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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 the tracking of 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.
· 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
Whilst BMK Training has core courses which we offer on an international basis to both companies and individuals, we also recognise that from time to time, your company may have specific training requirements that cannot be satisfied in a public training environment.
We can bring our Training/workshops directly to your workplace or we will customize training to meet your specific needs ensuring effectiveness in achieving real performance improvement.
If you have 8 or more delegates then, in house training can be of a greater advantage for your organization.
Advantages of in-house training include:
- Cost savings up to 50% of the training expenses with more effective group training.
- Training is confidential, allowing teams to discuss and work on real issues as trainers will usually sign confidentiality agreements.
- In-house training encourages team building and better understanding of one another
- Training is fully-customized for any team, department, or organization