Risk-Based Combined Assurance and the New Normal.

Risk-Based Combined Assurance
and the New Normal.

25 – 28 July 2023
Sandton Centre Johannesburg South Africa

Register Now! Limited Seats Available!

R16, 999.00 Per Delegate

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Overview:

The ‘right amount of assurance’ depends on the risk appetite of the organization. There should be an alignment of control validation/assurance approaches and efforts across the organization, driving efficiency and the right levels of comfort. Risk management is the foundation of the combined assurance process and organizations should establish risk-based criteria for dealing with control failures on a consistent and strategically aligned basis to ensure organizational objectives and goals are achieved.

An effective way for companies to mitigate risk; is Combined Assurance. Combined assurance is the process of internal, and potentially external parties, working together to ensure that risks are well managed so that organizations can achieve their objectives.

Combined Assurance can enhance a company’s profitability and reassure the board that the controls meant to manage risk are adequate and effective. Meaning are they designed and working properly.

This training seeks to look at the role and contribution that effective risk management plays in ensuring the effectiveness of a combined assurance model and provide guidance on how to develop a model that is truly risk-based.

Benefits of combined assurance:

Coordinated and relevant assurance efforts are directed to the risks that matter most.
Commitment to enhance controls is demonstrated.
Dashboards that provide an integrated, insightful view.
Assurance activities produce valuable, integrated data, based on collaboration and not silos.
Reduction in assurance costs through the elimination of duplication and better resource allocation.
Resources are not wasted on unnecessary duplication.
A reduction in the repetition of reports by different committees, resulting in improved and more efficient reporting.
A comprehensive and prioritized approach in tracking remedial actions on identified opportunities/weaknesses.
Clarity on risk and audit.

Specific learning outcomes of this short learning program are to:

Describe the concept of combined assurance;
Understand and identify the various role players and assurance providers in a combined assurance environment;
Specify the role of internal audit in combined assurance
Benefits, Barriers, and Challenges
Critical Steps and Factors for Implementation
What is the single biggest factor that enabled you to implement a combined assurance model?
The Need to Coordinate Assurance Functions
Developing your governance design skills whilst supporting your organization in maximizing the value of its IT investments
Understanding how COBIT 5® and other associated IT governance standards go hand in hand with the application of the King IV™ combined assurance approach
Building an effective assurance model aligned with your GRC and assurance functions
Empowering collaboration between cross-functional stakeholders and diverse areas of management with a unified insight into the purpose and desired outcomes of their inputs
Use the tools/templates available to structure a combined assurance framework, model, and structure within an organization; and Compile a combined assurance report.

Who should attend:

Chief Risk Officers,
Risk Managers,
Risk Champions,
Internal Audit/Auditors
Board Audit Committee and
Board Risk Committee Members,
Executive Risk Management.
All participants in the organizational assurance processes including risk practitioners.
Executive directors,
non-executive directors,
Exco members,
Heads of Departments,
General Managers,
Senior Managers,
Managers,
Supervisors,

staff:

Audit, Risk, Governance, and Compliance
IT, Information / Data
Business Continuity, Business Recovery, and Crisis Management Strategy

Course Outline:

What is Combined Assurance?

The Growing Need for Risk Management

Organizational Failures
New Risks
Stakeholder Expectations

Identifying Key Players in Organizational Governance

Stakeholders
Board of Directors
Audit Committee
Management
Assurance Providers

The Need to Coordinate Assurance Functions

Varied Assurance Providers
Three Lines of Defense

Combined Assurance as a Solution

Aspects of Definition
Benefits of Combined Assurance
Who Plays an Important Role in Combined Assurance?
Board of Directors
Audit Committee
Internal Assurance Providers
External Assurance Providers

Research Methodology and King Code Inclusion

Interviews
Description of the Case Studies
Context of the King Codes
King Code Revisions

Understanding Combined Assurance

Organizational versus Project Level
Functions Providing Assurance
Combined Assurance Beyond Internal Auditing

Reasons to Implement Combined Assurance

The Governance Factor
The Risk Factor
The Efficiency Factor
Combined Assurance as a Way to Reduce Assurance Fatigue
Combined Assurance as a Way to Avoid Assurance Gaps
Combined Assurance as a Way to Reduce Silos
Combined Assurance as a Way to Reduce Assurance Costs

Benefits, Barriers, and Challenges

Benefits of Combined Assurance
Benefits for the Business
Benefits for the Assurance Process
Barriers and Challenges When Implementing Combined Assurance
Trial and Error
No One-Size-Fits-All Approach
Progress Through Sharing
Creating an Integrated View
Misunderstanding the Concept
Misunderstandings of the Meaning of Assurance
Maturity of Risk Management

Critical Steps and Factors for Implementation

Critical Steps

An Illustration of a Top-down Combined Assurance Approach
Critical Factors in Implementing Combined Assurance
Tone from the Top and Executive Buy-in
Management Buy-in
Mature Risk Management Process
Clearly Understanding Accountabilities
Common Language, Data Depository, and Methodologies
Importance of Communication Among Assurance Providers

The Role of Internal Audit in the Combined Assurance Model

Internal Audit as Champion of Combined Assurance
Internal Audit as Quality Control for Combined Assurance

Potential Challenges for Internal Audit

Risk Management
Potential Audit for the Future
From Traditional to Participative
Strategic Direction
Assurance versus Consulting
Evolution of Skills

Setting the scene for Combined Assurance in IT Governance

Combined assurance and the greater governance scheme
The evolution of combined assurance from King III to King IV
Decision-design vs. decision-support
Management control and the model
Your combined assurance model and fulfilling governance goals
Supporting business drivers using an IT-CAM (Combined Assurance Model)

The changing roles of Risk Management and Internal Audit

The role of Enterprise Risk Management and the risk-based approach
Relating business risk to IT risk in the context of the Combined Assurance Model
The changing role of Internal Audit
Case studies: (High-profile governance crises and operating example)

Developing the Combined Assurance Model for IT Governance

Establishing readiness and constructing the CAM for IT
Maintaining and continually improving the IT-CAM
General ‘Dos and Don’ts’
Recognising the influence of digital transformation and disruption
Common challenges, lessons learnt and success factors

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IN HOUSE AND ONLINE TRAINING

While both In-House and Online training can present with cost-effectiveness and time-efficacy, there are some very specific differences between in-house courses and those based online.
The demand for additional courses by individuals or groups of people is increasing. Still, it depends entirely on the preferences of a person what type of training he or she wants to receive. Online courses and in-house training carry some similarities but they are considered to exhibit some very pivotal differences too. Despite that, both types of learning can be really beneficial for attendees.

For Registration and other Training arrangements,
contact us on the detail below.

SOUTH AFRICA : +27 11 057 6001
TANZANIA Cell: +255 769 688 544
WhatsApp +27 79 574 0389
info@bmktraining.co.za / www.bmktraining.com