What Is IT Audit Readiness And Why Should Small Business Owners and Startup Entrepreneurs Pursue It?
What Is And Why Should Startup Entrepreneurs Pursue It?
With so many IT responsibilities to juggle, how can you make sure that you are ready for an audit at any given time?
Why IT Audit Readiness Is Important
As a startup entrepreneur, you have got a long list of responsibilities—and as the major hub of almost any organization, it is not surprising that between regulations, risks, controls, and frameworks, things can get pretty complicated.
How Much Do You Know About IT Audit Readiness?
Being audit ready means you are managing your IT risks, dealing with security, controls, and compliance, and you have done the necessary work to avoid any unpleasant surprises in an IT audit report. Everything is in place for the auditors to come in and do their job.
Eden Data Makes Sure Your IT Audit Readiness Is Ready
These are the nine steps that Eden Data will put you on the path towards IT audit readiness.
1. Identify, Assess, And Classify IT Risks
First, we need to know what risks your IT faces. Looking at all of your IT assets, both tangible and intangible, determine what could be compromised.
Then we classify your risks by impact: low, medium, or high. This will help us prioritize which to tackle first.
2. Identify Controls
With your list of risks defined and prioritized, it’s time to pair them with controls. Starting with the risks that you identified as high impact, we find ways to mitigate or manage the risk—these are your controls.
3. Map Controls To A Master Framework Library
How many of your controls also tick a box in the current frameworks followed by your organization? The control will mitigate the risk, which also mitigates the enterprise risk. But this is also a required control in order to be SOC compliant. So we are essentially killing two birds with one control.
4. Plan Scope And Stress-Test Micro Risks
Controls are designed to address risk at many levels. The very detailed and specific risks are known as micro-risks. At this level, we can plan out the exact details of your controls, including cost, process, timing, and resources.
5. Assess Effectiveness Of Existing Controls
Your controls are now active but are they operating as expected? There are a few ways we test this. First, we use analytics to query your data and spot problems, like identifying high-risk passwords that are set to never expire. And the second way we test your controls is by sending self-assessment surveys and questionnaires to control owners.
6. Capture, Track, And Report Deficiencies
When we find a control that isn’t working as expected, it’s important to act fast. In many cases,
recurring data analysis can be used to strengthen controls or add an extra layer of control. By finding this early and often, we can deal with it before it becomes a major issue.
7. Monitor And Automate Testing Of Controls
Daily, weekly, or monthly monitoring using analytics means you’ll always be up to date on how effective your risk management and control activities are. It will vary by organization, but common IT activities that can be monitored include the use of admin and special systems access, firewall changes, segregation of duties, physical access logs, or remote access logs.
8. Flag Exceptions, Review, Investigate, And Remediate
During this step, often called exception/issue management, we take the issues identified from our automated testing and weed out the false positives from the actual control breakdowns. Once we have your control breakdowns isolated, we will action them.
9. Ongoing Improvement Of Process
This is the final step in your journey toward IT audit readiness. It’s the constant tweaks and improvements that will be made over time as your program matures. This practice will result in a reduction of risks over time and an improvement of your control process through ongoing testing, monitoring, and addressing the exceptions.
Why You Need Eden Data
We know most of that may not make sense to you, but it is crucial to the security of your business. Eden Data wants to create a future where companies can bring fantastic ideas to fruition using the internet while effortlessly maintaining appropriate data security and privacy. Eden Data focuses on the next generation of businesses that are ready to build security and privacy into their DNA, from their culture to their technologies to their entire operating processes. We are working to make information security a core pillar of every organization we have the pleasure of working with.
Security That Works The Way You Do!
The product or service you provide to your customers is one-of-a-kind, so why shouldn’t your security program be?
Traditional consulting firms have resumés a mile-long… serving corporations that look nothing like your company from an IT perspective. Why not hire a firm that operates just like you and works exclusively with companies just like yours? Call Eden Data today to learn more about IT audit readiness.