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Risk-based Combined Assurance

3 Day Training

Dates: 23 – 25 July | 16 – 18 September 2024
Locations: Johannesburg, South Africa
Platform: Available In-Class / Online

Price: Available on Request

Course Introduction

Combined Assurance has been a buzzword in the assurance community since the introduction of King III. While some organizations have come to terms with it and have established clearly defined combined assurance processes, there are still a significant number that have not begun or are navigating their way towards what may be considered best practice in their industry.

 

The essence of combined assurance is effective coordination and collaboration between management and both internal and external assurance providers to ensure that risks are well-managed, enabling organizations to achieve their objectives. This Prospen Africa Risk-based Combined Assurance Masterclass seeks to examine the role and contribution of effective risk management in ensuring the effectiveness of a combined assurance model and to provide guidance on how to develop a model that is truly risk-based

Course Objectives

  • Explain the King IV requirements regarding Combined Assurance.

  • Define the roles and responsibilities for various role players in the implementation of the Combined Assurance Model.

  • Prepare a business case for implementing a Combined Assurance model.

  • Learn how to implement a Combined Assurance Model step by step.

  • Assess the Combined Assurance Model’s maturity level for their organization.

Who should attend?

  • Chief Risk Officers

  • Chief Internal Audit Officers

  • Risk Managers

  • Risk Champions

  • Board Audit Committee and Board Risk Committee Members

  • Executive Risk Management

  • Internal Auditors

  • All participants in organizational assurance processes, including risk practitioners

Audit, Risk and Governance courses

Training Methodology

Our diverse instructional approaches ensure effective learning:

– Lectures & Presentations: Engage with expert-driven, stimulating content.
– Course Material: Access well-crafted supporting resources.
– Group Work: Collaborate on discussions and case studies for practical insights.
– Workshops & Role-Play: Participate in immersive, scenario-based activities.
– Practical Application: Focus on applying theoretical knowledge in real situations.
– Post-Training Support: Receive extensive support after training for skill implementation.

Training Outline

Module 1 – Introduction to Combined Assurance

  • Background and Intent of Combined Assurance.

  • King IV requirements concerning Combined Assurance.

  • Differences between Integrated Assurance and Combined Assurance.

  • The Business Case for Combined Assurance.

  • Essential Elements/Success Factors.

  • Key Players and their Roles.

Case Study: Combined Assurance implementation in South Africa.

Module 2 – The Role That the Board Plays

  • King IV Corporate Governance requirements for Boards.

  • Role of Audit and Risk Committees.

  • Role of the Board and Board Committees in Combined Assurance.

  • How to enhance the risk management contribution.

Case Study: Application of King IV requirements.

Module 3 – The Role That Risk Management Plays

  • Definition of Enterprise-wide Risk Management (ERM).

  • Definition of Risk Universe, Risk Appetite, and ERM frameworks.

  • Role of Risk Owners and Risk Champions in the ERM process.

  • Risk Registers and the Annual ERM Work Plan.

  • Role of Risk Management in Combined Assurance.

  • How to enhance the risk management contribution.

Case Study: ERM roles of various players.

Module 4 – The Role That Internal Audit & External Assurance Providers Play

  • Risk-based Internal Auditing.

  • Risk-based assurance to Risk Committees.

  • Drafting the Internal Audit Work Plan.

  • Role of Internal Audit and external assurance providers in Combined Assurance.

  • How to enhance Internal Audit and external assurance providers’ contribution.

Module 5 – Designing the Combined Assurance Model

  • Define objectives.

  • Conduct a GAP analysis – understand and map the current state.

  • Mapping Risk Information (how much/how little).

  • Model Design.

  • Embedding into day-to-day operations.

Exercise: Drafting a Combined Assurance Plan.

Module 6 – Case Studies

  • Interrogation of success stories in private and public entities.

  • Delineation of Success Factors.

  • Global case studies.

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