On the same team – achieving greater synergies between Risk, Internal Audit and the business

Firms have implemented different approaches and continue to evolve their risk management, oversight and assurance arrangements in order to support their evolving strategic and operational ambitions.  However, for many firms, their historical efforts have failed to deliver effective holistic risk management outcomes.

Some of the key contributing factors have included gaps in risk communication and understanding, ineffective allocation or acceptance of roles and responsibilities, and a consequential lack of sustained engagement and adoption of desired risk management practices.

In this session, we look at some of the key challenges firms have faced in harmonizing across the 3 lines of defense, including:

• Consistency in the risk definitions between IA and the RMF / Risk function

• Ownership of control matters across the first, second and third lines: allocation of design, implementation, testing, thematic validation and remediation responsibilities

• Accountability for and quality of risk profile and risk appetite reporting to the Board

Key takeaways:

• Harmonising Operational Risk Management across the Three Lines of Defense

• Achieving alignment: Can it work in practice?

Bookings will be accepted on a first come, first served basis.