Consultancy/ Assignments

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.

Warning signs in relation to risk assurance mapping efforts include:

  • Mapping out many processes
  • No clear connection between the assurance map and key objectives and key risks
  • A sense that the risk assurance map is going to become “another risk governance initiative”
  • An unclear sense that there will be benefit, beyond a presentation to the board
  • Lukewarm interest by other compliance functions
  • No clear understanding of how the assurance map is going to operate on an ongoing basis

Key ingredients of a successful assurance mapping effort include:

  • Creating a robust accountability framework for compliance matters, leveraging proven frameworks for compliance processes and governance
  • Creating a robust accountability for the management of key risks
  • Being clear about the benefits that are being sought
  • Piloting the assurance approach in key areas to demonstrate its power
  • Avoiding the temptation to either “boil the ocean” or to “prove its all OK”

We work with our clients in a step-by-step manner to make the assurance mapping process a positive one with clear benefits arising at each stage. This sometimes requires the need to educate key stakeholders about a realistic approach to the assurance mapping process. In addition stakeholders we have worked with gain a deeper understanding of the meaning of “reasonable assurance” and the need to tailor assurance work to fit in with the risk appetite and key concerns of the client organisation.

  • Developing an assurance map for a client incorporating 11 key assurance functions, bringing the function heads on board and developing a standardised approach to understanding the assurance each is providing
  • Organising an assurance co-ordination forum to maximise the information sharing from different assurance providers
  • Developing a toolkit to clarify risk and assurance accountabilities in a joined up way (see knowledge exchange)
  • Developing a toolkit to aid understanding of reporting and approval requirements (see knowledge exchange)
  • Developing a robust audit universe
  • Up-dating and streamlining audit planning and also the presentation of audit plans to gain greater clarity
  • Developing a business toolkit for key risks and key controls

Related

Testimonials

  • Read Testimonials

TRAINING/ EVENTS

  • Assurance Mapping – a practitioner’s workshop
  • Developing the Annual Audit Plan
  • Minimum Audit Coverage

See related training

Join our mailing list

We will keep you updated with news and events.

Contact

Contact and appointments:

Risk & Assurance Insights
T: +44 (0)7802 868914
Email

Please also use our contact form