Aligning Internal Audit & Risk Management Under the Governance Umbrella Corporate Audit & Risk Manager David van Beek 26 November 2008.

Slides:



Advertisements
Similar presentations
Governance, Risk Management and Compliance: Summary of Basic Concepts & Program Goals Bob Kotic Chief Financial Officer University of Sydney.
Advertisements

NAMS 2010 International Advanced Asset Management Forum Achieving Community Outcomes from Assets and Services Service Level Management.
An update on the Central Coast Water Corporation.
BOARD EFFICIENCY: The Agenda Setting Role and Information Needs of the Supervisory Board Holly J. Gregory Weil, Gotshal & Manges LLP.
Aligning Internal Audit & Risk Management Under the Governance Umbrella An Audit Committee Chair’s perspective Jon Isaacs NSW Public Sector Audit & Risk.
ASX Corporate Governance Council
Our Vision : To be Provider of Choice RISK MANAGEMENT WITHIN EQUITY HOUSING GROUP David Fisher Chief Executive.
Auditing Governance Functions
How can Parliamentarians contribute to a Positive Investment Climate? by Rainer Geiger Senior Regional Advisor, OECD 3rd Global Conference of Parliamentarians.
Shaping the Future of Water Services Implementing the Vision for Irish Water Dr. John Tierney Managing Director Irish Water.
1 The Role of Maori Accountants in Maori Economic Development An External Perspective John Spencer Chairman, Tainui Group Holdings.
Middlesbrough, Redcar and Cleveland Community Services Excellent care close to home Presentation to the Joint Scrutiny Committee - Middlesbrough Council.
Roger Southgate Past President of ISACA London Chapter Member of the BSI Committees for Service Management and IT Governance Leader.
AUDIT COMMITTEE FORUM TM ACF Roundtable IT Governance – what does it mean to you as an audit committee member July 2010 The AUDIT COMMITTEE FORUM TM is.
National Forest Programs and Poverty Reduction Strategies Lusaka, Zambia 25 September 2006 Preliminary Findings - Zambia.
Corporate Governance Life-Cycle GOVERNANCE in GOVERNMENT DOES IT EXIST? SIR JOHN BOURN COMPTROLLER and AUDITOR GENERAL.
Overview and Introduction
Enterprise Risk Management in DHHS
Measuring the effectiveness of government IT systems Current ANAO initiatives to enhance IT Audit integration and support in delivering Audit outcomes.
Victorian Managed Insurance Authority APCO Presentation – Risk Management in the VPS Jonathon Masom – Risk Management Adviser.
1 Portfolio Committee on Home Affairs Compliance monitoring in the Department of Home Affairs 30 April 2013.
BRIEFING TO THE PORTFOLIO COMMITTEE ON THE DPSA’S RISK MANAGEMENT STRATEGY PRESENTATION TO THE PORTFOLIO COMMITTEE 12 MAY
1 Jon Whitfield Agency CEO Head of Government Internal Audit.
Challenges Faced in Developing Audit Plans and Programs 21 st March, 2013.
Amanda Bennett FairPlay Enterprises Ltd Workshop 3 Standards, Systems and Controls.
DPE Shareholder Oversight & Risk Management
Evolving IT Framework Standards (Compliance and IT)
Global Risk Management Solutions Risk Management and the Board of Director: Moving Beyond Concepts to Execution Anton VAN WYK Partner, Global Risk Management.
Creating National Values with Global Accumulations 11 th Turkey Internal Audit 9 th November, 2007 Istanbul Accountability: Value that only Internal Auditing.
Internal Audit within the Financial Services Authority
Organize to improve Data Quality Data Quality?. © 2012 GS1 To fully exploit and utilize the data available, a strategic approach to data governance at.
The Challenge of IT-Business Alignment
EU SEN Peer Review Glasgow June  Devolution - strong commitment to third sector  Reframing Government focus and relationships  Reforming public.
Compliance Monitoring and Enforcement Audit Program Background Information.
Role of the Board of Directors
Good corporate governance makes good business sense
David Edgerton FCPA Director Quality + Expertise + Flexibility + Innovation = Confidence & Real Value Asset Managers Network Strategic Asset.
Status Report for Critical Infrastructure Protection Advisory Group
Bank Audit. Internal Audit Internal audit is an independent, objective assurance activity and can give valuable insight in providing assurance that major.
A Presentation to FMI January 2011 Betty-Anne Pratt, CA Provincial Comptroller Province of Manitoba.
Governance and Commissioning Natalie White DCSF Consultant
Corporate Governance. CORPORATE GOVERNANCE  WHAT IS CORPORATE GOVERNANCE – PROCESSES AND STRUCTURE BY WHICH BUSINESS AND AFFAIRS OF CORPORATE SECTOR.
Integrated Reporting – A New Era. Page 2 About Nkonki ► 22-year history in South Africa ► 100% Black-owned JSE-accredited auditing and advisory firm ►
African Regional Director
International Consulting 5 December, 2015 Case studyOneRAN Alan Pay.
Agency Name Security Program FY 2009 John Q. Public Agency Director/CIO/ISO.
Chapter One: Analyzing and Managing Banking Risk 1.1 Bank Exposure to Risk Banking risks fall into four categories (Fig. 1.1): A. Financial Risks (Pure.
1 INVESTMENT CLIMATE Corporate Governance Development Equity Associates Inc. February-March, 2004.
Tax Administration Diagnostic Assessment Tool MODULE 11 “POA 9: ACCOUNTABILITY AND TRANSPARENCY”
STRATEGIC MANAGEMENT & BUSINESS POLICY 10 TH EDITION THOMAS L. WHEELEN J. DAVID HUNGER Corporate Governance.
12-CRS-0106 REVISED 8 FEB 2013 APO (Align, Plan and Organise)
Approval of Financial Statements Shareholders Boards Audit Committee Bert Vos Russian Corporate Governance Roundtable Meeting November 2004.
Presentation to the Portfolio Committee for Public Works 14 August 2002.
Corporate Governance Week 10 BUSN9229D Saib Dianati.
1 MANAGEMENT OF CHANGE LEADERSHIP TOWARDS CHANGE, RENDERING STRUCTURES, FUNCTIONS AND PROCEDURES COMPATIBLE A Case Study of the Kenya Revenue Authority.
An agency of the European Union Sharing Our Vision? A view from the European Medicines Agency PGEU Symposium, 17 June 2013, Rome Presented by: Guido Rasi.
By the public sector, for the public sector About LGSS  LGSS established in October 2010 as a joint shared services partnership between Cambridgeshire.
Lecture 5 Control and AIS Copyright © 2012 Pearson Education 7-1.
PRESENTATION ON THE STATUS AND THE BUDGET OF THE RAILWAY SAFETY REGULATOR TO THE PORTFOLIO COMMITTEE ON TRANSPORT PARLIAMENT OF THE REBUPLIC OF SOUTH.
Auditing & Investigations I
Economic Regulation of Irish Water
IIASA Governance Review
PEMPAL IACOP PUBLIC INTERNAL CONTROL: MANAGEMENT AND CONTROL OF THE PUBLIC ENTITIES Presenter: Malapateng Teka; National Treasury| March 2016.
Phoenix Park Gas Processors Ltd
OECD - Introduction It is an organisation of those countries which describe themselves as Democratic and have Market economy. Its HQ is in Paris, France.
Compensation Fund Priorities:
Pam Matthews, FHIMSS Director of Business Information Systems Business Information Systems is focused around administrative and financial information.
GRC - A Strategic Approach
Operational Risk Management
Presentation transcript:

Aligning Internal Audit & Risk Management Under the Governance Umbrella Corporate Audit & Risk Manager David van Beek 26 November 2008

TransGrid Background Structure Governance Alignment of: –Risk Management –Audit

Background TransGrid owns operates the NSW high voltage electricity transmission network, connecting generators, distributors and major end users across the state Legislation –SOC Act –Energy Services Corporation

Background 12,500kms of transmission lines 83 substations $4.2b assets 950 staff

TransGrid’s Structure Board Managing Director Executive 7 Business Units

Governance Formalised Key elements –Board and Sub Committees –Managing Director –Exec Committees –Internal Control –Audits –Authorities Sub-delegations Position Descriptions –Corp Plan and Reports –Codes –Risk Management

TransGrid Corporate Governance Framework Executive Board TransGrid Board Board Audit& Risk Committee Board Remuneration and Structure Committee Board Regulatory Committee Board and Committees Managing Director /Executive Committee Business Review Committee Executive OH&S Committee Executive Environment Committee Executive Audit and Risk Committee Information Technology Executive Committee Capital Works Program Steering Committee Executive Protective Security Committee Executive Revenue Reset Executive Committees NSW Parliament Shareholding MinisterPortfolio Minister

Risk Management Based on AUS/NZ 3460 Various Assessments Standard Terms Peer Review

Corporate Plan Mission Vision Values Objec tives Str ate gie s Init iati ves Strategic Risk Assessment undertaken for the longer term risks (>12months) associated with the organisation not achieving its Corporate strategies. Operational Risk Assessment undertaken for the more immediate (<12months) risks associated with the organisation not achieving its objectives. Fraud Risk Assessments Project Risk Assessments Environment Risk Assessments OH&S Risk Assessments Treatment Actions form Actions in the Business Unit Plans Business Unit Plans Individual Performance Agreements

Audit Risk based auditing Test controls against risks Rated based on risk Peer Review

Alignment of Audit and Risk Management Combined Joint responsibility Process and Procedures developed in one area Joint Board and Exec Committees

Challenges Focus Integration of risk management Systems to manage risk Reporting of Risks Responsibilities Value add of the audit reports Value of the elements of audit and risk

Questions