Auditing compliance risk (Two days)
Effective, modern internal audit doesn’t just look at financial processes, transactions and low-level compliance. We have undertaken a risk-based approach for many years, considered a much wider range of key risks to our organisations’ strategic, operational, financial and other goals and objectives.
But what if the possibility of falling short, breaching, or failing to comply with a particular law, regulation or best practice standard represents considerable risk to your organisation? What if your organisation faces a multitude of laws or regulations that govern diverse aspects of its activity? What if you have concerns about the adequacy and effectiveness of the governance and oversight framework over legal and regulatory compliance? The consequences of failure are potentially significant, covering strategic, legal, operational, financial, and reputational impacts to name but a few.
Clearly in these situations there remains an important need to audit compliance risk and to audit your organisation’s governance, oversight and culture of compliance. This can be through individual internal audit assurance and advisory work, a holistic programme of engagements, or a theme running through much of our activity. Ultimately, auditing compliance risk is vital because it helps provide objective assurance that organisations ensure they are adhering to laws, regulations, standards, and internal policies, thereby reducing the likelihood of the associated legal penalties, financial losses, and reputational damage. In this new course we highlight good practices for combatting these challenges and equip you with the tools and techniques you need to provide professional and reliable assurance in these areas.
Who should attend?
This course has been designed to be relevant to internal auditors, audit managers and chief audit executives from any organisation, and for delegates with varying levels of practical experience. It is of most relevance to those about to embark upon an internal audit looking at the organisation’s compliance governance and oversight structures, or for those undertaking assurance or advisory engagements focused on the management of compliance risk with key laws, regulations, standards or internal policies and processes. It is also relevant for second line colleagues, for those who manage audits in this area or for those wishing to stay up to date more generally with internal audit good practice.
Course programme
A blend of theoretical, technical, discursive and practical approaches covering:
· third-party risk and its strategic relevance to organisations
· the objectives of third-party management and governance
· audit objectives, risk and controls relating to third parties
· performance and contract management
· key internal audit areas of focus and questions
· challenges and opportunities when auditing third parties
· links to additional resources
The course includes facilitator input, topical examples, short practical discussions and exercises to reinforce the learning and build upon your existing knowledge.
Producing meaningful stakeholder information using agile ways of working.