Risk-based Combined Assurance

Risk-Based Combined Assurance

Demystifying Combined Assurance Under King V: Build a Risk-Based Model, Define Roles, and Enhance Effectiveness

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Platform:
Online
In-class
Revised and Updated: 08 October 2026
Date Venue Duration
09 - 11 December 2026 Sandton, Gauteng 3 Days
11 - 13 January 2027 Sandton, Gauteng 3 Days
22 - 24 February 2027 Sandton, Gauteng 3 Days
05 - 07 April 2027 Sandton, Gauteng 3 Days
24 - 26 May 2027 Sandton, Gauteng 3 Days

Course Introduction

Combined Assurance has been a buzzword in the assurance community since the introduction of King III. While some organisations 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 organisations to achieve their objectives. Prospen Africa’s Risk-Based Combined Assurance Masterclass examines the role and contribution of effective risk management in ensuring the effectiveness of a combined assurance model and provides guidance on how to develop a model that is truly risk-based.

Course Objectives

  • Explain the King V 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 organisation

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 Organisational 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

Day 1: Introduction, the Board's Role, and King V Foundations
Module 1: Introduction to Combined Assurance
  • Background and intent of Combined Assurance
  • King V requirements concerning Combined Assurance
  • Differences between Integrated Assurance and Combined Assurance
  • The business case for Combined Assurance
  • Essential elements and success factors
  • Key players and their roles
  • Case Study: Combined Assurance implementation in South Africa.
Module 2: The Role That the Board Plays
  • King V corporate governance requirements for governing bodies
  • Role of Audit and Risk Committees
  • Role of the governing body and its committees in Combined Assurance
  • How to enhance the risk management contribution
  • Case Study: Application of King V requirements.

Day 2: Risk Management, Internal Audit, and External Assurance
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

Day 3: Designing the Model and Case Studies
Module 5: Designing the Combined Assurance Model
  • Defining objectives
  • Conducting a gap analysis: understanding and mapping 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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Success Stories

Discover how our courses enhance professionals’ effectiveness in their workplaces.

Central Bank of Lesotho

Fraud Risk Management

The Fraud Risk Management training was clear, practical, and very relevant to day-to-day work. Content was well structured and the real world case studies made concepts easy to apply. Presenter knowledge and engagement kept the session interactive. Overall a valuable program that strengthened my understanding of fraud detection, prevention, and regulatory requirements.

Central Bank of Lesotho

Fraud Risk Management

The facilitator was exceptionally good, approachable eloquent and was able to structure the course content to relate to our specific work designations, it was just perfect service delivery

Central Bank of Lesotho

Fraud Risk Management

Keep up the good work which I experienced during my training being training materials offered and great hospitality we received from all the staff members

Centenary Rural Development Group Ltd

Risk Management for Risk champions

Very informative course with good content and benchmarks of key players in South Africa. We are able to agree a plan on how to build an enterprise risk management framework for a developing group of companies. Several references to guide us and experienced Facilitators

GEMS

Auditing the ESG Process Masterclass

Very happy with the training. It was excellently delivered and comprehensively covered all critical aspects of ESG and effectively contextualised them within the environments of our respective organisations.

North West Gambling Board

Risk Management in the Public Sector

The course was eye opening and exceeded my expectations.

FAQs – Risk-Based Combined Assurance

Master risk-based combined assurance, learning King V compliance alignment, multi-provider coordination, maturity assessment, and assurance model design to optimize organizational risk oversight and stakeholder confidence.

What is covered in the Risk-Based Combined Assurance course?
The course covers the architecture of combined assurance models, mapping the Five Lines of Assurance, aligning assurance activities with enterprise risk profiles, eliminating duplication between internal and external audit, and establishing board-level combined assurance reporting.
Who should attend this Risk-Based Combined Assurance Training?
This training is designed for chief audit executives, risk managers, compliance heads, internal and external auditors, finance directors, audit committee members, and governance professionals responsible for coordinating organizational assurance.
How does this course assist in structuring a practical combined assurance model?
Delegates learn step-by-step methodologies to map assurance providers across operational management, risk oversight, compliance functions, internal audit, and external regulators into a cohesive, non-duplicative assurance matrix.
Will delegates learn how to align combined assurance with enterprise risk management?
Yes. The curriculum explores leveraging enterprise risk registers to prioritize assurance coverage, ensuring assurance resources target high-risk operational areas and critical residual risk exposures.
Does the masterclass address reporting combined assurance outcomes to the audit committee?
Yes. Practical sessions focus on compiling comprehensive combined assurance maps and dashboards that provide the board and audit committee with a transparent, holistic view of organizational control effectiveness.
Why is a risk-based combined assurance framework vital for corporate governance?
Implementing a risk-based combined assurance framework optimizes audit expenditure, eliminates dangerous assurance gaps, reduces duplication, and satisfies rigorous governance codes like King IV and King V.

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