Risk based internal auditing (RBIA)

OVERVIEW

Risk based internal auditing (RBIA) is a methodology that enables internal audit to assess the adequacy of the assurance framework and the reliability of assurance sources. RBIA allows internal audit to provide assurance to the bank’s/ organization’s board that various risk management processes are managing risks effectively, in relation to the risk appetite of the bank/ organization.However every organization is different with different attitudes to risk, different management and organizational structures, different processes and procedures, and the need to subscribe to and comply with diverse conventions and regulations. Experienced internal auditors need to adapt these ideas to the structures, processes and language of their organization in order to implement RBIA.

WHAT YOU WILL LEARN

RBIA offers tremendous advantages to the organization. RBIA allows internal audit to provide the Board of Directors with the assurance that it needs on three areas:

Risk management processes – their design and how well they are working
Management of those risks classified as ‘key’ – including the effectiveness of the controls and other responses to them
Complete, accurate and appropriate reporting and classification of risks
Link the organisation’s risk management framework to each stage of RBIA
Plan, deliver and report on audit assignments using RBIA

By using the RBIA approach, the organization’s internal audit should be able to conclude that:

Management has identified, assessed and responded to risks within and beyond the organization’s risk appetite
That the responses to risks are effective but not excessive in managing inherent risks within this risk appetite
Where residual risks are not in line with the risk appetite, action is being taken to remedy this
Risk management processes, including the effectiveness of responses and the completion of actions, are being monitored by management to ensure they continue to operate effectively
Risks, responses and actions are being properly classified and reported.

WHO SHOULD ATTEND

Board members, especially risk and audit committee chairs and members
Chief Risk Officers
Heads of market, credit, and operational risk
Head of Risk Management
Chief Compliance Officers
Chief Audit Officers

Chief Financial Officers
Actuaries
Treasurers
Auditors (External & Internal)
Bank regulators and examiners
Risk management consultants

IN HOUSE REQUEST

“The training was very well organized. The content was very relevant to my role. The interactive discussion was encouraged and the trainer was also very knowledgeable of the subject matter. I would recommend this training to all who are involved at some stage of retail banking product development.”

“I would like to recommend the marketing teams as well for this training. It was indeed a time well spent and a memorable experience.”

“It was an extraordinary training methodology and a multidisciplinary approach, as well as a clear and strong content structure that focused on core Retail banking. The training methodology helped participants to realize a deeper knowledge of Product Management and Development.”