Upload
loraine-anthony
View
216
Download
0
Tags:
Embed Size (px)
Citation preview
PwC
Agenda
Slide 29 August 2012Aligning internal audit to deliver value
• The rising importance of risk management
• Stakeholder expectations of internal audit
• Rising to the new floor
• What this means for your business
• Questions
PwC Slide 4
The rising importance of risk management
In todays’s ever-shifting risk landscape, internal audit can’t settle for simply reacting to events; instead, it must adopt a strategic mindset that is responsive to risks and helps ready organizations for new threats and opportunities
9 August 2012Aligning internal audit to deliver value
PwC
How well organizations manage each of these risks
Slide 69 August 2012Aligning internal audit to deliver value
PwC
Least and most well-managed risks by industry groups
Slide 79 August 2012Aligning internal audit to deliver value
PwC
Importance of internal audit’s contribution to monitoring each risk
Slide 89 August 2012Aligning internal audit to deliver value
PwC
Stakeholder expectations of internal audit
Slide 109 August 2012Aligning internal audit to deliver value
As the risk landscape shifts rapidly, CAEs and stakeholders must work to stay aligned both on the impact of this risk to their organization and on the specifics of the role internal audit should play.
PwC
Risks that receive too little attention from internal audit
Slide 119 August 2012Aligning internal audit to deliver value
PwC
Risk areas in which stakeholders and CAEs want/plan to add internal audit capabilities
Slide 129 August 2012Aligning internal audit to deliver value
PwC
Rising to the new floor
15
Risks have shifted and expectations have risen, and all internal audit functions need to rise to this new floor; providing assurance on a broader range of critical risks
Slide 159 August 2012Aligning internal audit to deliver value
PwC
Meet the challenge of a higher floor
•Think and act strategically
•Leverage the second line of defense
•Align resource allocations
•Understand the business
•Leverage specialists
•Deliver advice and best practices
•Build trust through ongoing dialogue
•Simplify reporting, make it consumable
•Connect the dots
Slide 179 August 2012Aligning internal audit to deliver value
PwC
Internal audit functions need to meet higher expectations, as the floor has risen
• Align the scope of work and allocation of resources to the organization’s most critical risks through comprehensive, top-down risk assessments
• Hold ongoing, robust dialogues with stakeholders• Leverage and coordinate with the organization’s other risk
management and compliance functions• Lend expertise to enable the organization to enhance its
second line of defense if it is not already robust• Provide stakeholders advice on risk s and controls that
improve business performance• Communicate complex matters in a clear, consumable
fashion, with summaries of recurring themes and deeper, interpersonal interaction with stakeholders
Slide 199 August 2012Aligning internal audit to deliver value
PwC
Internal audit functions need to meet higher expectations, as the floor has risen
• Ensuring stakeholder sponsorship on the importance of the CAE role and positioning the function
• Ongoing dialogue stakeholders with a mindset of enabling the business to function better
• Face the talent and resource shortage challenge head on
With the risk landscape shifting under their feet, internal audit functions must follow the same path, transforming and strengthening the floor form which they operate and becoming the partner stakeholders increasingly want and expect
Slide 209 August 2012Aligning internal audit to deliver value
Thank you
© 2012 PricewaterhouseCoopers ABAS Ltd. Al l ri ghts reserved. "PricewaterhouseCoopers" and/or "PwC" refers to the indi vidual members of the PricewaterhouseCoopers organisation in Thai land, each of which is a separate and independent legal entity. Please see www.pwc.com/s tructure for further detail s.
Varunee PridanondaPartner – Governance, Risk and Compliance and Internal Audit ServicesOffice: 02 344 1282Mobile: 081 645 0114Fax: 02 286 4440Email: [email protected]
Should you need to discuss in more details, please contact;