Risk-Based Combined Assurance

The programme

Programme overview

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. Ratomac 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.

Who should attend

Who is this programme for?

• 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

Learning outcomes

What you will learn

• 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

Explore the programme

Detailed programme outline

• 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
• 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
• 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
• 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
• 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
• Interrogation of success stories in private and public entities
• Delineation of success factors
• Global case studies

Learning approach

How you will learn

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.

Discuss your requirements

Dates, duration & arrangements

Contact Ratomac to confirm dates, duration, delivery format, entry requirements and any applicable assessment or certification before booking.