ABSTRACT
This chapter describes the application of integrated assurance at highest level defined in our model. In smaller organisations it could be considered, especially where the likely participants of the forum are already members of the risk committee. Excessive risk taking or ineffective risk management is therefore relative to the board's risk taking policies. In a peer review report on risk governance, the Financial Stability Board describes a risk appetite framework as 'an increasingly important tool in centralising the focus on the firm's risk profile and providing a more integrated picture of firm's risks'. Integrated assurance Level 3 should be used as a tool to help the organisation and its boards optimise volume of risk assurance activities across the organisation as well as sharpen its oversight of risks in the boardroom. As one non-executive director would remind us that confidence is about knowledge and trust, that risks are being managed in accordance with expectations, and actions will be taken when expected.
