ABSTRACT
More and more emphasis on governance, assurance and control is being espoused by recent regulation, standards and guidance, much of which is risk orientated. Other assurance functions must develop a close liaison with risk management to ensure efforts are harmonised. Audit Committees and Boards need the assurance functions to help them evaluate the effectiveness and efficiency of their systems of business risk management. Each assurance function within the organisation will have its normal reporting hierarchy, normally via the executive with responsibility for the activity. The governance and business risk challenges provide considerable opportunities for the assurance functions in a business to demonstrate their important contributions. As a result senior management needs much greater levels of assurance that the risks are being managed effectively across the organisation. As a result independent, positive assurance that such frameworks are effective and efficient is vital.
