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Internal Audit & Risk Management

Internal Audit & Risk Management. A marriage of convenience? Restructuring and co-sourcing two functions. Jacqueline Heath Manager Audit Assurance. Outline. The Conception The Union The Product The Pros and Cons The Verdict The End. Conception. Before S2K (or Service 2000)

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Internal Audit & Risk Management

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  1. Internal Audit & Risk Management A marriage of convenience? Restructuring and co-sourcing two functions Jacqueline Heath Manager Audit Assurance

  2. Outline • The Conception • The Union • The Product • The Pros and Cons • The Verdict • The End

  3. Conception • Before S2K (or Service 2000) • Arthur Andersen Review • Outcomes Sought by ECU: • Increased synergies between RM & IA • Intro of strategic RM within a strategically focussed governance framework. • One stop shop for Risk, Control and Compliance advice.

  4. Union • Establishment and Appointment. • Maintaining Independence and Objectivity. • Relationship to Risk Financing, OS&H and Legal. • Differentiation of RMAA from the above. • Role in University Governance. • Lessons from Change Management.

  5. The Product • Enterprise Wide Risk Management Application Process. • Common (and non-technical) Risk Management Language • Internal Audit Planning/Reporting and Follow Up is now aligned with risk management principles. • RM has brought a greater understanding of controls and their application and thus greater relevance for IA team as they do their work. • RM methodologies allows for the more effective consideration of fraud within the University control framework.

  6. The Product (cont) • Applications to date • EClipse Student Records System (SRS) • IBM Review of EClipse SRS Project Management • Faculty of CHS/Service Centre Audit Protocol • Cash Handling Risk Mapping Exercise • Investigations/Anti-Fraud Measures • Sessional Staff Review • PIBT • Purchasing & Accounts Payable • Compliance • Business Continuity

  7. RM in many ways is forward looking auditing. Allows IA to be seen a business advisors and partners. Both processes inform each other. One-stop shop for clients. Peer Reviews. Boundaries for independence purposes. Delineation between operational and strategic RM. The Pros and Cons (Supplier)

  8. Greater consistency in control and compliance practices by giving control a greater emphasis in decision making. Allows IA to be seen a business advisors and partners. IA practices are very much aligned in a risk management framework One-stop shop for clients. Occasional lack of clarity between operational and strategic RM. Delineation between operational and strategic RM. The Pros and Cons (Client)

  9. The Verdict • Do it! • Put clear peer review arrangements in place by making sure that such reviews do not report to the Director. • Enshrine independence and objectivity in both the RM and the IA functions. • Failure to do it may result in a lost opportunity for the IA function.

  10. The End Questions?

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