Risk assurance maps and Risk assurance frameworks are a vital tool for a modern progressive internal audit function.
A robust assurance map or risk assurance framework can:
- Give greater confidence to stakeholders that key risks and objectives are being properly managed
- Help to clarify how the risk assurance jigsaw is joined up – or not
- Act as a tool to enhance the quality of risk assessments by the wider organisation
- Act as an important accountability framework to confirm and clarify how key business objectives and key business risks are being managed
- Inform board and audit committee debates about assurance
- Provide stakeholders with a clearer sense of the best way to allocate the resources of internal audit
Having first worked on assurance mapping in 2003, Director James Paterson learned a huge amount in this area working with a number of the big 4 consulting forms. In 2010 he started the first Assurance Mapping course for the IIA UK and in 2011 he began to train for CIPFA UK – focusing on Assurance frameworks.
We have worked with a number of leading clients on Risk assurance mapping. We help heads of internal audit to refocus their efforts in relation to risk assurance mapping, since it is very easy to spend a lot of time an effort in this arena with limited benefit.