ABSTRACT
The formal recognition of valid sources of risk assurance across the organisation is helping to promote and embed sound risk management in the business, reduce the over reliance on a single provider of assurance from Group Internal Audit and enable more effective use of resources within Group Internal Audit. The implementation is led by organisation's Risk and Internal Audit leadership teams, in particular, the Head of Enterprise Risk Management working in conjunction with a senior manager from Group Internal Audit. The core role of integrated assurance to present a clearer 'one view truth' to senior management and the Audit Committee is a primary reason for implementing an integrated assurance framework. The assurance mapping process involves the support of senior managers from Internal Audit and Risk Management in deriving and determining the assurance maps. There is also greater clarity and common understanding of the concept of 'materiality' or level of acceptable risks and tolerances in the business.
