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Library management: Risk scores

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Summary

A risk score is an aggregate score that combines multiple control point results. Risk scores are grouped into risk groups, such as the Asset assertion score, or the MindBridge score.

App Admins can create new risk scores and risk groups, as well as customize existing risk scores to ensure that risk scoring 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 App Admin to manage a library's risk scores.


Go to the Risk scores section

  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, the General ledger tab. 
  5. Select Risk scores from the menu on the left.
    You will go to the Risk scores section.


Create risk scores

Create custom risk scores unique to your firm's needs and methodologies.

Note: New risk scores will only be available for use in new engagements.

  1. Select Create risk score near the top of the page.
  2. Enter a risk score Name.
  3. Select a Risk group from the menu or enter a new one with your keyboard.
  4. Add a Description of the new risk score to explain its purpose.
  5. Open the Control points menu and check the boxes next to the control points you want to include in the new risk score.
  6. Use the menus to select where the risk score should be applied. For example, the Accounts menu lets you select:
    • Individual account(s): MindBridge will only produce a risk score for entries associated with that account
    • Account group(s): When selecting an account group, all lower-level accounts will also be selected.
    • Selecting all accounts produces a risk score for all entries in the ledger.

  7. When you are satisfied, Create the new risk score.
    You will go back to the Risk scores screen and the new risk score will be expanded.
  8. Adjust the control points weights within the new risk score as needed.
  9. When you are satisfied, Save your changes.

Create_risk_score_modal_example.gif

Select Close to cancel creation and go back to the previous screen.


View risk scores

Note: The General ledger tab now contains groups of risk scores, such as the different assertion scores and the MindBridge score.
  1. Use the chevron icon ( Expand chevron.svg ) to expand any of the risk scores contained within a risk group.
    You will see a brief overview of the risk score, as well as all the control points that contribute to it.
  2. Use the chevron icon ( Expand chevron.svg ) next to a control point to expand it.
    You will see a brief overview of the control point, including the control point type.


Edit risk scores

You can edit any field in a risk score created by you or your team; in a default MindBridge assertion score group, you can only add and remove control points.

  1. Use the chevron icon ( Expand chevron.svg ) to expand the risk score you want to edit.
  2. Open the more actions menu ( More actions menu icon.svg ) in line with the risk score name.
  3. Select Edit.
  4. Make adjustments as needed.
  5. When you are satisfied, Save your changes.

Add and remove control points from risk scores

Note: You cannot add or remove control points from the MindBridge score.
  1. Enter edit mode as described above
  2. In the Control points section, open the menu to see a list of control points, then:
    • Add control points: Check the boxes next to the control points you want to add to the risk score.
      • You can also start typing in the field to bring up specific control points, then check the boxes to select them.
    • Remove control points: Use the X icon beside any of the control points listed to remove it from the risk score.
      • You can also use the checkboxes to deselect the control points you want to remove from the score.
  3. When you are satisfied, Save your changes.
    New control points have a default weight of 0%, which must be adjusted before they can be used.


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. Use the chevron icon ( Expand chevron.svg ) next to a control point to expand it.
  2. Select Edit to go the control point settings.
  3. In the window that appears, adjust the 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 risk scores

Disabling a risk score will prevent it from being used in future engagements that use the library. Disabled risk scores are not deleted, and can be enabled again as needed.

Note: You cannot disable the MindBridge score. Control points within a disabled risk score cannot be edited.
  1. Use the chevron icon ( Expand chevron.svg ) to expand the risk score you want to disable.
  2. Open the more actions menu ( More actions menu icon.svg ) in line with the risk score.
  3. Select Disable risk score.
    The Disabled status appears.
  4. When you are satisfied, Save your changes.


Enable risk scores

  1. Use the chevron icon ( Expand chevron.svg ) to expand the risk score you want to enable.
  2. Open the more actions menu ( More actions menu icon.svg ) in line with the risk score.
  3. Select Enable risk score.
    The Disabled status disappears; control points within the risk score can now be edited.
  4. When you are satisfied, Save your changes.
     

Restore default settings

You can remove any changes made to a risk score as needed, including control point weight changes, keyword updates, etc.

  1. Use the chevron icon ( Expand chevron.svg ) to expand the risk score you want to restore.
  2. Open the more actions menu ( More actions menu icon.svg ) in line with the risk score name.
  3. Select Reset to default settings to restore all control points in the risk group to the MindBridge default settings.
  4. When you are satisfied, Save your changes.


Delete risk scores

Delete custom risk scores as needed; MindBridge's default risk scores cannot be deleted, only disabled.

  1. Use the chevron icon ( Expand chevron.svg ) to expand the risk score you want to delete.
  2. Open the more actions menu ( More actions menu icon.svg ) in line with the risk score name.
  3. Select Delete.
    A confirmation window appears.
  4. Select Delete to permanently delete the risk score.


Rename risk groups

Rename custom risk groups as needed; MindBridge's default risk groups cannot be renamed.

  1. Open the more actions menu ( More actions menu icon.svg ) in line with the risk group name.
  2. Select Rename.
  3. Adjust the name of the risk group as needed.
  4. When you are satisfied, Save your changes.


Delete risk groups

Deleting a risk group also deletes all risk scores from within the group, but will not impact existing engagements using the library.

  1. Open the more actions menu ( More actions menu icon.svg ) in line with the risk group name.
  2. Select Delete.
    A confirmation window appears.
  3. Select Delete to permanently delete the risk group.


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