectiveness, and make decisions about resource allocation and priority setting.” Patton, 1987
ORMAF's Risk-Based Audit Plan module offers numerous benefits, significantly enhancing the effectiveness and efficiency of audit and risk management activities. By systematically identifying and assessing risks across programs and activities, the software ensures that audits focus on high-risk areas, thereby optimizing resource allocation and maximizing the impact of audit efforts. It provides data-driven insights and real-time updates, enabling informed decision-making and proactive risk management.
ORMAF also facilitates clear communication and collaboration among auditors, managers, and stakeholders, ensuring consistent evaluation and regulatory compliance. With customizable and scalable solutions, it adapts to the specific needs of different programs and departments, while maintaining comprehensive documentation and audit trails for accountability. Ultimately, this leads to cost savings, improved accountability, and enhanced overall organizational performance in managing and mitigating risks.
Download Brochure!
Let’s Talk About ORMAF Enterprise Edition!
Quick, Smart & Great Solutions To Manage Your Projects
Consultation
Each client has their own unique challenges and we stress our experts establish open communication channels with them to clearly identify their unique management needs.
Clients
Our design is based on the needs of our clients in government and semi-government organizations, private companies and industries in diversified sectors.
Experience
Our experience spans years of working with public and private sector managers and developing solutions which best suit their working environment.
Standards
Our processes align with relevant professional standards, regulations, and best practices enhancing the quality, credibility, maintainability and usability.
Benefits of ORMAF
Risk-Based Audit Plans!
By leveraging ORMAF for developing risk-based audit plans can significantly improve the effectiveness and efficiency of risk management and audit activities within an organization.
Risk-Based Audit Planning!
ORMAF guides users through the entire process of developing risk-based plans, from initial creation to implementation and continuous monitoring.
Risk Factor Analysis
Key Risk Areas
Risk Prioritization
Program Monitoring and Accountability
Visual Overview
The performance dashboard offers a consolidated visual display of key performance indicators (KPIs) on a single screen, enabling managers to monitor critical information at a glance.
Drill-Down and Roll-Up
The dashboard features drill-down capabilities for detailed analysis and roll-up capabilities for aggregated performance data, providing both granular insights and a high-level overview.
Strategic Monitoring
Designed to gauge performance and progress toward strategic outcomes, the dashboard visually represents measures and targets with indicators showing how each measure is performing against its targets.
Offering Solutions For All Managers Worldwide.
Reports and Dashboard
ORMAF’s robust dashboard and reporting capabilities provide public sector managers with critical information and visual tools to effectively manage and oversee their programs and projects. By offering detailed insights, real-time updates, and advanced communication features, ORMAF ensures that managers have the data they need to manage proactively and achieve their strategic objectives.
Three-Tier Risk Reports
Visual Display of Key Risks
Dashboards offer a visual representation of key risks, which could impact the department's strategic outcomes. These are consolidated on a single screen for easy monitoring.
Historical Trends and Monitoring
The system provides an overview of historical trends and current monitoring activities, enabling managers to make informed decisions quickly.
Comprehensive Reporting
ORMAF generates a wide range of reports related to the development and implementation of risk-based audit and evaluation plans. These reports can be shared online with stakeholders, even if they are not registered users of the system.
Pricing for
Risk-Based Audit Plan Module!
for Audit Managers
- 1 User Account
- Risk Dashboard
- Risk Assessment and Management
- Risk Matrix
- Risk Tolerance levels
- Risk Categories
- Risk Register and Indicators
- Risk Monitoring
- Online Document and Reports
for Audit Teams
- 3 User Accounts
- Risk Dashboard
- Risk Assessment and Management
- Risk Matrix
- Risk Tolerance levels
- Risk Categories
- Risk Register and Indicators
- Risk Monitoring
- Online Document and Reports
for Audit Planning
- 9 User Accounts
- Risk Dashboard
- Risk Assessment and Management
- Risk Matrix
- Risk Tolerance levels
- Risk Categories
- Risk Register and Indicators
- Risk Monitoring
- Online Document and Reports
