Integrated Assurance by Kubitscheck Vicky;

Author:Kubitscheck, Vicky;
Language: eng
Format: epub
Publisher: Taylor & Francis Group
Published: 2014-08-15T00:00:00+00:00

LEVEL 3 – INTEGRATED RISK OVERSIGHT AND ASSURANCE

Integrated assurance at Level 3 aims to harness the shared and collective intelligence of risk owners and assurance providers to determine the level of confidence the organisation has from its risk management activities. It collates the high level conclusions from all the assurance providers, taking into account the quality of assurance determined at the prior level of assessment, that is, Level 2.

At Level 3 application, risk assurance mapping across all lines of defence not only seek to identify the coverage and quality, but also the results of assurance. The assurance map at Level 3 provides the basis for producing an aggregate risk assurance report as well as facilitating integrated risk and assurance discussions, for example, at ‘Black Swan’ meetings.

In addition to delivering the benefits of Levels 1 and 2, integrated assurance at Level 3 supports a holistic risk oversight by providing an overall view of the level of confidence the organisation has in its risk management and systems of control. More importantly, integrated assurance at Level 3 promotes collective intelligence for advancing more effective risk management across the organisation. We provide a summary of the three levels of application in Figure 10.1.

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