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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.

App Admins can create new risk scores and 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.

View a risk score

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 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 next to a control point to expand it.
    You will see a brief overview of the control point, including the control point type.

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 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 a risk score

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

Enable a risk score

  1. Use the chevron icon to expand the risk score you want to enable.
  2. Open the more actions menu (three dots) 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. Save your changes.
     

Restore default settings

  1. Use the chevron icon to expand the risk score you want to restore.
  2. Open the more actions menu (three dots) in line with the risk score.
  3. Select Reset to default settings to restore all control points in the risk group to the MindBridge default settings.
  4. Save your changes.

Add and remove control points from a risk score

Note: You cannot add or remove control points from the MindBridge score.
  1. Use the chevron icon to expand the risk score you want to restore.
  2. Open the more actions menu (three dots) in line with the risk score.
  3. Select Edit.
    A pop-up window appears.
  4. Beneath 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.
  5. When you are satisfied, Save your changes.
    New control points are highlighted in blue, with a default weight of 0%.
  6. Use the slider to adjust the new control point weight(s) as desired.
  7. Save your changes.

 

Anything else on your mind?

Head over to the community with your thoughts and inquiries! You can also chat with us, or, submit a request for further assistance.

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