Risk assurance techniques

Risk assurance techniques

1. Audit committee

   • Guardian of complaince
   • Evaluate governance standards
   • Attention to RM
   • Third line of defence
   • Non-executive
   • Risk assurance

2. Role of RM

   • CADE3
   • Roles and responsilbilites
   • Faciltiation

3. Risk assurance

   • Important component
   • significant risks
   • Critical controls
   • Risk culture
   • Objective evaluation
   • Audit reports
   • Unit reports
   • Unit performance
   • Unit documentation
   • CRSA
   • Hazard
   • Control
   • Opportunities

4. Undertaking an internal audit

   • planning
   • Fieldwork
   • Audit report
   • adequate follow up
   • Escalation of risk if needed

5. CRSA

   • Self-certification
   • COSO
   • Turnbull report
   • Materiality

6. Benefits of risk assurance

   • Confidence with stakeholders
   • reassurance to sponsors
   • good practice to regulators
   • prevents suprises
   • reduces damage to reputation
   • good risk culture
   • delegation of authority