A Risk Matrix Template is such a tool that helps you to evaluate risk by its probability and severity. However, you can also determine how much risk your project can face and its impact on a project.
Basically, it’s a graphical illustration of risk that shows result in colors, numbers, levels, etc.
Most of the data required for risk assessment and testing procedures are required to be generated from a reliable source and it is required for the internal audit process as well as helps managers to be aware of any risks required strategies.
Functionality of Risk Matrix Template
This matrix template works on two basic factors that are following:
- Severity
- Probability
Severity: This refers to the impact and effects of risk on our project.
Probability: Refer to how much possibility exists a project can face risk and threats
Now determine the area of business that is critical and may require your assistance through making this template part of your company.
Now, anticipate which of the risks can be solved by existing control plans.
- Different types of risks and problems are faced in companies, some of which are already spotlighted, while others are new.
- Your company may require looking for unique strategies to solve some other potential problems, while problems that can be solved from the presented strategies are recorded as well.
It makes you more organized allows better management and cost-effectiveness.
- Choosing any software may increase your costs, however, this is not the case with this template.
- Your project now remains free of chaos, through taking this template.
Creating The Risk Matrix Template Excel
Before we proceed to preparation, first you have to collect all data and stats about risk factors, risk identification, etc. because if you don’t know what kind of risk you are going to face, you can not develop a risk mitigation plan and that will be in disaster for your project. Although, you can use a risk assessment template for this purpose.
There are 10 factors that help you to make a risk matrix:
Human Factor: Human factor includes accidents, death, fraud, lack of skills, etc.
Operational Factor: Delay in project operations that include supplies, equipment, logistics, etc.
Reputation: Reputation in the market is very important, this factor includes, customer loss of interest in a company, employee morale, loss of goodwill.
Procedural Error: This factor belongs to project operational procedure, work hierarchy, complex communication plan.
Project Plan: Sometimes a project plan also needs a corrective action plan or procurement plan to overcome the project plan faults. That may include, budgeting, tasks, resources, etc.
Financial Aspects: Sometimes there are financial failure threats that affect the project. This includes shares rates, loss of investment or loss of stakeholders, etc.
Technical Risk: This type of error includes a lack of technology, equipment, software, and technical skills.
Natural Risk: This includes climate, earthquakes, Tsunami, etc.
Political Issues: Another issue that has a deep impact on your project that is including, Govt laws, rules and development policies, tax rates, etc.
Structural Hazard: These types of hazards include, poisonous compounds, materials, structural designs, low-quality material, etc.
Risk Control Matrix Account Payable
This template is amazingly helpful for your accounts department and shows the details of the account payable. Now you are able to identify critical areas of your company and specific types of risks as well and therefore identify effective strategies.
Internal Audit Template is an Excel spreadsheet to create a custom audit plan for your company processes and policies with a summary dashboard.
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TEMPLATE DESCRIPTION
The purpose of this Internal Audit Excel Template is to cover all the necessities of a Risk Control Matrix which can be used in any field to report and manage. The content could be tailored according to your standards. Also, you can input the standard parameters in your field and select them in the template.
This will be the most beneficial feature for users to ;
- Identify the problems and input their properties avoiding any discrepancy.
- Reveal and get an easy printout of a specific reference number.
- Illustrate and statistically analyze each chosen metric.
The template consists of 5 different sections which will let you display and analyze the results you are looking for once you input the required information:
Template Features:
Metrics Info:
The Internal Audit Template lets you input the metrics you needed. A description part has been formed to be able to define the metrics you input.
If you have standard answers or options for metrics you may set those options by inputting under the metric you will choose from the dropdown lists.
Settings:
The metrics you input in the METRIC INFO section will be displayed on the dropdown list in Headers. You may add options that you would like to display on the database by inputting them under the Metric that you chose from the dropdown list.
If you would like to input more metrics press the “+” sign on the top to add additional columns.
Internal Audit Template – Database:
On the Database section while inputting the Risk Reference Number and other properties of each issue, you will be able to use the options you input in the Settings. You can select the option or if you don’t have any you can manually write.
The template will also allow you to add more metrics with more options.
Report:
You may display the properties of each Reference Number on the Report Section. The metrics you input in the settings part will show up here and it will import the relevant information.
That will help you to observe easily and get an easy printout.
Internal Audit Template – Dashboard:
On the Dashboard Section, there are 4 types of charts and you can change the content by choosing the metric above each chart. [To mention not all the metrics could show you a logical chart option].
Internal Audit Excel Template Features Summary:
- Easy audit reporting template in Excel
- Contains all steps to complete your internal audit process
- Display metrics in a visual dashboard
- Editable metrics, risk ranking, and more!
- Informational notes included
- No installation needed. Ready to use.
- Works both on Mac and Windows
- Compatible with Excel 2010 and later versions
- Does not include any VBA macros
Internal Audit Template is a ready-to-use Excel Template and provided as-is. If you need customization on your reports or need more complex templates, please refer to our custom services.
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PRODUCT VIDEO
Watch the video below to see the template in action! Presentation also includes usage notes, explanations and tips & tricks about the template.
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FREQUENTLY ASKED QUESTIONS
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USER REVIEWS & COMMENTS
10 reviews for Internal Audit Excel Template
Judd Braxton – February 9, 2022
Rated 5 out of 5
Nice product! thank you. It is very very effective for our process. I want to know adding new sheet and also see headings
Someka – February 9, 2022
Hi Judd,
Thank you very much for your kind words.
First, you need to unlock both worksheets and workbook. How do I unlock the sheets? What is the password?
After that, please follow those steps:
– Display headings [ open rows and columns ]
– Open the sheet tabs and add a new sheet
Hope this helps!
Renzo Steele – January 22, 2022
Rated 5 out of 5
All the titles in the database met my needs,they are very comprehensive
Madhu Aman – October 5, 2021
Rated 5 out of 5
Very Good Tool
Juan Pablo Hernandez – March 30, 2021
Rated 5 out of 5
This is great Thanks Someka
Ammar – March 14, 2021
Rated 5 out of 5
Great
elif – March 10, 2021
Rated 5 out of 5
excellent template. Thanks Someka for this time and effort saving tool…
Joren_3 – March 2, 2021
Rated 5 out of 5
Currently, I have the free one but, I would like to download the modifiable version because it almost suits all my requirements. But, I have two questions for you before and listed below. I am waiting for your answers, thanks guys!
– Can I customize it to my preference?
– Can I be able to generate a full report of an entire department?Someka – March 3, 2021
Hi Joren,
We are happy to hear that you have already loved the template!
Let us answer your questions.
– Once you download the modifiable version, of course, you can make some adjustments according to your preferences. But, please just be careful about not corrupting the template structure. Besides that, the template already lets you change the column sequence in the Database section. In that way, you will be able to add new metrics more easily. You can have a look at the product video to see how you can reorder columns: Internal Audit Template – Product Video
– It is also a totally printable template, so you can also generate a report for each department and share it with them.
Hope that helps!
Ian M. – February 4, 2021
Rated 5 out of 5
I am working in the aviation industry in the quality and safety department. I have free version of this internal audit spreadsheet and I have been looking at it and it almost suits my requirements.
So, I am interested in purchasing modifiable version. But, I have two questions.
Can I customize it to my preference?
Do you have a sample of an aviation based safety excel template that caters for all the quality and safety processes?Someka – February 5, 2021
Hi Ian,
We are glad that this template caught your attention!
Yes! The modifiable version allows you would absolutely edit the template according to your needs and modify it to suit your field of business.
Unfortunately, we don’t have a sample for aviation-based quality and safety processes. While creating a template, we take care that it appeals to more people, but at the same time, we allow you to readjust it according to your needs with the modifiable version.Best regards,
Emella – November 17, 2020
Rated 5 out of 5
Thanks Someka, it works for me! But, it might be better a different date format for us, how do I change the date so it is mm/dd/yyyy? I input it as 01/02/2021, but it auto formulates as 02/01/2021.
Someka – November 18, 2020
Hi Emella,
Thanks for the time that you spare to write a review! To be able to change the date format, you should open the format window > click date option > select your country and date format you prefer to use. Please do not forget to unlock the template to be able to open the format window.
Hope that helps!
Kanhu Charana panda – August 15, 2020
Rated 4 out of 5
It is excellent.
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