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Library management: Risk scores

Article author
Chrissy Bridges
  • Updated

Summary

A risk score is an aggregate score that combines multiple control point results.

Admins can customize risk scores to ensure that risk score configuration and application across various libraries adhere to the firm's methodology, and/or how MindBridge recommends leveraging the analysis across the audit practice.

Learn about managing and adjusting risk score settings in libraries.

Note: Adjusting risk score settings in a library that is already in use will not impact existing engagements. Changes made will only impact engagements created after the time of the update.

Configuration details

You must be an Admin to manage a library's risk scores.

Navigate to the Risk Scores tab

  1. From the Admin page, go to the Libraries tab.
  2. Open the Actions menu in line with the library you want to view.
  3. Select View Library.
    You will go to the Library details tab on the Libraries page.
  4. Go to the analysis type tab you want to edit risk scores for. For example, General Ledger. 
  5. Select Risk Scores from the left menu.
Note: General ledger analyses contain groups of assertion-based risk scores as well as the MindBridge score. 

View a risk score

  1. Go to the Risk scores section of the appropriate analysis type.
  2. If you select the General ledger tab, expand the MindBridge score, Assets assertions, Liabilities and equity assertions, or Profit and loss assertions sections to view and edit the associated risk scores.
  3. Select a risk score name to expand it.
    The expanded view displays the control points that make up the risk score.

Adjust control point weights

Tip: Familiarize yourself with how MindBridge determines control point weights before making adjustments to them.

To adjust a control point’s weight:

  1. Click and drag the slider to your desired weight, or enter a value from 0 to 100 in the number field.
  2. When you are satisfied, Save your changes.
Note: Adjusting the weight of a control point within one risk score will not impact other risk scores. For example, adjusting the Asset Existence score will not impact the Liabilities and Equity Existence score.

Adjust control point settings

Admins can customize additional settings for the following control points:

  • Complex Instrument
  • End of Analysis Period
  • End of Reporting Period
  • High Monetary Value
  • Manual Entry
  • Material Value
  • Old Unpaid Invoice
  • Suspicious Keywords

To adjust these settings:

  1. Select a control point to expand it.
  2. Select Edit.
  3. In the window that appears, adjust the control point settings as needed.
  4. When you are satisfied, select Done to save your changes.

Select Cancel to discard changes and go back to the Risk Scores dashboard.

Note: Control point settings are shared across all versions of that control point for an analysis type within the library. For example, changing the High Monetary Value threshold to 5% in the accounts payable settings will change the threshold for High Monetary Value in the MindBridge Score, Existence Score, and Valuation Score for accounts payable within the library.

Disable a risk score

Note: You cannot disable the MindBridge Score. Control points within a disabled risk score cannot be edited.
  1. Select the options icon (three dots) in line with the risk score.
  2. Select Disable risk score.
    The Disabled status appears.
  3. Save your changes.
Library_management_-_Risk_scores_-_Disable.gif

Enable a risk score

  1. Select the options icon (three dots) in line with the risk score.
  2. Select Enable risk score.
    The Disabled status disappears; control points within the risk score can be edited.
  3. Save your changes.
     

Restore default settings

  1. Select the options icon (three dots) in line with the risk score.
  2. Select Reset to default settings to restore all control points in the risk group to the MindBridge default settings.

Add and remove control points from a risk score

Note: You cannot add or remove control points from the MindBridge Score.
  1. Select the options icon (three dots) in line with the risk score.
  2. Select Add or remove control points.
    A window appears that lists all the available control points for that risk score.
  3. Select and deselect checkboxes to add and remove control points.
  4. When you are satisfied, select Done to save your changes.
    New control points are highlighted in blue, with a default weight of 0%.
  5. Use the slider to adjust the new control point weight(s).
  6. Save your changes.
Library_management_-_Risk_scores_-_Add_and_remove_control_points.gif

 

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