1 KPMG Business Academy. Internal Audit Risk and Compliance

Size: px
Start display at page:

Download "1 KPMG Business Academy. Internal Audit Risk and Compliance"

Transcription

1 1 KPMG Business Academy Internal Audit Risk and Compliance

2 2 KPMG Business Academy Internal Audit supports an organization in accomplishing its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. This Workshop s objective is to provide participants with an understanding of the Internal Audit Function s Framework, roles and responsibilities and provide an overview of the various approaches/ tools that shall support Internal Auditors in developing a Risk Based Internal Audit Plan focused on the organizations top risks. The course aims to provide insights to the participants on the following: Internal Audit Function Framework Risk Assessment (tools and methodologies) Development of Risk Based Internal Audit Plan Other tools for Risk Identification and Assessment The Audit Committee Internal Audit Department Characteristics of Internal Audit Internal Audit Reporting Lines Establishing Risk Rating Criteria This seminar is important for internal audit staff as well as key line management involved in risk assessment. Participants are expected to have a basic understanding of business processes. Risk Appetite and Capacity Establishing Risk Categories Identification and Assessment of Risks Participant s will be provided with a short test/case studies to ensure practical applicability of training. Risk Based Internal Audit Plan Timing and Resource Management Compliance Services department who are highly qualified and Combined Assurance Program Data analytics Continuous monitoring Continuous Auditing

3 3 KPMG Business Academy KPMG has developed its Internal Audit Methodology (IAM) to ensure consistent execution in every Internal Audit Services practice around the globe. It is underpinned and aligned to the Institute of Internal Auditors (IIA) framework and principles. This Workshop s objective is to provide participants with an understanding of the Internal Audit Methodology that shall support Internal Auditors in execution of the Internal Audit Plan. The course aims to provide insights to the participants on the following: Execution of the Internal Audit Internal audit report writing Internal audit follow up and issue resolution tracking Audit committee reporting Internal Audit Function Framework Characteristics of Internal Audit Internal Audit Reporting Lines This seminar is important for Internal Audit Staff. It is suited for all levels. Business Process Understanding Identifying Risks and Controls Developing Audit Programs Participant s will be provided with a short test/case studies to ensure practical applicability of training. Field Work Techniques (including Sampling Methodologies) Internal Audit Report Format Compliance Services department who are highly qualified and Report Writing Techniques Formulating Recommendations Obtaining Management Response Follow up on Agreed Action Points Reporting on Status of Agreed Action Points (including dashboards)

4 4 KPMG Business Academy Risk cannot be eliminated completely; however, it can be managed. Enterprise risk management (ERM) is a comprehensive risk management program that considers an organizations pure risks, speculative risks, strategic risks, and operational risks. This Workshop s major objective is to provide participants with a detailed understanding of identifying and understanding the risks affecting your business, and then addressing the right controls to manage and monitor them. The course aims to provide insights to the participants on the following: What is Risk ERM Framework Risk Assessment and Measurement Tools / Methodologies Risk Monitoring and Reporting tools Challenges in ERM Implementation ERM Framework Target Operating Model Roles and Responsibilities of the ERM Team This course is important for Risk Officers, Managers and/ or Directors. This course can also be attended by other Chief Level Executives and Internal Audit practitioners. Participants are assumed to know basics of Risk and understand risk positions of business units. Establishing Risk Rating Criteria Establishing Risk Categories Establishing Risk Profile and Appetite Risk analysis and documentation Heat Maps/Risk Matrices Participant s will be provided with a short test to ensure practical applicability of training. Developing Risk Mitigation Strategy Establishing and Executing Risk Mitigation and Control Procedures Risk Monitoring Compliance Services Function who are highly qualified and Reporting Frequency Risk Management Reporting Templates Risk Dashboards Risk Adjusted Performance Measures Self Assessment Internal Audit

5 5 KPMG Business Academy Corporate governance is a set of principles by which a company is managed, or the culture behind an organization. It can influence everything from how tasks are carried out to setting and implementing policies. This Workshop s major objective is to provide in-depth understanding of leading corporate governance standards and key regulatory requirements including the Emirates Exchange and Commodities Authority section 518. The course aims to provide insights to the participants on the following: Basic Principles of Corporate Governance Leading Corporate Governance practices in the UAE Regulatory requirements Role of Board and Board Committees Importance of Control Environment Disclosures and Transparency This course is important for Compliance officers, Internal Auditors and Senior Management. Participant s will be provided with a short test to ensure practical applicability of training. Board of Directors and Board Committees Management Committees and Delegation of Authorities. Code of Conduct Whistle Blowing Corporate Social Responsibility Compliance Services Function who are highly qualified and Corporate Governance Annual Reporting Emirate Securities and Commodities Authority Central Bank Dubai Financial Services Authority Case Studies

Risk M Guide N anagement Sof ot twes are Benchmarker

Risk M Guide N anagement Sof ot twes are Benchmarker Risk Management Guide Software Notes Benchmarker TM Benchmarker TM is an online tool for risk managers to assess the effectiveness of 100+ enterprise risk management capabilities. Benefit from practicing

More information

OAC Presentation to UNESCO Member States

OAC Presentation to UNESCO Member States OAC Presentation to UNESCO Member States Scope and Purpose of Audit and Risk Committees 29 June 2016 1 Content: 1. Context 2. Audit and Risk Management in UNESCO today 3. Relationship between Entreprise

More information

Internal Audit Charters

Internal Audit Charters Internal Audit Charters Part of a series of notes to help Centers review their own internal management processes from the point of view of managing risks and promoting good governance and value for money,

More information

RISK BASED AUDITING: A VALUE ADD PROPOSITION. Participant Guide

RISK BASED AUDITING: A VALUE ADD PROPOSITION. Participant Guide RISK BASED AUDITING: A VALUE ADD PROPOSITION Participant Guide About This Course About This Course Adding Value for Risk-based Auditing Seminar Description In this seminar, we will focus on: The foundation

More information

Risk Management Solution for NPO

Risk Management Solution for NPO Risk Management Solution for NPO Achieving Mission with Best in Governance Disclaimer While utmost care has been taken to ensure content accuracy at the time of writing, no person should rely on the contents

More information

Quality Assurance Checklist

Quality Assurance Checklist Internal Audit Foundations Standards 1000, 1010, 1100, 1110, 1111, 1120, 1130, 1300, 1310, 1320, 1321, 1322, 2000, 2040 There is an Internal Audit Charter in place Internal Audit Charter is in place The

More information

FINANCIAL ASSESSMENT CRITERIA (The Assessment Criteria should be read in conjunction with OSFI s Supervisory Framework)

FINANCIAL ASSESSMENT CRITERIA (The Assessment Criteria should be read in conjunction with OSFI s Supervisory Framework) ROLE OF Financial is an independent function responsible for ensuring the timely and accurate reporting and in-depth analysis of the operational results of the operating units (including business lines)

More information

Risk Management Policy

Risk Management Policy Risk Management Policy Risk Management Policy Record Number D14/79827 Responsible Manager Manager Strategy and Governance Last reviewed 10 March 2015 Adoption reference Council Resolution number 90.5 Previous

More information

Internal Audit Quality Assessment. Presented To: World Intellectual Property Organization

Internal Audit Quality Assessment. Presented To: World Intellectual Property Organization Internal Audit Quality Assessment Presented To: World Intellectual Property Organization April 2014 Table of Contents List of Acronyms 3 Page Executive Summary Opinion as to Conformance to the Standards,

More information

Introduction to Social Compliance & Its Business Benefits

Introduction to Social Compliance & Its Business Benefits Proposal for Conducting Seminar on Introduction to Social Compliance & Its Business Benefits Submitted to: Environment Agency, Abu Dhabi Table of Contents Summary..02 Seminar Objectives 02 Content Outline..02

More information

Terms of Reference - Board Risk Committee

Terms of Reference - Board Risk Committee Terms of Reference - Board Risk Committee The Board Risk Committee is authorised by the Board to oversee the Group s risk management arrangements. It ensures that the overarching risk appetite is appropriate

More information

The College of New Jersey Enterprise Risk Management and Higher Education For Discussion Purposes Only January 2012

The College of New Jersey Enterprise Risk Management and Higher Education For Discussion Purposes Only January 2012 The College of New Jersey Enterprise Risk Management and Higher Education For Discussion Purposes Only Agenda Introduction Basic program components Recent trends in higher education risk management Why

More information

Accounting and Auditing Standards Community of Practice (A&A CoP) STAREP ESTABLISHING APPROPRIATE AUDIT & ACCOUNTANCY OVERSIGHT SYSTEM IN AZERBAIJAN

Accounting and Auditing Standards Community of Practice (A&A CoP) STAREP ESTABLISHING APPROPRIATE AUDIT & ACCOUNTANCY OVERSIGHT SYSTEM IN AZERBAIJAN Accounting and Auditing Standards Community of Practice (A&A CoP) STAREP ESTABLISHING APPROPRIATE AUDIT & ACCOUNTANCY OVERSIGHT SYSTEM IN AZERBAIJAN Professional Public Oversight Organizations in Azerbaijan

More information

Sample risk committee charter

Sample risk committee charter Sample risk committee charter 1 Next This sample risk committee charter is based on leading practices observed by Deloitte in the analysis of a variety of materials. It is important to note that the Risk

More information

Transforming risk management into a competitive advantage kpmg.com

Transforming risk management into a competitive advantage kpmg.com INSURANCE RISK MANAGEMENT ADVISORY SOLUTIONS Transforming risk management into a competitive advantage kpmg.com 2 Transforming risk management into a competitive advantage Assessing risk. Building value.

More information

Managing change Internal Audit s role in transformation journey

Managing change Internal Audit s role in transformation journey Managing change Internal Audit s role in transformation journey V. Vatsaraman Vice President Internal Audit Emirates Group Agenda What is Change and Change Management Role of Internal Audit in the transformation

More information

Moving Forward with IT Governance and COBIT

Moving Forward with IT Governance and COBIT Moving Forward with IT Governance and COBIT Los Angeles ISACA COBIT User Group Tuesday 27, March 2007 IT GRC Questions from the CIO Today s discussion focuses on the typical challenges facing the CIO around

More information

RISK MANAGEMENT POLICY (Revised October 2015)

RISK MANAGEMENT POLICY (Revised October 2015) UNIVERSITY OF LEICESTER RISK MANAGEMENT POLICY (Revised October 2015) 1. This risk management policy ( the policy ) forms part of the University s internal control and corporate governance arrangements.

More information

ACN 107 488 200 Incorporated in Australia. Risk Management Guidelines and Policy

ACN 107 488 200 Incorporated in Australia. Risk Management Guidelines and Policy ACN 107 488 200 Incorporated in Australia Risk Management Guidelines and Policy Risk management guidelines and policy 1 Introduction recognise and manage risk This document sets out the risk management

More information

ENTERPRISE RISK M A NAGEMENT POLICY

ENTERPRISE RISK M A NAGEMENT POLICY Tablelands Regional Council ENTERPRISE RISK M A NAGEMENT POLICY Draft Final Policy No: PD 3.3.1 File ref: PD 3.3.1 Policy Section: INSURANCE AND RISK MANAGEMENT Version: 1 Date Adopted: 7 July 2010 Review

More information

THE SOUTH AFRICAN HERITAGE RESOURCES AGENCY ENTERPRISE RISK MANAGEMENT FRAMEWORK

THE SOUTH AFRICAN HERITAGE RESOURCES AGENCY ENTERPRISE RISK MANAGEMENT FRAMEWORK THE SOUTH AFRICAN HERITAGE RESOURCES AGENCY ENTERPRISE RISK MANAGEMENT FRAMEWORK ACCOUNTABLE SIGNATURE AUTHORISED for implementation SIGNATURE On behalf of Chief Executive Officer SAHRA Council Date Date

More information

Introduction to TTC s Enterprise Risk Management (ERM) Program. TTC Audit and Risk Management Committee

Introduction to TTC s Enterprise Risk Management (ERM) Program. TTC Audit and Risk Management Committee STAFF REPORT INFORMATION ONLY Introduction to TTC s Enterprise Risk Management (ERM) Program Date: September 11, 2015 To: From: TTC Audit and Risk Management Committee Chief Executive Officer SUMMARY This

More information

Transforming your Audit Department through Technology. Marilynn Kesslar Consultant National Accounts- TeamMate

Transforming your Audit Department through Technology. Marilynn Kesslar Consultant National Accounts- TeamMate Transforming your Audit Department through Technology Marilynn Kesslar Consultant National Accounts- TeamMate IIA Survey Focusing on Effective Use of Audit Technology Rate the importance of effectively

More information

IIA POSITION PAPER: THE ROLE OF INTERNAL AUDITING

IIA POSITION PAPER: THE ROLE OF INTERNAL AUDITING IIA POSITION PAPER: THE ROLE OF INTERNAL AUDITING IN RESOURCING THE INTERNAL AUDIT ACTIVITY Revised: Page 1 of 5 Introduction When considering the resourcing of the internal audit activity a question that

More information

How To Understand The Role Of An Internal Audit

How To Understand The Role Of An Internal Audit Top Ten Issues facing Internal Auditing in the Future The IIA Dallas Chapter April 6, 2006 Presented by: David A. Richards, CIA, CPA President The Institute of Internal Auditors drichards@theiia.org 1

More information

Internal Auditing Guidelines

Internal Auditing Guidelines Internal Auditing Guidelines Recommendations on Internal Auditing for Lottery Operators Issued by the WLA Security and Risk Management Committee V1.0, March 2007 The WLA Internal Auditing Guidelines may

More information

Integration of Risk Management and Internal Audit. Chartered Institute of Management Accountants, New Zealand

Integration of Risk Management and Internal Audit. Chartered Institute of Management Accountants, New Zealand Integration of Risk Management and Internal Audit Chartered Institute of Management Accountants, New Zealand Contents Understanding the three lines of defense governance model What is Risk? Risk Management

More information

IIA POSITION PAPER: THE ROLE OF INTERNAL AUDITING IN ENTERPRISE-WIDE RISK MANAGEMENT

IIA POSITION PAPER: THE ROLE OF INTERNAL AUDITING IN ENTERPRISE-WIDE RISK MANAGEMENT IIA POSITION PAPER: THE ROLE OF INTERNAL AUDITING IN ENTERPRISE-WIDE RISK MANAGEMENT Revised: Page 1 of 8 Introduction The importance to strong corporate governance of managing risk has been increasingly

More information

Risk Management Committee (Committee) Terms of Reference

Risk Management Committee (Committee) Terms of Reference Risk Management Committee (Committee) Terms of Reference 1. Objective of Committee 1.1 The Risk Management Committee ( the Committee ) is a formal sub-committee of the Board of the JSE ( the Board ). 1.2

More information

Risk Management Committee Charter

Risk Management Committee Charter Ramsay Health Care Limited ACN 001 288 768 Risk Management Committee Charter Approved by the Board of Ramsay Health Care Limited on 29 September 2015 Ramsay Health Care Limited ABN 57 001 288 768 Risk

More information

INTERNAL AUDITING S ROLE IN SECTIONS 302 AND 404

INTERNAL AUDITING S ROLE IN SECTIONS 302 AND 404 INTERNAL AUDITING S ROLE IN SECTIONS 302 AND 404 OF THE U.S. SARBANES-OXLEY ACT OF 2002 May 26, 2004 Copyright 2004 by, 247 Maitland Avenue, Altamonte Springs, Florida, 32701-4201, USA Internal Auditing

More information

The Role of the Board in Enterprise Risk Management

The Role of the Board in Enterprise Risk Management Enterprise Risk The Role of the Board in Enterprise Risk Management The board of directors plays an essential role in ensuring that an effective ERM program is in place. Governance, policy, and assurance

More information

IT Audit Perspective on Continuous Auditing/ Continuous Monitoring KPMG LLP

IT Audit Perspective on Continuous Auditing/ Continuous Monitoring KPMG LLP IT Audit Perspective on Continuous Auditing/ Continuous Monitoring KPMG LLP IT Audit Perspective on Continuous Auditing/Continuous Monitoring INTRODUCTION New demands from the board, senior organizational

More information

REPORT 2016/066 INTERNAL AUDIT DIVISION. Audit of management of technical cooperation projects in the Economic Commission for Africa

REPORT 2016/066 INTERNAL AUDIT DIVISION. Audit of management of technical cooperation projects in the Economic Commission for Africa INTERNAL AUDIT DIVISION REPORT 2016/066 Audit of management of technical cooperation projects in the Economic Commission for Africa Overall results relating to the effective management of technical cooperation

More information

Internal Audit Manual

Internal Audit Manual Internal Audit Manual Version 1.0 AUDIT AND EVALUATION SECTOR AUDIT AND ASSURANCE SERVICES BRANCH INDIAN AND NORTHERN AFFAIRS CANADA April 25, 2008 #933907 Acknowledgements The Institute of Internal Auditors

More information

THE OFFICE OF THE INTERNAL AUDITOR STATUS UPDATE MARCH 11, 2014

THE OFFICE OF THE INTERNAL AUDITOR STATUS UPDATE MARCH 11, 2014 THE OFFICE OF THE INTERNAL AUDITOR STATUS UPDATE MARCH 11, 2014 Since the last Audit Committee meeting, the OIA has focused on finalizing the execution of the 2013 Audit Plan and the development of the

More information

A&CS Assurance Review. Accounting Policy Division Rule Making Participation in Standard Setting. Report

A&CS Assurance Review. Accounting Policy Division Rule Making Participation in Standard Setting. Report A&CS Assurance Review Accounting Policy Division Rule Making Participation in Standard Setting Report April 2010 Table of Contents Background... 1 Engagement Objectives, Scope and Approach... 1 Overall

More information

SECTION B DEFINITION, PURPOSE, INDEPENDENCE AND NATURE OF WORK OF INTERNAL AUDIT

SECTION B DEFINITION, PURPOSE, INDEPENDENCE AND NATURE OF WORK OF INTERNAL AUDIT SECTION B DEFINITION, PURPOSE, INDEPENDENCE AND NATURE OF WORK OF INTERNAL AUDIT Through CGIAR Financial Guideline No 3 Auditing Guidelines Manual the CGIAR has adopted the IIA Definition of internal auditing

More information

Records and Document Management

Records and Document Management Records and Document Management Policy P3 Current: Updated November 2011 Table of Contents Purpose... 3 Scope... 3 Definitions... 3 Policy statement... 4 Responsibility... 4 Legislative context... 5 Associated

More information

INTERNATIONAL STANDARDS FOR THE PROFESSIONAL PRACTICE OF INTERNAL AUDITING (STANDARDS)

INTERNATIONAL STANDARDS FOR THE PROFESSIONAL PRACTICE OF INTERNAL AUDITING (STANDARDS) INTERNATIONAL STANDARDS FOR THE PROFESSIONAL PRACTICE OF INTERNAL AUDITING (STANDARDS) Introduction to the International Standards Internal auditing is conducted in diverse legal and cultural environments;

More information

Enterprise risk management: A pragmatic, four-phase implementation plan

Enterprise risk management: A pragmatic, four-phase implementation plan Enterprise risk management: A pragmatic, four-phase implementation plan Prepared by: John Brackett, Managing Director, Risk Advisory Services, RSM McGladrey, Inc. 704.442.3820, john.brackett@mcgladrey.com

More information

Northern California East Bay Chapter (NCEB) of the Institute of Internal Auditors (IIA)

Northern California East Bay Chapter (NCEB) of the Institute of Internal Auditors (IIA) Northern California East Bay Chapter (NCEB) of the Institute of Internal Auditors (IIA) 2012-2013 Scholarship Application Background: Established in 1941, The Institute of Internal Auditors (IIA) is an

More information

Enterprise Risk Management & Information Technology

Enterprise Risk Management & Information Technology Enterprise Risk Management & Information Technology Presented by Scott Perry and Gary Ross Slalom Consulting, San Francisco Agenda Introductions Session Objectives Overview of Enterprise Risk Management

More information

Practical and ethical considerations on the use of cloud computing in accounting

Practical and ethical considerations on the use of cloud computing in accounting Practical and ethical considerations on the use of cloud computing in accounting ABSTRACT Katherine Kinkela Iona College Cloud Computing promises cost cutting efficiencies to businesses and specifically

More information

INFORMATION TECHNOLOGY THIRD PARTY SERVICE MANAGEMENT POLICY

INFORMATION TECHNOLOGY THIRD PARTY SERVICE MANAGEMENT POLICY INFORMATION TECHNOLOGY THIRD PARTY SERVICE MANAGEMENT POLICY Version 1.0 FEBRUARY 2007 Document Title: Summary: Information Technology Third Party Service Management Policy This policy defines the Institute

More information

Policy 10.105: Enterprise Risk Management Policy

Policy 10.105: Enterprise Risk Management Policy Name: Responsibility: Complements: Enterprise Risk Management Framework Coordinator, Enterprise Risk Management Policy 10.105: Enterprise Risk Management Policy Date: November 2006 Revision Date(s): January

More information

THE BOARD S ROLE AND RESPONSIBILITIES OVER THE CONTROL ENVIRONMENT. Session 4

THE BOARD S ROLE AND RESPONSIBILITIES OVER THE CONTROL ENVIRONMENT. Session 4 THE BOARD S ROLE AND RESPONSIBILITIES OVER THE CONTROL ENVIRONMENT Session 4 Road Map of Presentation Review of the key responsibilities of the Board - the direct links to the IC System & IA function Analyze

More information

How To Write An Impactful Audit Report

How To Write An Impactful Audit Report IIA Chicago Chapter 53 rd Annual Seminar April 15, 2013, Donald E. Stephens Convention Center @IIAChicago #IIACHI How To Write An Impactful Audit Report The role of Audit adds increasingly more value Susan

More information

Presentation Objectives Why is Internal Audit here? Concepts (Enterprise Risk Management, Strategic Risk, Strategic Risk Management, etc.

Presentation Objectives Why is Internal Audit here? Concepts (Enterprise Risk Management, Strategic Risk, Strategic Risk Management, etc. Internal Audit 1 January 13, 2012 Presentation Objectives Why is Internal Audit here? Concepts (Enterprise Risk Management, Strategic Risk, Strategic Risk Management, etc.) Summary Internal Audit 2 January

More information

Enterprise Risk Management Program at HCA. ERM Roundtable. February 25, 2005 HCA. David Hughes, CPA, CIA AVP, ERM Office

Enterprise Risk Management Program at HCA. ERM Roundtable. February 25, 2005 HCA. David Hughes, CPA, CIA AVP, ERM Office Enterprise Risk Management Program at ERM Roundtable February 25, 2005 David Hughes, CPA, CIA AVP, ERM Office Agenda 1. 1. Overview of of 2. 2. Evolution of of our ERM Program 3. 3. Risk Identification

More information

RISK MANAGEMENT OVERVIEW 2011 RISK CONFERENCE SPONSORED BY THE FEDERAL RESERVE BANK OF CHICAGO AND DEPAUL UNIVERSITY

RISK MANAGEMENT OVERVIEW 2011 RISK CONFERENCE SPONSORED BY THE FEDERAL RESERVE BANK OF CHICAGO AND DEPAUL UNIVERSITY RISK MANAGEMENT OVERVIEW 2011 RISK CONFERENCE SPONSORED BY THE FEDERAL RESERVE BANK OF CHICAGO AND DEPAUL UNIVERSITY PRESENTED BY: LEN WIATR, CHIEF RISK OFFICER Len s Risk Management Philosophy Build a

More information

Internal audit value optimization for insurance organizations

Internal audit value optimization for insurance organizations Internal audit value optimization for insurance organizations Webinar May 13, 2015 Baker Tilly refers to Baker Tilly Virchow Krause, LLP, an independently owned and managed member of Baker Tilly International.

More information

august09 tpp 09-05 Internal Audit and Risk Management Policy for the NSW Public Sector OFFICE OF FINANCIAL MANAGEMENT Policy & Guidelines Paper

august09 tpp 09-05 Internal Audit and Risk Management Policy for the NSW Public Sector OFFICE OF FINANCIAL MANAGEMENT Policy & Guidelines Paper august09 09-05 Internal Audit and Risk Management Policy for the NSW Public Sector OFFICE OF FINANCIAL MANAGEMENT Policy & Guidelines Paper Preface Corporate governance - which refers broadly to the processes

More information

INTERNAL AUDIT REPORT ON THE FINANCIAL MANAGEMENT CONTROL FRAMEWORK FOR INITIATIVES RELATED TO CANADA S ECONOMIC ACTION PLAN (EAP) REPORT.

INTERNAL AUDIT REPORT ON THE FINANCIAL MANAGEMENT CONTROL FRAMEWORK FOR INITIATIVES RELATED TO CANADA S ECONOMIC ACTION PLAN (EAP) REPORT. INTERNAL AUDIT REPORT ON THE FINANCIAL MANAGEMENT CONTROL FRAMEWORK FOR INITIATIVES RELATED TO CANADA S ECONOMIC ACTION PLAN (EAP) REPORT July 2010 PREPARED BY THE INTERNAL AUDIT BRANCH (IAB) Project No:

More information

INTERNATIONAL STANDARDS FOR THE PROFESSIONAL PRACTICE OF INTERNAL AUDITING (STANDARDS)

INTERNATIONAL STANDARDS FOR THE PROFESSIONAL PRACTICE OF INTERNAL AUDITING (STANDARDS) INTERNATIONAL STANDARDS FOR THE PROFESSIONAL PRACTICE OF INTERNAL AUDITING (STANDARDS) Revised: October 2012 i Table of contents Attribute Standards... 3 1000 Purpose, Authority, and Responsibility...

More information

Enterprise Risk Management. California Association of State Auditors October 8, 2015

Enterprise Risk Management. California Association of State Auditors October 8, 2015 Enterprise Risk Management California Association of State Auditors October 8, 2015 Agenda GovOps Agency Overview Civil Service Improvement Initiatives Enterprise Risk Management As a strategy As a framework

More information

Guidance for audit committees. The internal audit function

Guidance for audit committees. The internal audit function Guidance for audit committees The internal audit function March 2004 The Combined Code on Corporate Governance July 2003 C.3 Audit Committee and Auditors Main Principle: The board should establish formal

More information

SAI GLOBAL LIMITED Risk Management Policy

SAI GLOBAL LIMITED Risk Management Policy SAI GLOBAL LIMITED Risk Management Policy SAI Global Ltd ABN 67050611642 Last Updated: February 2012 Contents 1. Risk Management... 3 2. Policy... 3 3. Risk Management Philosophy... 3 4. Risk Appetite...

More information

ENTERPRISE RISK MANAGEMENT POLICY

ENTERPRISE RISK MANAGEMENT POLICY ENTERPRISE RISK MANAGEMENT POLICY TITLE OF POLICY POLICY OWNER POLICY CHAMPION DOCUMENT HISTORY: Policy Title Status Enterprise Risk Management Policy (current, revised, no change, redundant) Approving

More information

Audit, Risk Management and Compliance Committee Charter

Audit, Risk Management and Compliance Committee Charter Audit, Risk Management and Compliance Committee Charter Woolworths Limited Adopted by the Board on 27 August 2013 page 1 1 Introduction This Charter sets out the responsibilities, structure and composition

More information

Audit of the Test of Design of Entity-Level Controls

Audit of the Test of Design of Entity-Level Controls Audit of the Test of Design of Entity-Level Controls Canadian Grain Commission Audit & Evaluation Services Final Report March 2012 Canadian Grain Commission 0 Entity Level Controls 2011 Table of Contents

More information

Periodic risk assessment by internal audit

Periodic risk assessment by internal audit Periodic risk assessment by internal audit I Introduction The Good Practice Internal Audit Manual Template, developed by the Internal Audit CoP of Pempal, defines the importance and the impact that an

More information

Best Value toolkit: Information management

Best Value toolkit: Information management Best Value toolkit: Information management Prepared by Audit Scotland July 2010 Contents Introduction 2 The Audit of Best Value 2 The Best Value toolkits 4 Using the toolkits 4 Auditors evaluations 5 Best

More information

Echo Entertainment Group Limited (ABN 85 149 629 023) Risk and Compliance Committee Terms of Reference

Echo Entertainment Group Limited (ABN 85 149 629 023) Risk and Compliance Committee Terms of Reference (ABN 85 149 629 023) Terms of Reference Contents 1 Introduction to the Terms of Reference 1 1.1 General 1 1.2 Authorities 1 1.3 Board approval 1 1.4 Definitions 1 2 Role of the Committee 1 3 Duties and

More information

Performance Management Review Process Draft for Management Consultation Review

Performance Management Review Process Draft for Management Consultation Review Draft for Management Consultation Review Policy 505: Performance Management Review Process Policy Category: Professional Development Who Is Covered: All employees whose position is designated to be in

More information

Corporate Challenges in Model Risk Management : Moving Beyond Model Inventory. Iain Wright Ian Francis, IBM 4 June 2015

Corporate Challenges in Model Risk Management : Moving Beyond Model Inventory. Iain Wright Ian Francis, IBM 4 June 2015 Corporate Challenges in Model Risk Management : Moving Beyond Model Inventory Iain Wright Ian Francis, IBM 4 June 2015 Corporate Challenges in the Development and Implementation of Effective Model Risk

More information

Internal Audit Terms of Reference

Internal Audit Terms of Reference Internal Audit Terms of Reference Introduction 1. The Internal Audit Terms of Reference (ToR) describes the framework within which the Internal Audit Service is delivered. It is intended to act as a guide

More information

IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: United Arab Emirates

IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: United Arab Emirates IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: United Arab Emirates Disclaimer: The information in this Profile is for general guidance only and may change from time to time. You should not

More information

Streamlining the Annual Risk Assessment Process

Streamlining the Annual Risk Assessment Process Streamlining the Annual Risk Assessment Process Presenter: Gregory Jordan, CPA, CIA, CRMA, FLMI Senior Vice President, Chief Audit Executive Nationwide Insurance Gregory Jordan, CPA, CIA, CRMA, FLMI Chief

More information

Research Services Tailored research, due diligence and political intelligence

Research Services Tailored research, due diligence and political intelligence Tailored research, due diligence and political intelligence About GamblingCompliance Research Services GamblingCompliance is a full service provider of legal, regulatory, political and business insight

More information

How to Develop Successful Enterprise Risk and Vendor Management Programs

How to Develop Successful Enterprise Risk and Vendor Management Programs Project Management Institute New York City Chapter January 2014 Chapter Meeting How to Develop Successful Enterprise Risk and Vendor Management Programs Christina S. Kite Senior Vice President Corporate

More information

Matthew E. Breecher Breecher & Company PC November 12, 2008

Matthew E. Breecher Breecher & Company PC November 12, 2008 Applying COSO s Enterprise Risk Management Integrated Framework Matthew E. Breecher Breecher & Company PC November 12, 2008 The basic outline for this presentation was provided by: Objectives for the session:

More information

Internal Auditing: Assurance, Insight, and Objectivity

Internal Auditing: Assurance, Insight, and Objectivity Internal Auditing: Assurance, Insight, and Objectivity WHAT IS INTERNAL AUDITING? INTERNAL AUDITING business people all around the world are familiar with the term. But do they understand the value it

More information

Internal Audit Standards

Internal Audit Standards Internal Audit Standards Department of Public Expenditure & Reform November 2012 Copyright in material supplied by third parties remains with the authors. This includes: - the Definition of Internal Auditing

More information

Audit Committee self-assessment

Audit Committee self-assessment Audit Committee Institute Sponsored by KPMG Audit Committee self-assessment The results of the self assessment and any action plans should be reported to the board after discussion with the chairman of

More information

STANDARDS OF SOUND BUSINESS AND FINANCIAL PRACTICES. ENTERPRISE RISK MANAGEMENT Framework

STANDARDS OF SOUND BUSINESS AND FINANCIAL PRACTICES. ENTERPRISE RISK MANAGEMENT Framework STANDARDS OF SOUND BUSINESS AND FINANCIAL PRACTICES ENTERPRISE RISK MANAGEMENT Framework September 2011 Notice This document is intended as a reference tool to assist Ontario credit unions to develop an

More information

Module 6 Essentials of Enterprise Architecture Tools

Module 6 Essentials of Enterprise Architecture Tools Process-Centric Service-Oriented Module 6 Essentials of Enterprise Architecture Tools Capability-Driven Understand the need and necessity for a EA Tool IASA Global - India Chapter Webinar by Vinu Jade

More information

ENTERPRISE RISK MANAGEMENT POLICY

ENTERPRISE RISK MANAGEMENT POLICY ENTERPRISE RISK MANAGEMENT Approved by the Audit Committee on 14 February 2003 and adopted by resolution of the Board on 28 March 2003 Revisions approved by the Audit and Risk Committee on 14 February

More information

Guidance Note: Corporate Governance - Board of Directors. March 2015. Ce document est aussi disponible en français.

Guidance Note: Corporate Governance - Board of Directors. March 2015. Ce document est aussi disponible en français. Guidance Note: Corporate Governance - Board of Directors March 2015 Ce document est aussi disponible en français. Applicability The Guidance Note: Corporate Governance - Board of Directors (the Guidance

More information

The PNC Financial Services Group, Inc. Business Continuity Program

The PNC Financial Services Group, Inc. Business Continuity Program The PNC Financial Services Group, Inc. Business Continuity Program 1 Content Overview A. Introduction Page 3 B. Governance Model Page 4 C. Program Components Page 4 Business Impact Analysis (BIA) Page

More information

11/12/2013. Role of the Board. Risk Appetite. Strategy, Planning and Performance. Risk Governance Framework. Assembling an effective team

11/12/2013. Role of the Board. Risk Appetite. Strategy, Planning and Performance. Risk Governance Framework. Assembling an effective team Role of the Board Risk Appetite Strategy, Planning and Performance Risk Governance Framework Assembling an effective team Role of the CEO Accountability and Disclosure 1 Board members should act on a fully

More information

Governance and Management of Information Security

Governance and Management of Information Security Governance and Management of Information Security Øivind Høiem, CISA CRISC Senior Advisor Information Security UNINETT, the Norwegian NREN About Øivind Senior Adviser at the HE sector secretary for information

More information

ADVISORY SERVICES. Risk management in an evolving world. Making the case for social media governance. kpmg.com

ADVISORY SERVICES. Risk management in an evolving world. Making the case for social media governance. kpmg.com ADVISORY SERVICES Risk management in an evolving world Making the case for social media governance kpmg.com Risk management in an evolving world 3 Why good governance should be the foundation of your social

More information

Key Steps to a Management Skills Audit

Key Steps to a Management Skills Audit Key Steps to a Management Skills Audit COPYRIGHT NOTICE PPA Consulting Pty Ltd (ACN 079 090 547) 2005-2013 You may only use this document for your own personal use or the internal use of your employer.

More information

Effective Internal Audit in the Financial Services Sector

Effective Internal Audit in the Financial Services Sector Effective Internal Audit in the Financial Services Sector Recommendations from the Committee on Internal Audit Guidance for Financial Services: How They Relate to the Global Institute of Internal Auditors

More information

Centre of Excellence. OH&S MS AWARENESS COURSE & OH&S MS INTERNAL AUDITOR COURSE (BASED ON OHSAS 18001:2007) Duration : 3 Days

Centre of Excellence. OH&S MS AWARENESS COURSE & OH&S MS INTERNAL AUDITOR COURSE (BASED ON OHSAS 18001:2007) Duration : 3 Days Centre of Excellence in Quality Training & Certification In association with Etisalat Services Holding (ESH) Quality, Etisalat Academy brings you OH&S MS INTERNAL AUDITOR COURSE (BASED ON OHSAS 18001:2007)

More information

Board Risk & Compliance Committee Charter

Board Risk & Compliance Committee Charter Board Risk & Compliance Charter 10 December 2015 PURPOSE 1) The purpose of the Westpac Banking Corporation (Westpac) Board Risk & Compliance () is to assist the Board of Westpac (Board) as the Board oversees

More information

Internal Audit and Advisory Services DRAFT

Internal Audit and Advisory Services DRAFT Internal Audit and Advisory Services DRAFT PAGE(S) Message from the Internal Audit and Advisory Services...1-2 Internal Audit and Advisory Services Plan...3-5 Objectives...6-7 Risk Assessment Process...8

More information

BANK OF BAHRAIN & KUWAIT B.S.C. Corporate Governance Framework

BANK OF BAHRAIN & KUWAIT B.S.C. Corporate Governance Framework Corporate Governance Framework 1.0 BBK S CORPORATE GOVERNANCE PHILOSOPHY: High standards in corporate governance are fundamental in maintaining BBK s leading position within the local and regional banking

More information

NEW PERSPECTIVES. Data Analysis Challenges: C1 is customer provided. Anticipate IRS Audits: System Development and Implementation Projects:

NEW PERSPECTIVES. Data Analysis Challenges: C1 is customer provided. Anticipate IRS Audits: System Development and Implementation Projects: NEW PERSPECTIVES on Healthcare Risk Management, Control and Governance www.ahia.org Journal of the Association of Heathcare Internal Auditors Vol. 31, No. 2, Summer, 2012 C1 is customer provided Data Analysis

More information

Governance structures and leading. central banks

Governance structures and leading. central banks Governance structures and leading practices for risk management in central banks Helena Tejero, Division Head, Risks & Processes, Bank of Spain Central Bank Governance Forum 2014 IMF / Hawkamah, Dubai,

More information

Following up recommendations/management actions

Following up recommendations/management actions 09 May 2016 Following up recommendations/management actions Chartered Institute of Internal Auditors At the conclusion of an audit, findings and proposed recommendations are discussed with management and

More information

RSA ARCHER OPERATIONAL RISK MANAGEMENT

RSA ARCHER OPERATIONAL RISK MANAGEMENT RSA ARCHER OPERATIONAL RISK MANAGEMENT 87% of organizations surveyed have seen the volume and complexity of risks increase over the past five years. Another 20% of these organizations have seen the volume

More information

Marketing and Communications Manager. 1028 Heslerton Road, Dunsandel, Canterbury

Marketing and Communications Manager. 1028 Heslerton Road, Dunsandel, Canterbury Position Reports to Brand Manager Marketing and Communications Manager Company Synlait Milk Ltd Date: December 2012 Location 1028 Heslerton Road, Dunsandel, Canterbury Purpose To be Synlait Milk s brand

More information

FOOD FOR THOUGHT Topical Insights from our Subject Matter Experts

FOOD FOR THOUGHT Topical Insights from our Subject Matter Experts FOOD FOR THOUGHT Topical Insights from our Subject Matter Experts A PHASED APPROACH TO PROVIDE A COMPLETE AND COMPLIANT CHEMICAL HAZARD ANALYSIS OF YOUR INCOMING INGREDIENTS The NFL White Paper Series

More information

Applying Integrated Risk Management Scenarios for Improving Enterprise Governance

Applying Integrated Risk Management Scenarios for Improving Enterprise Governance Applying Integrated Risk Management Scenarios for Improving Enterprise Governance János Ivanyos Trusted Business Partners Ltd, Budapest, Hungary, ivanyos@trusted.hu Abstract: The term of scenario is used

More information

Head of Leadership Curriculum Design and Facilitation

Head of Leadership Curriculum Design and Facilitation The North West Leadership Partnership Head of Leadership Curriculum Design and Facilitation Primary Phase Role and Person Specification Tauheedul Education Tauheedul Education is a not-for-profit organisation

More information

Audit of the Policy on Internal Control Implementation

Audit of the Policy on Internal Control Implementation Audit of the Policy on Internal Control Implementation Natural Sciences and Engineering Research Council of Canada Social Sciences and Humanities Research Council of Canada February 18, 2013 1 TABLE OF

More information

3 August 2012 Policy updated to reflect name changes and alignment with current Aurora Energy Group Policy standards.

3 August 2012 Policy updated to reflect name changes and alignment with current Aurora Energy Group Policy standards. Aurora Energy Risk Management Policy Version History REV NO. DATE REVISION DESCRIPTION APPROVAL 0 19/11/98 Risk Management Policy Prepared by: Manager Internal Audit 1 March 2007 Risk Management Policy

More information